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minority of the shareholders of Rochdale, society :—the Hôtel Fould, in the Rue but which was happily prevented from de Berry; the Hôtel Rohes, in the being carried into execution by the good Champs Elysées ; the Hôtel Frescati, sense of the majority. The shareholders Rue de Richelieu ; the Square d'Orléans, may at any time object to give labour a Rue Taitbout, &c. &c. And at the preshare of the profits. A party of the Roch- sent time these co-operative masons are dale shareholders wished to increase their building an hotel for M. Girardin, on the own gains by depriving labour of any Boulevard of the King of Rome, an hotel share of the profits. But, if this were for M. Arsénne Haussage,on the Boulevard done, the concern would at once lose the Beaujon ; an hotel for Malle. Allier, distinctive characteristic of co-operation; on the Boulevard de l'Empereur; and it would, in fact, at once be converted an hotel at Montrouge, for M. Pacotte. from a co-operative into an ordinary As I have before remarked, no labourers, joint-stock company. Such a danger except the shareholders, are employed may with certainty be obviated if the by this society. The labourers are paid shareholders are the only labourers who the ordinary wages current in the are employed in a co-operative trading trade, and the net profits realized are establishment. This plan is almost in- apportioned in the following manner :variably followed in France with the Two-fifths of these profits form a fund greatest possible success, for in France from which the annual dividend on co-operative trading establishments are capital is paid ; and the remaining threemore numerous than in England. We fifths are appropriated to provide an probably possess a greater number extra bonus on labour. The bonus of co-operative stores ; but in France which each labourer thus receives is the co-operative principle has been proportioned to the amount of labour applied to many trades which in he has performed throughout the year. England have never been carried on by No arrangements that could be devised associations of labourers. A small society would more powerfully promote the of co-operative masons was established efficiency of labour. This is the secret in the year 1848, in Paris. This society of the remarkable success achieved by was reproached for holding certain poli. this society. The co-operative masons of tical opinions, and the Government Paris have achieved their remarkable attempted to discourage it by refusing success by fairly entering into the great to it any loan of capital. This intended field of commercial competition ; they hostility insured its future success; for have striven to do their work better and the societies which were assisted by the cheaper than others; and it is because Government in almost every instance they have proved that they can work proved to be failures. The co-operative better and cheaper that they have been masons endured many vicissitudes, and employed to build residences for such in the year 1852 they determined to re- persons as M. Girardin, and the others organise their society. It then consisted we have enumerated. of only seventeen members, and possessed Co-operative trading establishments no capital. They resolved to create a capi. must be prepared to meet the retal by depositing in a common chest verses and difficulties to which all one-tenth of their daily earnings. At commercial undertakings are subjected. the end of the first year a capital of It is, perhaps, not altogether a fortunate 141. 108. was in this manner created. circumstance that a co-operative cotton At the end of the year 1854, the capital manufactory should in England be the had increased to 6801. ; and, in 1860, first instance in which co-operation on a the society was composed of 107 mem- large scale has been applied to trade. bers, and the capital possessed by The cotton manufacture has always been them was 14,5001. The following are characterised by great variations in the some of the important buildings which profits realized. Three or four bad have been constructed in Paris by this years are succeeded by two or three

good ones, when, as in 1859 and '60, the most enormous profits are made. Such circumstances, of course, must severely try the stability of co-operative societies. When the co-operative cotton mill was commenced at Rochdale, the prosperous condition of the trade encouraged the working classes to subscribe their capital freely; and it is a heavy disappointment that, almost directly their mill is opened, the American crisis arises, and the cotton trade is thrown into a state of the most deplorable stagnation. Time can only show whether the shareholders of the Rochdale manufactory will bear the trial. I learn from Mr. Ashworth, the intelligent manager of the mill, that, at the present time, the mill is working only four days a-week. He also says that, up to the present time, the shareholders have shown great for bearance; that they seem prepared to contend with the difficulty: 'At any rate, their confidence in the ultimate success of the principle seems unabated, for the erection of the second mill is being vigorously prosecuted. The co-operatives may learn a valuable lesson from the experience which this time of trial affords ; for it should impress them with the importance of forming a large reservefund when trade is good, in order to meet the difficulties of bad times. If the co-operative cotton manufactories can survive the cotton crisis, the future success of the movement may be regarded as guaranteed, for these societies can never have to undergo a more severe trial. If, however, on the other hand, the co-operative manufactories should succumb to these difficulties, it would be most unfair to condemn the co-operative principle. The failure of a co-operative cotton manufactory ought to have no influence in diminishing our confidence in co-operative stores. Such a failure would only prove that the principle of co-operation had been, perhaps, too hastily applied to a branch of trade which is subject to great

