motion, pointed out that some of the master bakers present at these meetings of the association were men who had signed an agreement to do their best to put down Co-operation, and one delegate described the association as a syndicate, the members of which wished for big profits and cared for no one but themselves. It was pointed out by the chairman that this was not a properly-constituted association, but an informal gathering of people engaged in the same business. The Federation had been invited to send a representative, and had got some useful information there, but were not committed in any way. Finally, on being put to the vote, the motion of Mr Glasse was defeated in favour of an amendment that the committee act as they had been doing. The question was one which cropped up periodically at meetings of the Federation, but always with the same result of leaving the Federation unfettered to do the best they could in the interest of the concern they were appointed to manage. SOME NOTEWORTHY ALTERATIONS. For several years the rates of interest which had been paid for loans had been 4½ per cent. for money deposited on twelve months’ notice of withdrawal and 4 per cent. on money at call, but the rate of interest in the money market had shown a decided downward tendency for some time, and towards the end of 1896 the directors recommended that the rates to be paid by the Federation should be reduced to 3½ per cent. and 3 per cent., a recommendation which was adopted by the general meeting. At the same meeting a reform which certain members of the committee and certain delegates had advocated for some years—the raising of the value of the share from 10/ to 15/—was at last agreed to. This had the effect of adding 50 per cent. to the capital of the Society. At the same time the influx of new societies into the Federation and of new members into the societies continued at a rapid rate, so that from this source also the capital of the Society was being increased so rapidly that it was practically keeping pace with the big capital expenditure necessitated by the rapid growth of the Society’s business. In June 1897 Mr Robert Fraser, who had been foreman baker for a number of years, left the service of the Federation to take up another situation, and the committee took advantage of the fact to make some important rearrangements in the management of the bakery. This was done by dividing the productive work into three sections: bread, biscuits, and pastry. Mr Murdoch Richard, who had been assistant to Mr Fraser for several years, was given full charge of the bread department; Mr John Gilmour was made manager of the machine-made biscuit and oatcake sections; and Mr William Seivewright was placed in charge of the pastry and hand-made biscuit section.