Now it is fair to the farmer to admit that his calling does not lend itself readily to associative action. He lives apart; most of his time is spent in the open air, and in the evening of the working day physical repose is more congenial to him than mental activity. But when all this is said, we have not a complete explanation of the fact that, by failing to combine, American and British farmers, persistently disobey an accepted law, and refuse to follow the almost universal practice of modern business. I believe the true explanation to be one that has somehow escaped the notice of the agricultural economist. Those who accept it will feel that they have found the weak spot in American farming, and that the remedy is neither obscure nor difficult to apply. The form of combination which the towns have invented for industrial and commercial purposes is the Joint Stock Company. Here a number of persons contribute their capital to a common fund and entrust the direction to a single head or committee, taking no further part in the business except to change the management if the undertaking does not yield a satisfactory dividend. Our urban way of looking at things has made us assume that this city system must be suitable to rural conditions. The contrary is the fact. When farmers combine, it is a combination not of money only, but of personal effort in relation to the entire business. In a coöperative creamery, for example, the chief contribution of a shareholder is in milk; in a coöperative elevator, corn; in other cases it may be fruit or vegetables, or a variety of material things rather than cash. But it is, most of all, a combination of neighbours within an area small enough to allow of all the members meeting frequently at the business centre. As the system develops, the local associations are federated for larger business transactions, but these are governed by delegates carefully chosen by the members of the constituent bodies. The object of such associations is, primarily, not to declare a dividend, but rather to improve the conditions of the industry for the members. After an agreed interest has been paid upon the shares, the net profits are divided between the participants in the undertaking, to each in proportion as he has contributed to them through the business he has done with the institution. And the same idea is applied to the control of the management. It is recognised that the poor man's coöperation is as important as the rich man's subscription. 'One man, one vote,' is the almost universal principle in coöperative bodies.[5]