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intelligence from co-operative stores shop where no credit is given. Few in the following towns — Aberdare, greater evils afflict our working classes Banff, Blackburn, Burnley, Cleckheaton, than the facility with which they are Coventry, Dover, Hemel Hempstead, permitted to get into debt. Such a High Green, Huddersfield, Hurstbrook, facility increases their improvidence, and, London, Manchester, Middleton, New- when once a man gets in debt at any market, Norwich, &c. &c. The towns particular shop, he is compelled to which have just been enumerated prove continue dealing with it, and he is that co-operative stores are not con- bound to accept inferior articles at very fined to any particular district. The high prices. amount of capital possessed by these It is not necessary that a co-operative different stores varies from a few pounds store should solicit custom ; it need not to many thousands; and it is most attempt to attract purchasers either by encouraging to observe that large profits newspaper advertisements, or by any are realized, and that almost the whole advertising means, such as highly decoof the advantages of the system of co- rated shop-fronts. The shareholders of operation are obtained even when a a co-operative store are, in the first store is on a very small scale. Thus, place, a sufficient nucleus of customers; the first quarterly returns which have and there is no fear of afterwards been published of a small co-operative extending the trade, if a proper managestore at Oxford show that a profit at ment secures that unadulterated articles the rate of ls. 8d. in the pound has of the best quality will always be been realized. But, although the most offered at the ordinary retail prices. A remarkable success has generally at co-operative store, therefore, does not tended these co-operative stores, yet, no require extensive premises; it need not doubt, in a few instances they have failed. be established in a crowded thorough

I will now endeavour, carefully, fare where rents are extremely high. to point out the superior advantages Its proper position is rather in the possessed by these co-operative stores centre of the homes of the labouring in comparison with retail shops; then I population. If, however, in any town think the general success of the move. a new retail shop was opened, it could ment will cease to be a matter of only hope, in the first instance, to surprise,

