Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. ManufacturerFowler, Charles N. (Charles Newell)
History
Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. Manufacturer
Fowler, Charles N. (Charles Newell)
Banks and banking -- United States; Currency question -- United States
The early retail societies found it hard to get good terms from
wholesale houses, owing to the enmity of the private merchants. The
law did not allow them to amalgamate and start a wholesale business of
their own. But in 1862 the law was changed, and at once two coöperative
wholesale societies were organized, the English and the Scotch. They
are the models for the world. The two societies are virtually one,
although maintaining different officers, rules, and stockholders. In
fact, the wholesale societies are the federation of the retail and
productive societies of England and Scotland. The English society
requires the constituent societies to hold one $25 share for every five
of its membership; the Scotch society one $5 share for every one of
its members: i. e., an English coöperative shoe factory of two hundred
members wishing to join the English Wholesale Society would take forty
$25 shares, or two hundred $5 shares in the Scotch Society.
These Wholesale Societies are the grand Clearing House of nearly all
the coöperative shops and factories of the kingdom, and the suppliers
of all the coöperative retail stores.
And they are monumental institutions. In 1907 they had a membership of
more than 2,615,000, a capital of more than $169,000,000, a surplus of
$85,000,000. Their annual sales amount to more than $600,000,000, and
their profits more than $60,000,000.
The English Society is the larger. It is a corporation that not only
engages in wholesale trade but is a manufacturer, banker, importer;
it packs meat, cures bacon, refines lard, binds books, grows tea,
blends coffee, founders iron; it manufactures flour, butter, biscuit,
sugar, pickles, cocoa, tobacco, candles, glycerine, starch, saddlery,
furniture, clothing, corsets, underwear, brushes, crockery, tinplate,
woolens, carpets and almost everything else that an average British
home may need. It deals in coal, apricots, and wheat; has offices
in New York, Toronto, Rouen, France; Denia, Spain; Copenhagen and
Guthenberg, Sweden; has twenty-seven creameries in Ireland, tallow
and oil works in Sydney, Australia; a "bacon factory" in Denmark, a
tea plantation in Ceylon, and fruit farms in Shropshire and Hereford.
Besides, it owns four steamers for the trade between Rouen and
Manchester.
Its main offices on Balloon Street, Manchester, are enormous and
palatial. Together with warehouses and stores, they cover a number
of city blocks. Their offices in London compare favorably with any
private establishment, and for efficiency they are second to none.
Nearly 20,000 men are employed by this society. Some of its factories
are large, e, g., the Leicester Shoe Works employ 1,446 men; the Irlam
Soap Works, 702 men; Long Sight Printing Works, 941 men; the Middleton
Pickle Works, 564, etc.
Public-domain text, read in full here on John Shaqi.
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