profits of a trade." But the business by which they mostly thrive, is by
the purchase and sale of food, provisions, groceries, draperies, and
other articles, with the exception of intoxicating liquors.

The sole secret of their success consists in "ready money." They give no
credit. Everything is done for cash; the profit of the trade being
divided amongst the members. Every business man knows that cash payment
is the soundest method of conducting business. The Rochdale Pioneers
having discovered the secret, have spread it amongst their class. In
their "advice to members of this and other societies," they say: "Look
well after money matters. Buy your goods as much as possible in the
first markets; or if you have the produce of your industry to sell,
contrive, if possible, to sell it in the last. Never depart from the
principle of buying and selling for ready money. Beware of long
reckonings." In short, the co-operative societies became tradesmen on a
large scale; and, besides the pureness of the food sold, their profit
consisted in the discount for cash payments, which was divided amongst
the members.

Land and Building Societies constitute another form of co-operation.
These are chiefly supported by the minor middle-class men, but also to a
considerable extent by the skilled and thrifty working-class men. By
their means portions of land are bought, and dwelling-houses are built.
By means of a building society, a person who desires to possess a house
enters the society as a member, and instead of paying his rent to the
landlord, pays his subscriptions and interest to a committee of his
friends; and in course of time, when his subscriptions are paid up, the
house is purchased, and conveyed to him by the society. The
building-society is thus a savings bank, where money accumulates for a
certain purpose. But even those who do not purchase a house, receive a
dividend and bonus on their shares, which sometimes amounts to a
considerable sum.

The accumulation of property has the effect which it always has upon
thrifty men; it makes them steady, sober, and diligent. It weans them
from revolutionary notions, and makes them conservative. When workmen,
by their industry and frugality, have secured their own independence,
they will cease to regard the sight of others' well-being as a wrong
inflicted on themselves; and it will no longer be possible to make
political capital out of their imaginary woes.

It has been said that F