The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-02-01
NUMBER 10.
Cooperative Stores in England.

7 A correspondent sends us an account oi
a meeting Of the North of England Co
} operative Wholesale Society, which took
place at Manchester on Nov. 23d, contain
ing many facts which are ut once interest
ing and suggestive. This society repre-
sents federation Of cooperative societies,
and has a central board and stores in Man
chester, from which the retail stores of the
various societies are supplied. The whole
sale society was started in 1869 by the fed
GRAFTON Of fifty-four societies with an az
gregate capital of less than one thousand
pounds. On the first Of October Of the
present year the societies in the federation
numbered four hundred and sixty-six, with
a paid up share capital Of E28, 300 The
business done during the last quarter aver
aged E28, 900 week, and the net profit Of
thequarter, afJer the payment Of interest on
shares and loans, amounted to 1924, or
over sixteen thousand dollars.
At this meeting Of the wholesale society
it was announced that arrangements were
making for largely extending the business
of the association. Hereafter stores re-
quired from America, Holland and Ire
land would be imported by the society dI-
rect from those countries IL was deter
mined to increase the amount ~ subscrip-
tion required from the federated societies
particil .ating in the benefits Of the asso-
clation As a guarantee for loans. The CAPT
tai used in the business Of the society ia
supplied by subscriptions Of the sharehOld-
ers and by loans. to which are added. of
course, the profits cf it's traffic as they ac-
crue. The loans consist IN surplus cash be-
longing to cooperative societies deposited
with the wholesale society, which pays five
per cent interest on such deposits At the
close Of the last quarter the money SO de-
posted amounted to EG5, 900 BY making
these deposits transferable, the society pro-
pose to introduce what is practically sys-
TEN of cooperative banking into their bu-
slness In future the retail stores dealing
with the wholesale society may deposit tile
whole of their receipts and transfer the
amounts as bills become due. receivi " in
terest SO long as their money remains un
deposit.
The society has also resolved to still
further enlarge the fields Of its operations
by engaging IN the manufacture, on the CO.
operative principle, Of course, Of several
descriptions Of goods which are the most
in demand by their customers. In answer
to inquiries addressed to the retail associa-
tions supplied by the society, statements
had been received from one hundred ana
fcrty-six, showing that the aggregate re-
quiremsnts of these societies during the
past year were Cloths, E147 900 boots
and shoes, GAG, 900; F; tailoring, E2O,OOO /;
and blankets, $4,000. The central board
WAS therefore authorized to open a whole
s4ie cloth warehouse separate from the gen
eral stores to 60 into the manufacture Of
boots and shoes to establish a blanket
and flannel factory and to purchase
bakery then for sale in the neighborhood
of Manchester. 1t will be seen that in this
case, at least, the principle Of cooperation
has accomplished all that its most ardent
advocates have ever claimed for it.-Nelc
York Sam