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 forbearance; 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 "ultimately secure by co-operation all "the fruits of their labour." Upon this, Mr. Commissioner Hill most justly remarks: "I conscientiously believe that 66 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. GONE! gone! the bells toll on, Like fearful heralds sent to know He, who had yet scarce turned the page Gone! Even now, to wintry gales These come and, with them, many a man His voice should praise,-His smile should thank,— Gone! A murmur thrills the deep; Where's He who took such proud delight Who bade "God speed!" with kind farewell The readying word-the martial cheer; No more shall thrill that clay-cold breast; Nor steel-clad horseman's measured clank; Gone! The light new-fallen snow Though wintry winds now sweep the glen- In thickets of the vernal wood The cold grey lake in glory shine Nor spring make glad that lone lake's bank,- Gone! gone! With trembling moan "A merry Christmas," still we hear, But in the highest home of all Oh! then and now-last year and this— The Widow's wintry coif is there! When deck'd, with sceptre and with globe, The girlish form knelt gently, down, To rise the wearer of a crown; And o'er that spot where, old and good, The mild Ecclesiastic stood, To give, with his religious hand, And while reverberate shouts that hailed From Gothic arch and pinnacle, As though it were God's blessing shed 1 Leslie's picture of the Coronation represents an actual fact, in the management of the light which streams down on the Coronation group. The morning, which had been fitful and cloudy, suddenly brightened at that moment, and the Queen's fair hair Bowed is that head!-bowed low once more! To vaults where flowers lie, dark and dank :- She kneels. The God who sent the gain, Oh! path with mourning ashes strown, That aspect of sweet life must change; 1 Her Majesty and the young Princesses sent wreaths of flowers from Osborne, to place on the coffin of the lamented Prince |