Page 349 - The_story_of_the_C._W._S._The_jubilee_history_of_the_cooperative_wholesale_society,_limited._1863-1913_(IA_storyofcwsjubill00redf) (1)_Neat

Leicester Hosiers and the C.W,S.
"
now clear and straight," said Mr. Shillito, and they would have to
enter into this business on their own account." The C.W.S. could
not re-open negotiations; but a hint was given that fresh offers
from the other side still would be entertained. And the Hosiery
Society, whatever its faith in the principles of copartnersliip, proved
disinclined to carry independence so far as to find another than the
co-operative market. A special committee appointed by the
distributive societies interested as purchasers, or shareholders, or
both, met the workers in conference at Leicester on February 14th,
1903. Now the fighting spirit ebbed, for one of the Hosiery Society's
travellers pointed out that his week's orders from co-operative
societies had fallen from £700 to £150, and a colleague on the
road agreed that the feelings aroused against the Hosiers made an
acceptance of C.W.S. terms " inevitable." And at a meeting of the
Hosiery Society on February 28th, not only was a resolution for
re-opening negotiations carried by 212 to 54 votes, but each member
of the committee alleged to have " sold the pass " was re-elected,
the chief C.W.S. critic at the Quarterly Meetings of the federation
being an unsuccessful candidate. The arrangement of the transfer
went forward after this very quickly indeed. The C.W.S. price and
conditions remained the same; and in June, 1903, the Wholesale
Society's Committee found themselves in a position to recommend
the purchase to the delegates, who agreed unanimously and without
discussion.
The C.W.S. entered into possession of the Cranbourne Street
Factory on July 1st, 1903. The stock taken over from the Hosiery
Society was valued at £34,792, an amount almost equal to six
months' production. With these goods in hand at the factory it
became necessary to work short time, and a special depreciation of
the stock in addition caused the results of the first six months to
show a loss of some £1,174. The output for the same period was
£32,382. Mr. George Newell, an original promoter, and, as manager,
a chief builder of the second Leicester Co-operative Manufacturing
Society, had died before the transfer to the C.W.S., and the effort
to find a worthy successor resulted about 1906 in the factory being
under its third manager since the acquisition. This last change
appeared to be beneficial, for the small net profit of 1905 changed to
net four figure gains in 1906 and 1907. And, with this first sign of
return to what seemed like normal production, the original need of
extension and also of a more conveniently arranged factory made
itself felt. The Committee decided to build an entirely new works.
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