Page 300 - 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.

themselves. Negotiations, therefore, were begun for the transfer of
their flour milling to the Wholesale Society.
There is no need to follow in detail the progress of the
bargainings. In September, 1905, it was announced that the Rochdale
Corn Mill Society had agreed to sell at £15,000. But the Rochdale
mill already belonged to history rather than to practical flour
milling, and, although it was Avorked for a short time by the C.W.S.,
eventually its machinery entered into its last rest. The millers,
however, with the exception of one or two employees who preferred
other courses, retained their positions with the Society. The
building itself has not passed out of the co-operative movement, but
is used by the present C.W.S. paint, varnish, and colour works.
Meanwhile the Star millers had declined the £60,000 for their
propert}'' (exclusive of stocks, sacks, and so on) finally offered by the
C.W.S. This, however, left the Wliolesale Society free to proceed
with the building of the mill at Manchester practically already
resolved upon. So, three months later, the offer of £60,000 plus
agreed values of stocks, which worked out at 34s. 3d. per £1 of share
capital, was accepted by the Star IVIill Society. In consequence, on
Saturday, March 31st, the Oldham mill became the property of the
"
national federation. The passmg of the Star," said the Co-operative
News, " was by no means a melancholy function." It was celebrated
by a social gathering of delegates and private shareholders to the
number of 350. At this meeting it was stated that since the starting
of the first machinery in 1870, the mill had returned a total profit
of £134,479. " They were winding up their society," said Mr.
Pingstone, speaking for the C.W.S., " but it was a different
winding-up from some they knew."
Upon the other side of the Pennines the societies were obdiurate.
The C.W.S. last offers were £84,000 for the Sowerby Bridge Mill,
£60,000 for the mill at HaUfax, and £12,000 for the Cohie Vale Mill.
Having before them the pubhshed nominal values of the properties,
and the reports of their own valuer, the Committee stood firmly by
these figures. Accordingly, the Sowerby Bridge and Colne Vale
federations eventually agreed to transfer; but the purchases were
conditional upon Hahfax also coming to terms, and a failure in that
quarter ended the whole negotiations. The result was unfortunate
in that it marred the completeness of the C.W.S. operations. At
the present day there is a rather oljvious gap between Dunston,
which is in touch with the North-East coast, and Silvertown, which is
open to the tides of the North Sea on the South-East. Nevertheless.
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