The fact that nearly three hundred of these societies are at work in Ireland, and that, although their transactions are on a very modest scale, the system is steadily growing both in the numbers of its adherents and in the business transacted is, I think, a remarkable testimony to the value of the coöperative system. The details I have given illustrate the important distinction between coöperation, which enables the farmer to do his business in a way that suits him, and the urban form of combination, which is unsuited to his needs. The ordinary banks lend money to agriculturists for a term (generally ninety days) which has been fixed to suit the needs of town business. Thus, a farmer borrowing money to sow a crop, or to purchase young cattle, is obliged to repay his loan, in the first instance, before the crop is harvested, and in the second, before the cattle mature and are marketable. Far more important, however, than these not inconsiderable economic advantages are the social benefits which are derived by bringing people together to achieve in a very definite and practical way the aim of all coöperative effort--self-help by mutual help. Our coöperative movement, taken as a whole, is to-day represented by nearly one thousand farmers' organisations, with an aggregate membership of some one hundred thousand persons, mostly heads of families. Its business turnover last year was twelve and a half million dollars. In estimating the significance of these figures, American readers must not 'think in continents,' and must give more weight to the moral than to the material achievement. As I have explained, the coöperative system requires for its success the exercise of higher moral qualities than does the joint stock company. Once a coöperative society becomes a soulless corporation, its days are numbered. It requires also the diffusion of a good deal of economic thought among its members, and this, also, is no small matter in the conditions. The most striking fact about this work in Ireland is that while in its earlier years organisation consisted mainly in expounding and commending to farmers the coöperative principle, we now find that the principle is taken for granted and the only question upon which advice is needed is how to apply it. The progress of agricultural coöperation depends largely on the character of the community; its commercial value may be measured by the extent to which it develops in the community the mental and moral qualities essential to success.[6]