obtain customers by resorting to some All co-operative societies strictly ad- species of solicitation, which would here to the rule, that no credit what involve considerable expense. The new ever shall be given. An individual may shop must be advertised in the newspossess shares to the value of 1001. in papers, and it would have little chance the “Rochdale Pioneers' Society,” and of securing customers unless it can offer yet he is not permitted to buy a pound some attraction to passers-by in crowded of tea unless he pays ready money. A thoroughfares. These considerations co-operative store, therefore, never loses are most amply verified by the ascera farthing by a bad debt. When no tained fact, that the expenses of a wellcredit is given, a much greater amount conducted co-operative store are very of business can of course be done, than much less than the expenses of a retail if the greater portion of the capital was business of a similar kind. In the case locked up in book debts. The Roch- of the Rochdale Store, these expenses dale Pioneers must, to use a commercial do not amount to two and a half per expression, turn over their capital ten cent. of the profits, whereas it is usually times in the course of a year. The capital supposed that a retail business is most of a retail dealer is probably only turned economically managed, if the expenses over half the number of times, and do not exceed five per cent. of the therefore, can be only half as productive. profits. The advantages, therefore, The working classes derive the most possessed by co-operative stores may be they had succeeded in obtaining good embraces so many trades that a working and unadulterated commodities at the man may purchase from its stores same prices they were accustomed to almost every article of food and clothpay for the commodities when largely ing he may require. The Society has adulterated. But they soon discovered been mainly instrumental in establishing that, if they purchased tea at a whole- steam flour mills, which annually prosale shop, and retailed it at the ordinary duce 200,0001. worth of flour. These mills prices charged, a very considerable now form a separate co-operative inprofit was realized after allowance had stitution, and they supply flour to a been made for all the expenses incurred. great number of co-operative stores. The advantages, therefore, to be derived Many most gratifying circumstances from the system became strikingly ap- may be related with regard to the parent, for not only were commodities Rochdale Pioneers. Two and a half of the best quality purchased at the per cent. of the profits are appropriated same prices as were paid for commodities to support the library and the readingof a very inferior quality, but the room. Their library contains many system also proved to be a most profitable thousands of well-selected volumes, and trade speculation. No wonder that the their reading-room is a commodious working classes were captivated by the and most comfortable apartment. Both prospect of such advantages. They volun- the library and the reading-room can teered to increase the amount of money be gratuitously used not only by the subscribed. For this purpose money members of the society, but also by was withdrawn from the savings' banks, their wives and families. One of the as this was justly concluded to be a far last acts, connected with the Rochdale more eligible imvestment. The con- Pioneers, which I have heard recorded, sequence was that the original capital is the presentation by them of a drinkingof 281., which had been subscribed in fountain to their fellow-townsmen. We 1844, had increased to 12,9001. in 1856, may well become enthusiastic in our and to about 32,0001. in 1861 ; and admiration, when contemplating the upon this capital a profit of 20 per cent. progress of the Rochdale Pioneers. Their is realized ; and the annual amount of efforts were unaided and unsupported business done by this Pioneers' Society by the classes above them. How trivial now amounts to 170,0001. The profits are is the benefit which others can confer divided in the following manner :-Five upon the labouring classes, in comparison per cent. is first paid as a fixed dividend with the advantage they derive when, upon the capital, and the remaining like the Rochdale Pioneers, they enprofits are divided in proportion to the deavour to help themselves ! amount of each customer's purchases. The success of the Rochdale Society, The amount of these purchases is re- considered simply as a commercial corded by tin tickets. Thus, if a person undertaking, is so extraordinary that purchases a pound of tea for five shillings, it becomes very important carefully to he receives a tin ticket on which is inquire into the causes of this success. printed “five shillings.” He brings all Let it not be supposed that the Rochdale these tin tickets at the end of each Society is an exceptional case. In almost quarter; they are in fact his dividend every manufacturing town, and also in warrants, which give him a title to a a great number of towns in the agriculcertain share of the profits. This tural districts, co-operative stores have dividend usually amounts to about ls. been established, and, although on a 8d. in the pound on the amount of the small scale in comparison with the purchases made; and thus a customer, Rochdale Store, yet, in proportion to the having in the first instance paid the capital subscribed, the profits realized ordinary retail prices, afterwards receives are proportionately high. Glancing over a drawback of about 1s. ld. in the one of the monthly numbers of the intelligence from co-operative stores shop where no credit is given. Few in the following towns — Aberdare, greater evils afflict our working classes Banff, Blackburn, Burnley, Cleckheaton, than the facility with which they are Coventry, Dover, Hemel Hempstead, permitted to get into debt. Such a High Green, Huddersfield, Hurstbrook, facility increases their improvidence, and, London, Manchester, Middleton, New- when once a man gets in debt at any market, Norwich, &c. &c. The towns particular shop, he is compelled to which have just been enumerated prove continue dealing with it, and he is that co-operative stores are not con- bound to accept inferior articles at very fined to any particular district. The high prices. amount of capital possessed by these It is not necessary that a co-operative different stores varies from a few pounds store should solicit custom ; it need not to many thousands; and it is most attempt to attract purchasers either by encouraging to observe that large profits newspaper advertisements, or by any are realized, and that almost the whole advertising means, such as highly decoof the advantages of the system of co- rated shop-fronts. The shareholders of operation are obtained even when a a co-operative store are, in the first store is on a very small scale. Thus, place, a sufficient nucleus of customers; the first quarterly returns which have and there is no fear of afterwards been published of a small co-operative extending the trade, if a proper managestore at Oxford show that a profit at ment secures that unadulterated articles the rate of ls. 8d. in the pound has of the best quality will always be been realized. But, although the most offered at the ordinary retail prices. A remarkable success has generally at- co-operative store, therefore, does not tended these co-operative stores, yet, no require extensive premises ; it need not doubt, in a few instances they have failed. be established in a crowded thorough