I wish, in conclusion, to guard the public against the ill-considered remarks which are too frequently written about co-operation. For instance, in a prospectus of the Manchester co-operative manufactory, I find the following passage : “ The working classes will á ultimately secure by co-operation all " the fruits of their labour." Upon this, Mr. Commissioner Hill most justly remarks : “I conscientiously believe that " they have hitherto secured the fruits “ of their own labour; but that, by “means of co-operation, they will add to “ labour the wealth-producing elements “of capital and management." The production of wealth requires the application both of capital and labour. If the labourers supply the capital, then. of course, they have a claim to all the wealth which they produce; but hitherto the labouring classes in our own country have been either too poor or too improvident to save. Capital, therefore, has been necessarily supplied by others, and the remuneration which the capitalist receives is termed his profit. Let it not be supposed that, when the wealth produced is shared between profits and wages, the division can be adjusted by any other than the most definite laws. Wages are and must ever be regulated by the ratio which the capital of the country bears to the number of the population. How wrong is it then for men to speak as if there was an antagonism between capital and labour ! Labour is, in fact, supported and fed by capital ; and, if the capital of a country increases, the wages paid to the labourer must increase. The extension of cooperation will, no doubt, tend more than any other cause to enrich the labouring class. It offers them an inducement to save, such as they never had before ; and, directly they save sufficient to provide themselves with the capital which their labour requires, they will be able to appropriate to themselves those profits which others receive because the working classes have not yet acquired the

GONE!

BY THE HON. MRS. NORTON.

heralds true or noth to meet

Gone! gone! the bells toll on,
But still the death-news seems to stun:
The sudden loss, the warning brief,
Bids wonder mingle with our grief !
Like fearful heralds sent to know
If life's defeat were true or no,
Our startled thoughts went forth to meet
Dark rumour in the busy street,
And less lamenting, than dismayed,
Our frozen tears were strangely stayed.
What-He, whose busy brain had planned
So much for his adopted land-
He, who had yet scarce turned the page
Dating past youth to 'middle age,
The counsellor of wisdom proved,
The chosen of a Queen beloved,
In prime of life and princely rank,-
Gone ?-gone : fill up the blank !

Gone ! Even now, to wintry gales
The foreign ships have spread their sails,
Bringing the beauty and the boast
Of other realms to Britain's coast.
The busy rout of lading past,
The shifting cargoes all made fast,
Freed from the shouting and the din,
The motley treasures rest within.
Tasks toiled at with a loving pain,
The anxious work of hand and brain,
Lie buried in each silent hold :
Rich stuffs, and carcanets of gold,
And cereal things, whose gathered store
Competing greets our fertile shore,
And sculptured statues, soon to rise
Like apparitions on our eyes,
And complicated wheels, which rest
In muffled coverings, strangely drest,
Till the bright slave of human skill,
Set free to work his master's will,
With whirring hum, and dim low moan,
Some wondrous motive-power makes know

These come :—He schemed their meeting here: To Him that rivalry was dear : His tourney of the arts of peace, ,

if no other circumstances intervene, we pany. The advocates of co-operation may be certain that exceptionally high justly maintain that, when the labourer profits are sure, in the course of time, receives a share of the profits, he at once to be reduced by the competition of ca- becomes interested in the welfare of the pital—for capitalists will compete against concern, and that the highest efficiency each other to appropriate to them- of labour is thus secured. Few, perselves as much as possible a profit so haps, have adequately considered the unusually high. The years 1859-60 pecuniary loss which is incurred from the cannot, therefore, be regarded as types listlessness and carelessness of the hired of the normal condition of the cotton labourer, who has ordinarily no motive trade. The working classes, who sup- to do his work well. There is no greater plied the capital for the construction defect in our social system than the abof the cotton mills at Rochdale were, no sence of a mutual pecuniary interest doubt, doomed to disappointment, if between the employer and the employed. they believed that the cotton trade Ill-feeling is thus constantly engendered, would continue in the same thriving which too frequently gathers sufficient condition, unaffected by any reverses. strength to convulse by a strike. The But now a second question of the managers of a co-operative manufacgreatest possible importance arises—Is a tory can with truth say that, by making co-operative cotton manufactory likely the labourers participate in the profits to succeed as well as a manufactory of the concern, the best labour, and owned by individual capitalists who, in the highest and most skilled efforts the ordinary way, employ simply hired of that labour, are secured. We believe labourers ? It is often said that a co- .that an advantage is in this manner operative manufactory is a joint-stock obtained which will amply compensate undertaking. It has, no doubt, been some of the disavantages to which a proved that a joint-stock trading company co-operative trading company may be can seldom successfully compete with the liable. We will proceed to notice some individual trader; and hence it is con- of the difficulties with which such a cluded that a co-operative manufactory company will have to contend. will, for similar reasons, fail to compete I t is well known that the success of a with the manufactories which are usually large trading concern almost entirely depossessed by a few individual capitalists. pends upon the energy and ability of the But there is a fundamental difference managers. In the case of a joint-stock between a co-operative company and an company these managers are usually ordinary joint-stock company. In some paid by fixed salaries; and therefore it co-operative trading companies the is maintained that such a manager will shareholders are alone employed as not have the same motive as the indivilabourers ; almost invariably a great dual owner of the business to exert skill portion of the labour is supplied by the and energy. But this difficulty may, shareholders; and the labourers who are no doubt, to a great extent be overcome not shareholders participate, as I have if a manager is partly paid by a share of remarked in the case of the Roch- the profits, for it will then be directly dale manufactory, in a sbare of the his interest to do everything in his profits. All the labourers therefore power to promote the welfare of the may be regarded as partners in the con- concern. There is, however, perhaps a cern ; labour and capital are both re- greater danger to be apprehended with cognised as claims to share the profits; regard to a co-operative trading comand, when a labourer is a shareholder, pany; for, when the shareholders have these claims become united in the same secured good managers, they may, perindividual.

