Page 254 - The_story_of_the_C._W._S._The_jubilee_history_of_the_cooperative_wholesale_society,_limited._1863-1913_(IA_storyofcwsjubill00redf) (1)_Neat

The Story of the C.W.S.

which, as voiced by Mitchell, was for the whole, no less than
Lincoln's was for the unity of the vast republic. And considering
this period it must be borne in mind also that the C.W.S. dividend
in all these years never rose above 3M. in the £. Odd as it must
seem to those now accustomed to the regular 4d., in the years
1892-3 it stood at no more than 2|d. in the £ of societies' purchases.
Indeed, where the quarterly profits now reach the hundred and fifty
and two hundred thousand pounds, for the September quarter of
1893 the entire net profit was represented by £1,467. Trade
depression, the lockout of miners then in force, and the otherwise
happy factor of falling prices during the early nineties, all contri-
buted to the result. The last-named influence incidentally had
created during this quarter a special loss upon dried fruit. Under
these circumstances the Ipswich and Colchester Societies boldly
proposed to pay no dividend at all, and at the various branch and
district meetings they secured 116 votes. The Committee's recom-
mendation was to make up a 2d. dividend from the reserve fund,
and this, which received 348 votes elsewhere, was easily carried at
Manchester by a show of hands. Up to 1895 the profits afterwards
increased greatty; they fell off in 1897, but in the foUoT^dng and
successive years rose steadily to the figures of recent returns. The
Trade and Bank Reserve Fund also increased with the profits,
rendering unnecessary the Dividend Reserve Fund, advocated by
Macclesfield, but negatived in March, 1894. In 1895 it was again
a question of dealing with the balance in hand, and the investment
of half-a-million sterling in approved securities was sanctioned.
In 1884 the interest upon loans in the trade department was reduced
from 5 to 4 per cent ; nevertheless, in 1895, the balances had mcreased
to over half-a-million sterling, and in consequence the interest was
again reduced from 4 to 3 per cent.
A logical, if severe, application of the collectivist principle
appeared in the action taken in 1894 by the societies chiefly
interested to confine the privilege of purchasing from the Wholesale
Society to distributive societies only. A Pendleton resolution to
this end was avowedly " intended to operate against the Anchor
Society (composed of C.W.S. employees in London), the Printing
Society, the Newspaper Society, and the Post Office at Manchester."
the C.W.S. employees as direct purchasers were
Abuses were urged ;
described as " a privileged aristocracy'; " it was the battle of 1874
over again. Action was adjourned until IMarch, 1895, when the
Committee issued a statement. From 1874 to 1888 the purchases
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