AGRICULTURAL COOPERATION IX DENMARK. 
67 
was largely responsible for this loss. The association had a net profit 
of 3,033,040 kroner ($576,711) in 1921-22 and over 2,000,000 kroner 
($404,160) in 1922-23. 
The following discussion covers the general form of organization 
and operating methods, which is common within any one of the 
three central associations. 
Purchase and distribution. — The central association engages chiefly 
in purchasing feedstuffs (grains and oil cakes), which its members 
need for home consumption. In some instances the association sells 
home-grown grains and home-manufactured oil cakes for its mem- 
bers. Branch offices and warehouses are established at several im- 
portant seaport and railway centers. This property is usually owned 
by the central association. The distribution to the local associations, 
as they order, is made from the nearest warehouse. 
The purchasing business of the central association is conducted as 
by any other grain and feed supply merchant, except that the dis- 
Fig. 20. — The U. S. S. Tulm unloading a cargo of United States corn to the Cooperative 
Feed Purchasing Association at Aalborg. 
tribution is usually more direct. In making its purchases abroad, the 
central association's manager buys direct from foreign manufacturers 
and exporters, whole cargoes of oil cakes and maize, which are un- 
loaded at the different seaports into its own warehouses. (See fig. 20.) 
The manager estimates the amount that will be needed by his mem- 
bers without waiting for advance orders from the local associations. 
The officer of the local association sends the order for the feeds re- 
quired by the local farmers to the central association's nearest branch 
office. The goods are delivered from ship or the nearest warehouse to 
the local association with 30 days' credit. The members usually pay 
the local association when goods are received or in such time that the 
association can remit to the branch office of shipment within the 30 
days. The members of the local associations are jointly liable and 
guarantee payment for all goods received from the central association. 
Each of the larger local associations usually has its own ware- 
house, but many of the smaller associations do not. In some in- 
