New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-08-06


By far the most interesting portion of the Reports
| of Mr.. Alexander Redgrave and Sir John Kincaid
relates TO the development and extension OF co.
operative societies for the erection and working OF
mills in Lancashire, and also to some degree In
Yorkshire. These cooperative societies. which
hare multiplied since the passing of the Limited
Liability act, generally composed OF operatives.
Each society has capital OF tIO,0oo ana upward,
divided into shares of f5 and fl0, with power TO
| borrow in certain proportions to the capital sub.
| scribed, the money borrowed being made up OF
small loans by operatives and persons OF the like
class In Bury, for instance, upward OF t3oO,0oo
viii be required to put the cooperative mills there
| built and building in working order. In cotton
spinning mills the spinners and persons employed
are frequently shareholders in the same mill, work
| ING for wages and receiving interest upon their
shares. In cotton. Sheds the partners fire.
ouently hire and work looms. This is attractive to
OPT rativcs, because no great capital is required to
| start them in their undertaking. They purchase
the yarn ready for the loom, weave the cloth, and
the factory operation is completed; or else they re-
ceive the yarn from some manufacturer who trades
with them, and return to him the woven fabric.
But this cooperative system is not confined to the
spinning and weaving of cotton. 1t has extended
to the trade on variety of articles OF consumption,
such as -four, groceries, draperies, etc.
The following report, drawn up by MIR. Patrick,
one of Sir John Kincaids sub-inspectOrs, contains
some valuable information in regard to the progress
of this new system of mill-Ownership, which, am
afraid, will be put to severe test BY the next IN
dustrial crisis ,oo,
"There has been cooperative company in exist
ence at Rochdale, under the style Of the New Bacup
and Wardle Commercial Company for about twelve
years. They incorporated under the JOINT Stock
1ompanies Act and unlimited. They commenced op-
erations at Clough House Mill, Warde, near Rochdale
with power to raise capital Of El0OO00 in shares OF
f12 los, go 600 Of which was paid up Ihey then
increased to ESQ Co., and about five years ago built
large factory Far Iol ne Mill Stacksead OF 100
horse power etc am addition to Cloueh House Mill
and the half year ending October last they paid div
dend at the of A per cent on the paiduP caPtai
Mr. Patrick reports on the ln June .nas the Few Few
Holme MILL Bacup have just declared another divi-
dend Of 48 per cent the paid capital aud they
have now increased their capital to the sum OF
and have largely increased their Far Holme MILL near
Sackstead in this neighborhood, requiring two more
engines Of 40 horse power EACH winch they are about
to put down. The large majority Of shareholders are
operatives who work In the factory but receive wages
as woIkmep and have more to do with the manage
ment than TO give their vote the annual Election of
| ,he Committee of Management. have been through
the Far Holme Mill this morning. and can report tha
conducted as any in my division. think, though did
not ask them the question: that they have borrowed
NOR ey al per cent interest.
There has been another in existence in the neigh
bOThOOd OF Bacup ABOUT BLK years. trauuS unuo2 VIC
arm of the Rossendale Industrial Association
.'They built factory but, 1 am told, were not
thriving in consequence Of the want OF sufficient
funds. This, also, on the cooperative system.
The firm has now been changed to The Rossendale
Industrial Company and are Incorporated under the
l. mifed Liabilities Act, with power to raise capital
of $4,000 $4,000 has been taken in shares OF
flO each, and they have borrowed about t4ooo.
This "a 900 has been borrowed from small capitalists,
in sums from ESQ down to f1O, without any mort
cages being given. When this cooperative company
first started every shareholder was an operative In
ADDITION TO the Wear mill that referred TO as having
been built by the Rossendale Industrial Association,
they have now bought of Messrs. b. Mum Bros,
IrweIl Mills in Bacup and are working the two.
1.-THE prosperity and success of the New. Bacup and
Warde Commercial Company seem TO have gwen rise
TO the new companies that now formed In my I'M
mediate vicinity and preparing large factories to carry
on their business. One is the New-Church Cotton
Spinning and Weaving Company, under the Limited
Liabilities Act with power to raise tioooVo IN C tIo
shares 600 OF which is already paid and the Com
pany has borrowed Is 900 on mortgage at hive per
cent This Company has already started having taken
an unoccu pied factory of 40horse power, Vale Mill,
New Church. and they are BUILDING inc ,N WlG h
Works which will require an engine OF l0O-horse
power. They calculate upon employing a5o people
when complete, which they think will be in February
next
Company, also limited, with a nominal capital OF
f5O tOO in f5 shares with power 10 borrow to the
tent of flO000. About f2O 600 already paid up,
and they erecting at Hareholne factory requiring
an engine Of 70-horse power. am told that IN Dolh
of these companies nnetsnhs of the shareholders are
of the operative class. a.,
"There is another cooperative company which mas
sprung ND within the last six months The Old
CloueR Cotton Company which purchased from
Messrs. b. 4 T. Mum, two old mills, called lrwen
Springs, and on the same principle as the Others
but not having been able TO 20 there day am not
able to give al particulars about it. The power, how.
ever has been returned 13horse and the number Of
hands employ ed &C. and believe all the shareholders
TO be OF The operative class.
"The are several who take part OF factory, one or
two rooms az the may be, and in some instances
even part of ROOM but then these masters OF that
part, although they work with and as their own work
men, hire and pay wages any other manufacturer,
without the workpeoPls employed having interest In
the business. There were many more OF these at
Bacup than there are now. Some have gwen Il up,
while others have succeeded and either built mills for
hemfeves or rent large premises. There are more OF
this sort at Rochdale than any other place in my d.
vision."
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