haps, not place sufficient confidence in In this consists the fundamental them. The success of a co-operative manudifference between a co-operative com- factory may at any time be jeopardised

minority of the shareholders of Rochdale, society :-the Hôtel Fould, in the Rue but which was happily prevented from de Berry; the Hôtel Rohes, in the being carried into execution by the good Champs Elysées ; the Hôtel Frescati, sense of the majority. The shareholders Rue de Richelieu ; the Square d'Orléans, may at any time object to give labour a Rue Taitbout, &c. &c. And at the preshare of the profits. A party of the Roch- sent time these co-operative masons are dale shareholders wished to increase their building an hotel for M. Girardin, on the own gains by depriving labour of any Boulevard of the King of Rome, an hotel share of the profits. But, if this were for M.Arsénne Haussage,on the Boulevard done, the concern would at once lose the Beaujon ; an hotel for Malle. Allier, distinctive characteristic of co-operation; on the Boulevard de l'Empereur; and it would, in fact, at once be converted an hotel at Montrouge, for M. Pacotte. from a co-operative into an ordinary As I have before remarked, no labourers, joint-stock company. Such a danger except the shareholders, are employed may with certainty be obviated if the by this society. The labourers are paid shareholders are the only labourers who the ordinary wages current in the are employed in a co-operative trading trade, and the net profits realized are establishment. This plan is almost in- apportioned in the following manner :variably followed in France with the Two-fifths of these profits form a fund greatest possible success, for in France from which the annual dividend on co-operative trading establishments are capital is paid ; and the remaining threemore numerous than in England. We fifths are appropriated to provide an probably possess a greater number extra bonus on labour. The bonus of co-operative stores ; but in France which each labourer thus receives is the co-operative principle has been proportioned to the amount of labour applied to many trades which in he has performed throughout the year. England have never been carried on by No arrangements that could be devised associations of labourers. A small society would more powerfully promote the of co-operative masons was established efficiency of labour. This is the secret in the year 1848, in Paris. This society of the remarkable success achieved by was reproached for holding certain poli- this society. The co-operative masons of tical opinions, and the Government Paris have achieved their remarkable attempted to discourage it by refusing success by fairly entering into the great to it any loan of capital. This intended field of commercial competition ; they hostility insured its future success ; for have striven to do their work better and the societies which were assisted by the cheaper than others; and it is because Government in almost every instance they have proved that they can work proved to be failures. The co-operative better and cheaper that they have been masons endured many vicissitudes, and employed to build residences for such in the year 1852 they determined to re- persons as M. Girardin, and the others organise their society. It then consisted we have enumerated. of only seventeen members, and possessed Co-operative trading establishments no capital. They resolved to create a capi- must be prepared to meet the retal by depositing in a common chest verses and difficulties to which all one-tenth of their daily earnings. At commercial undertakings are subjected. the end of the first year a capital of It is, perhaps, not altogether a fortunate 141. 108. was in this manner created. circumstance that a co-operative cotton At the end of the year 1854, the capital manufactory should in England be the had increased to 6801. ; and, in 1860, first instance in which co-operation on a the society was composed of 107 mem- large scale has been applied to trade. bers, and the capital possessed by The cotton manufacture has always been them was 14,5001. The following are characterised by great variations in the some of the important buildings which profits realized. Three or four bad have been constructed in Paris by this years are succeeded by two or three

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