Page 412 - 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.
what a small society, not itself rich in surplus capital, has been able
to accomplish along the old lines, tlirough the C.W.S. scheme,
should visit Bm-ton Latimer, in Northf mptonshire.
We are still left to consider the important question of a
fully-developed popular bank, possessing branches in connection
with every co-operative society, dealing directly with individuals,
and incidentally supplanting the money-lender. At the Paisley
Co-operative Congress of 1905 a discussion on co-operative banking
arose in connection vntla. a paper by INIr. G. Bisset. The paper
advocated a bank that would receive working-class funds and
savings of all kinds, and so invest the capital as to bring great
industrial undertakings under some degree of working-class control.
A resolution afterwards was put forward " appreciating the splendid
results of the Wholesale's banking department," but desiring
a further extension of banking. The resolution received the
approval of the delegates, and various representations were made
both to the Enghsh and Scottish federations. A deputation
attended from the United Board of the Co-operative Union to urge
upon the finance committees of the two Societies the opening of
branches from the C.W.S. Banli " in every centre of co-operative
activity," and the arranging for agencies by societies wherever a
branch was not warranted. So extended, the bank was to cover all
the loan, saving, and investment needs of co-operators, individual
also it was to be placed under the separate control of
or corporate ;
a special body of directors and officials. The first two of these
proposals simply expressed that idea of a co-operative bank which
had been held by all the original advocates; the third, however,
revived the old error exposed by Mitchell, of " two executives for
one capital."^ A second scheme was kept in reserve. This was for
founding in Manchester a " Co-operative " or " Industrial Savings
Bank and Investment Society Limited," for which the assistance
and co-operation of the two Wholesale Societies would be soHcited.
But the two Committees were " of opinion that the suggestions laid
before them were not of a practical character." Not content with
this attitude, the United Board then put the first set of proposals
before various district conferences, but no irresistible champions of
an extended banking arose, and the agitation died away. The
success of agricultural co-operative credit banks on the Continent,
made known largely by JVIr. H. W. Wolff, had lent force to the move-
ment, but the failure in 1912 of a " People's Bank " at Manchester
1 See Chapter IX.
328