I will now endeavour, carefully, fare where rents are extremely high. to point out the superior advantages Its proper position is rather in the possessed by these co-operative stores centre of the homes of the labouring in comparison with retail shops; then I population. If, however, in any town think the general success of the move a new retail shop was opened, it could ment will cease to be a matter of only hope, in the first instance, to surprise.

obtain customers by resorting to some All co-operative societies strictly ad species of solicitation, which would here to the rule, that no credit what involve considerable expense. The new ever shall be given. An individual may shop must be advertised in the newspossess shares to the value of 1001. in papers, and it would have little chance the “Rochdale Pioneers' Society," and of securing customers unless it can offer yet he is not permitted to buy a pound some attraction to passers-by in crowded of tea unless he pays ready money. A thoroughfares. These considerations co-operative store, therefore, never loses are most amply verified by the ascera farthing by a bad debt. When no tained fact, that the expenses of a wellcredit is given, a much greater amount conducted co-operative store are very of business can of course be done, than much less than the expenses of a retail if the greater portion of the capital was business of a similar kind. In the case locked up in book debts. The Roch- of the Rochdale Store, these expenses dale Pioneers must, to use a commercial do not amount to two and a half per expression, turn over their capital ten cent. of the profits, whereas it is usually times in the course of a year. The capital supposed that a retail business is most of a retail dealer is probably only turned economically managed, if the expenses over half the number of times, and, do not exceed five per cent. of the therefore, can be only half as productive. profits. The advantages, therefore, The working classes derive the most possessed by co-operative stores may be

they had succeeded in obtaining good and unadulterated commodities at the same prices they were accustomed to pay for the commodities when largely adulterated. But they soon discovered that, if they purchased tea at a wholesale shop, and retailed it at the ordinary prices charged, a very considerable profit was realized after allowance had been made for all the expenses incurred. The advantages, therefore, to be derived from the system became strikingly apparent, for not only were commodities of the best quality purchased at the same prices as were paid for commodities of a very inferior quality, but the system also proved to be a most profitable trade speculation. No wonder that the working classes were captivated by the prospect of such advantages. They volunteered to increase the amount of money subscribed. For this purpose money was withdrawn from the savings' banks, as this was justly concluded to be a far more eligible imvestment. The consequence was that the original capital of 281., which had been subscribed in 1844, had increased to 12,9001. in 1856, and to about 32,0001. in 1861 ; and upon this capital a profit of 20 per cent is realized ; and the annual amount of business done by this Pioneers' Society now amounts to 170,0001. The profits are divided in the following manner :-Five per cent. is first paid as a fixed dividend upon the capital, and the remaining profits are divided in proportion to the amount of each customer's purchases. The amount of these purchases is recorded by tin tickets. Thus, if a person purchases a pound of tea for five shillings, he receives a tin ticket on which is printed “five shillings." He brings all these tin tickets at the end of each quarter; they are in fact his dividend warrants, which give him a title to a certain share of the profits. This dividend usually amounts to about 1s. 8d. in the pound on the amount of the purchases made ; and thus a customer, having in the first instance paid the ordinary retail prices, afterwards receives a drawback of about 1s. ld. in the

embraces so many trades that a working man may purchase from its stores almost every article of food and clothing he may require. The Society has been mainly instrumental in establishing steam flour mills, which annually produce 200,0001. worth of flour. These mills now form a separate co-operative institution, and they supply flour to a great number of co-operative stores.

Many most gratifying circumstances may be related with regard to the Rochdale Pioneers. Two and a half per cent. of the profits are appropriated to support the library and the readingroom. Their library contains many thousands of well-selected volumes, and their reading-room is a commodious and most comfortable apartment. Both the library and the reading-room can be gratuitously used not only by the members of the society, but also by their wives and families. One of the last acts, connected with the Rochdale Pioneers, which I have heard recorded, is the presentation by them of a drinkingfountain to their fellow-townsmen. We may well become enthusiastic in our admiration, when contemplating the progress of the Rochdale Pioneers. Their efforts were unaided and unsupported by the classes above them. How trivial is the benefit which others can confer upon the labouring classes, in comparison with the advantage they derive when, like the Rochdale Pioneers, they endeavour to help themselves!

