Page 419 - The_story_of_the_C._W._S._The_jubilee_history_of_the_cooperative_wholesale_society,_limited._1863-1913_(IA_storyofcwsjubill00redf) (1)_Neat

The Founding of the CIS.

between Cooper and E. V. Neale, were read by William Marcroft,
discussed for " several hours," and then, in the main, adopted'.
On the 29th of the following August the company was registered,
with its office at the Rochdale Pioneers' store. The seven members
who first took up shares (four each) in order to form a legal
company had all joined in founding the C.W.S. they were Abraham
;
Greenwood, Wilham Cooper, John Hilton, William Marcroft, Charles
Howarth, Edward Hooson, and James Dyson, while James Smithies
witnessed the signatures. And immediately after the special C.W.S.
meeting of November 16th, 1867, the " inaugural meeting " of the
company was held. Attended—as to the C.W.S. part of the meeting
—by 178 delegates, this gathering for a double object took place in
the Mechanics' Hall, David Street—now the Portland-Whitworth
Street section of Princess Street, Manchester. The building still
stands, at the corner of Princess Street and Major Street. The
indefatigable Wilham Cooper, pioneer of everything co-operative,
continued as secretary, and Abraham Greenwood was manager;
but the untimely death of Cooper in 1868 soon robbed him of the
position. In 1871 the office was moved to a room in the C.W.S.
premises at Balloon Street; and in 1872 it was actually resolved
that one of the directors should interview the C.W.S. Committee
" with a view to arranging with them for the work of this company
to be done by their servants in the office." The director reported,
however, that he arrived at Balloon Street to find the C.W.S.
meeting; just concluded, and the proposal was never made. In the
speculative days of 1871 individuals as well as societies were admitted
to membership; and in 1873 the first whole-time secretary was
appointed in the person of Mr. James Odgers, who still holds that
office. In 1872 business first was done through paid agents; and in
1875 the pohcy of reinsuring risks, of which so much was heard later,
first was adopted. In 1899, following the Industrial and Provident
Societies Act of 1893, and the C.W.S. discussion of insurance in 1898,
the company was converted into a co-operative society, and all
forms of insurance were undertaken; while branches subsequently
were opened in Scotland and in England north and south. The
year 1904 witnessed the materialising of the happy idea of collective
insurance. At the close of 1905 the society possessed 651 society-
members, and 76 individual shareholders, whose number was
gradually being reduced. Only 4s. in each £1 of the society's capital
had been called up, and interest at the rate of 6 per cent was being
The funds of the society in excess of the paid-up
paid on each 4s.
333