Page 77 - The_story_of_the_C._W._S._The_jubilee_history_of_the_cooperative_wholesale_society,_limited._1863-1913_(IA_storyofcwsjubill00redf) (1)_Neat

Progress Reported.
visitor at Balloon Street), followed him in the presidency. J. T. W.
Mitchell was then on the Committee, having succeeded James
Smithies m 1869, and in 1870 he was joined b}-- another future
president of the C.W.S. in the person of Mr. John Shillito, of Halifax.
By the end of 1870, with the figures of business turnover as aheady
given, the number of societies holding shares reached 196, while
297 were being supplied with goods. The profits totalled £7,626,
equal to an average dividend on purchases for the year of in
2J(1.
the £. The capital—shares, loans, and reserves—amounted to
£44,164. Finally (so far as this chapter is concerned), in April,
1871, a fourth alteration of rules was made. A significant addition
to the Society's object of acting as " general merchants " was created
by the new words " and manufacturers." The tree had taken firm
root and would soon put forth branches. Yet " the system of
co-operation," said the Grocer in 1870, " as apphed to the revolution
of trade in Great Britain is a failure."

\i m

Balloon Street in 1870,
Showing the Original C.W.S. Premises.

49