The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1875-08-21

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Acts lsGG.G7. Share So ouch, gold
Payable on application, 81. on allot-
mont ST. remainder by installmcnts
of 81 at intervals of three months.
Ultimate capital sl2,500,OOO En-
glish, and Sl2,5OO,O0O American.
First issue 100000. Profits, after
paying eight per cont dividend, to
be shared rateably between capital
and trade"
The prospectus then sets out with
the enunciation of somc general
principles, in regard to "the desire
existing amongst different classes Of
producers for direct communication,
in the exchange of their respective
produce, ,eihao intermediate agency.
beyond that supplied by unions formed
amongst Themselves"
We italicise tho portion of the
above sentence to indicate the cen.
trail idea of the whole scheme, which
is further developed as follows: at
is obvious that tho material pros
perity of mankind depend upon in
creasing, Us much as possible, the
labor employed in production,
whence it follows that no labor or
capital should be needlessly applied
To distribution, but that all labor,
which by judicious arrangements
can be saved, shonld be set free for
productive purposes"
X X X X !: X *
"The principles of these co-opelT-
tors (thc Rockdale society are the
same us the Changers and other
Unions of agriculturalists in the
United States. They have the
same dislike of needless middle
mon; the same hatred of frauds and
shams and all the tricks of trade,
natural to men who are banded to-
gether for self.supply; the same
wish that the producer shall reap
the full reward of his honest work,
and find in capital valuable serv-
ant not u hard task master
Now, phat this company proposes to
you is to make these men your agents,
by joining them in 1t, to consign, for
sale to them, the produce of which
you irish to dispose in the British
markets, and to employ them to er-
ecute the orders aohich you wish to
place there, and it proposes to
found this Union on the following
base:
81. The company shall supply the
goods, ordered by you, through
it, at the prices ordinarily charged
by fair Wholesale dealers, subject to
such increase of charges rs may be
required to meet the cost of doing
any work which Wholesale traders
do not usually do, il the company
has to do such work.
80. That there shall be paid to
capital dividend net exceeding
eight per cent.
SO. That the surplus profits shall
be apportioned ratcably between
capital and trade; non meT bers
receiving only half the share that
they would be entitled TO rs men,
bcrs.
"a. That the distribution of prof
its over eight per cent shall be made
by paid up shares, so that the CAPT.
tai of the company may grow with
its business, while its members will
have continually increasing divi-
dends, based, not upon rash specu-
lation, but on the steady growth of
its legitimate business.
Having thus laid down general
principles, the prospectus proceeds
to give "the general form of the
company" as follows:
al. There are to be two Boards of
Directors-one called the European
Board, in England the other in the
United States.
"2. These two Boards together
form the Council. Any new branch
ofbusincss, in which the company
may engage, will require the sane
ton of both Boards. But the con-
troll, in each county, Of all business,
which the company has engaged in,
will be in the hands of tho Board of
that county, which will regulate
the disposal of its own funds for
any of those purposes.
80. There are also to be two mana
gers, one in tho United States, ap-
pointed by the. European Board,
and one in England, appointed by
the United States Board and d
Managing Director, appointed by
tho Council, who will have power
to act in either country; and until
tho business of the company re-
quires manager in each, may act
as manager in either. IS
az. The election of the Directors
in each country will be made by the
shareholders of that country alone.
But in other matters, where the
vote of o general NEE ting is requir-
ed, it will be ascertained by the col
lective votes given in both coun-
tries"
We have again italicised the i'm
portant passages, and would espe-
cially call the attention of our read
ers TO their significance. 1t will be
seen that il is, as IFS name indicates,
ooonarat;va tradinp comnany