Page 504 - The_story_of_the_C._W._S._The_jubilee_history_of_the_cooperative_wholesale_society,_limited._1863-1913_(IA_storyofcwsjubill00redf) (1)_Neat

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The Story of the C.W.S. —

give the individual stores, the small ones as well as the large, all the advantages
to be derived from the extensive and honest dealings of a wholesale co-operative
depot.
For the purpose, therefore, of establishing this depdt, it is proposed to
raise a capital of £3,000 in 600 shares of £5 each, such shares to be taken in the
first instance by the managing committee of the various stores, and next by
all such individuals as may be favourable to the scheme proposed.
Five sliillings deposit to be paid upon each share when taken, and the
remainder to bo called for in five instalments of not more than £1 each, at any
one time, one month at least intervening between each call.
The profits, after defraying all necessary expenses of management, to be
divided as follows :—Interest at the rate of 5 per cent per annum on all paid-up
shares; one-fourth of the remainder to go to form a reserve fund until it equals
the capital invested; one-fourth for the establishment of working-men's
associations in connection with the co-operative movement; the other two-
fourths to be divided among the various stores in proportion to the amount of
business they may do with the central depdt.
As the chief part of the co-operative business is carried on in the towns of
Lancashire and Yorkshire, it is proposed that Manchester be the seat of the
dep6t, and the first expenses of carrying it on may be estimated as under:
Take 50 stores, each expending at the depot weekly £30, which will be for
the year £78,000, at ^ per cent profit, will be (less expenses) £1,170 to divide.
EXPENSES.
£
Manager, per annum 200
Bookkeeper 100
Three Men-servants 156
Maintenance of Horse 50
Rent and Taxes 50
Value of Fixings, £150; Horse and Cart, £60—Depreciation
in value, 12^ per cent 26
Incidental Expenses 40
Interest on Capital 150
Total 772
£1170
Less Expenses 772
Profit to Divide £398
Drawn up by Mr. Lloyd Jones and written by Mr. James Smitliies in 1852.
[note by MR. LLOYD JONES.]
The foregoing appeared on May 12th, 1877. In the issue for June 2nd a
letter from Mr. Lloyd Jones was printed, touching upon the prospectus in the
following passage :
" And now let me deal with the history in its minuteness. Any person
who turns to Vol. 2 of the Christian Socialist, page 9, published July 5th, 1851,
will see, under date of Manchester, June 20th, that a co-operative conference
of delegates, forty in number, from the Yorkshire and Lancashire stores, was
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