The success of the Rochdale Society, considered simply as a commercial undertaking, is so extraordinary that it becomes very important carefully to inquire into the causes of this success. Let it not be supposed that the Rochdale Society is an exceptional case. In almost every manufacturing town, and also in a great number of towns in the agricultural districts, co-operative stores havo been established, and, although on a small scale in comparison with the Rochdale Store, yet, in proportion to the capital subscribed, the profits realized are proportionately high. Glancing over one of the monthly numbers of the intelligence from co-operative stores in the following towns — Aberdare, Banff, Blackburn, Burnley, Cleckheaton, Coventry, Dover, Hemel Hempstead, High Green, Huddersfield, Hurstbrook, London, Manchester, Middleton, Newmarket, Norwich, &c. &c. The towns which have just been enumerated prove that co-operative stores are not confined to any particular district. The amount of capital possessed by these different stores varies from a few pounds to many thousands; and it is most encouraging to observe that large profits are realized, and that almost the whole of the advantages of the system of cooperation are obtained even when a store is on a very small scale. Thus, the first quarterly returns which have been published of a small co-operative store at Oxford show that a profit at the rate of ls. 8d. in the pound has been realized. But, although the most remarkable success has generally attended these co-operative stores, yet, no doubt, in a few instances they have failed.

I will now endeavour, carefully, to point out the superior advantages possessed by these co-operative stores in comparison with retail shops; then I think the general success of the move. ment will cease to be a matter of surprise.

All co-operative societies strictly adhere to the rule, that no credit what ever shall be given. An individual may possess shares to the value of 1001. in the “ Rochdale Pioneers' Society," and yet he is not permitted to buy a pound of tea unless he pays ready money. A co-operative store, therefore, never loses a farthing by a bad debt. When no credit is given, a much greater amount of business can of course be done, than if the greater portion of the capital was locked up in book debts. The Rochdale Pioneers must, to use a commercial expression, turn over their capital ten times in the course of a year. The capital of a retail dealer is probably only turned over half the number of times, and therefore, can be only half as productive. The working classes derive the most

shop where no credit is given. Few greater evils afflict our working classes than the facility with which they are permitted to get into debt. Such a facility increases their in providence, and, when once a man gets in debt at any particular shop, he is compelled to continue dealing with it, and he is bound to accept inferior articles at very high prices.

It is not necessary that a co-operative store should solicit custom ; it need not attempt to attract purchasers either by newspaper advertisements, or by any advertising means, such as highly decorated shop-fronts. The shareholders of a co-operative store are, in the first place, a sufficient nucleus of customers; and there is no fear of afterwards extending the trade, if a proper management secures that unadulterated articles of the best quality will always be offered at the ordinary retail prices. A co-operative store, therefore, does not require extensive premises; it need not be established in a crowded thoroughfare where rents are extremely high. Its proper position is rather in the centre of the homes of the labouring population. If, however, in any town a new retail shop was opened, it could only hope, in the first instance, to obtain customers by resorting to some species of solicitation, which would involve considerable expense. The new shop must be advertised in the newspapers, and it would have little chance of securing customers unless it can offer some attraction to passers-by in crowded thoroughfares. These considerations are most amply verified by the ascertained fact, that the expenses of a wellconducted co-operative store are very much less than the expenses of a retail business of a similar kind. In the case of the Rochdale Store, these expenses do not amount to two and a half per cent. of the profits, whereas it is usually supposed that a retail business is most economically managed, if the expenses do not exceed five per cent. of the profits. The advantages, therefore, possessed by co-operative stores may be

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