During the first year the committee had been feeling their way. They had met and overcome many difficulties, some of which, like the incident of the chairman and secretary hunting up a recalcitrant baker in the small hours of the morning in order to induce him to go to work, have a humorous enough aspect when viewed at a distance of fifty years, but must have seemed tragic to the actors, for the whole future of the infant venture would seem bound up in an unbroken sequence of bread deliveries. For the first year the committee met in the premises of the S.C.W.S. in Madeira Court. Usually the meeting place was the warehouse, for the room in which Mr Borrowman worked was but small, although it possessed the only window in the place. There they fitted up a temporary table, using boxes for seats. Indeed, so long as Mr Borrowman continued secretary of the Baking Society, the committee continued to meet frequently in the Wholesale’s premises, although the sub-committee usually met in a small room, 10 ft. by 6 ft., fitted up in the bakery premises at St James Street. At times the full committee of sixteen met here also, packed together like herrings. Such were the conditions to which those heroes of the Co-operative vanguard accommodated themselves in order that the cause they had at heart might prosper. During the first year the Society had baked 2,116 sacks of flour, equivalent to an average turnover of 40¾ sacks per week; but as the turnover during the latter part of the year was approximately 70 sacks per week, it must have been much less than 40 at the beginning. For the first six months losses amounting to £62, 10s. had been made, but in the second six months these losses had been wiped out, the fittings had been depreciated by over £30, and although no dividend was declared they had a balance of surplus to carry forward which amounted to £23, 3s. 1d. The value of the goods sold during the year had been £5,081, 13s. 6d.; the value of the fixed and live stock was £243, 15s. 8d.; and the value of their building, as shown in the balance-sheet, £110, 9s. 6d. The societies held share capital amounting to £193, 12s. and loan capital amounting to £145, and £10, 6s. 1d. had been paid as interest. Thus the position was quite good. The corner had been turned; a surplus was being shown most weeks, and the directors were assured that with careful nursing and a steady influx of trade prosperity was in sight. Many rocky headlands had yet to be weathered, many shoals avoided, adverse winds and tides overcome, ere their bark reached the wide open sea of prosperity; but the mariners were shrewd and careful, and although for one reason and another several changes of captain and even of crew took place, the new crews and the new captains sailed their ship always with the skill of the old and, successfully overcoming all difficulties, were at last wafted by fair winds over a smooth sea.