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. 8, 1862. association which has since attracted so much attention, under the name of “The Rochdale Equitable Pioneers’ Co-operative Society.”

It is true that such associations were not new in this country—Mr. Charles Knight having, in one of his works, explained that the various companies of actors in Elizabeth’s time were based on co-operative principles, Shakespear himself having acquired his fortune in this way—but it was not until within the last few years that the system began to be properly understood by those who naturally possess the largest stake in its success. The original programme of the Rochdale co-operators was not entirely free from the theoretical leaven which permeated the various social schemes of Robert Owen, St. Simon, Fourier, and other visionary dreamers; but—to their honour be it written—these poor working men refused to be blinded by prejudice, and courageously learned to profit by the teachings of experience, which bade them discard the absurd and somewhat extravagant pretensions set forth in their first prospectus. Commencing in 1844, with 28 members and a capital of 25l., formed of small weekly contributions, they now (1862) find themselves in possession of a fund amounting to 42,961l. 14s. 1d., and numbering upwards of 3900 members. The amount of business transacted at the Rochdale Stores during the past year was not less than 176,206l. 14s. 8d. They also possess several other associations, one of which, the Rochdale District Corn Mill Society, owns a capital of 29,000l., and numbers 700 members; the amount of business transacted last year being 166,800l. Besides these, they have established reading-rooms, libraries, lecture halls, &c., and are voluntarily subscribing 23l. per week towards the relief of their poorer members and the public during the present disastrous crisis in the cotton trade. The example of Rochdale has been followed in other places, such as Bacup, where the association numbers 1848 members, and possesses a capital of 13,439l. 16s. 10½d.

Subjoined is a table of the principal societies:—

The above are taken from a list containing the names of 150 societies, of which no less than 121 have commenced since 1856. These societies, which are only a portion of those known to be in existence, number 48,184 members, possess a capital of 333,290l., and transacted business during 1861 to the amount of 1,512,117l.

With few exceptions, they are devoted to the establishment of provision stores, it having been ascertained that such concerns generally prove the most successful mode of investing the subscribed capital.

The mode of business, as generally conducted, is extremely simple. All transactions are for cash, no credit being allowed; and a simple but efficient system is adopted for the purpose of ascertaining and registering the amount of purchases made by each customer. The profits are divided quarterly, five per cent. per annum being allowed on all paid-up shares, and the remainder equally distributed amongst the members in proportion to the amount of purchases individually made by them.

In this way many working men have acquired large sums, with very little risk or trouble; hence it is not surprising to find that these associations are rapidly increasing in number and popularity, or that the principles on which they are based should be applied to purposes of a more speculative nature, such as the formation of manufacturing companies.

The establishment of co-operative cotton spinning and weaving associations has been considerably accelerated by the high rate of profits obtained previous to the outbreak of hostilities in America; and, as might be expected, Rochdale was one of the earliest, if not the first, in the field. The two mills of that town were erected at a cost of 70,000l., and employ about 300 hands. There are others at Bacup and elsewhere. These establishments are conducted for the most part on the same principles as the provision stores, excepting that the workers take the place of the customers in the quarterly participation of profits, but of late there has been observable a tendency to act more on the joint-stock system pure et simple, and to pay the workers the current rate of wages, and no more, leaving the whole of the profits to be divided amongst the shareholders alone. This has given rise to much controversy and discussion on the part of those concerned, which curiously illustrates how the love of gain proves as insatiable in the case of the humble co-operative as in that of the wealthy millionaire.

The present depression of the cotton-trade has severely tested the stability of these associations, not a few (including that of Rochdale) having to work “short time,” while several have had to close their doors, or, in one or two cases, to break up altogether; but there appears to exist a determination to make every possible sacrifice in the attempt to weather the terrible storm which has overtaken the unfortunate operatives of Lancashire. But for the habits of economy and thrift engendered by these co-operative associations, the present distress would have been far more deeply felt by the industrial classes of the cotton manufacturing districts; a fact which should be remembered when the tide of prosperity returns to Lancashire and its suffering population.

In the midland counties the example set by Rochdale has been productive of results pregnant with hope for the future of the agricultural labourer.

Clipston, in Northamptonshire, is an agricultural village, containing about 800 inhabitants,