ofits they would have to divide among their
members was the same as in the case of any ordinary store. The
difference between the wholesale price, at which they would buy, and
the retail market price, at which they would sell, would be the gross
profits. From this would have to be paid, normally, rent for their
store, wages for their salesmen, and interest on their capital. But
after these were paid there should still remain a certain amount of
net profit, and this it was which they proposed to divide among
themselves as purchasers, instead of leaving it to be taken by an
ordinary store proprietor. The capital they furnished themselves, and
consequently paid themselves the interest. The first two items also
amounted to nothing at first, though naturally they must be accounted
for if their store rose to any success. As a matter of fact, their
success was immediate and striking. They admitted new members freely,
and at the end of the first year of their existence had increased in
numbers to seventy-four with L187 capital. During the year they had
done a business of L710, and distributed profits of L22. A table of
the increase of this first successful cooeperative establishment at
succeeding ten years' periods is as follows:--

------+-----------+-----------+----------+----------
| | | |
Date | Members | Capital | Business | Profits
| | | |
------+-----------+-----------+----------+----------
1855 | 1,400 | L 11,032 | L 44,902 | L 3,109
1865 | 5,326 | 78,778 | 196,234 | 25,156
1875 | 8,415 | 225,682 | 305,657 | 48,212
1885 | 11,084 | 324,645 | 252,072 | 45,254
1898 | 12,719 | -------- | 292,335 | -------
------+-----------+-----------+----------+----------

They soon extended their business in variety as well as in total
amount. In 1847 they added the sale of linen and woollen goods, in
1850 of meat, in 1867 they began baking and selling bread to their
customers. They opened eventually a dozen or more branch stores in
Rochdale, the original Toad Lane house being superseded by a great
distributing building or central store, with a library and reading
room. They own much property in the town, and have spread their
activity into many lines.

The example of the Rochdale society was followed by many others,
especially in the north of England and south of Scotland. A few years
after its fo