10 per cent., and stood there from
February 28, 1874, to August 28, 1878, when it rose to 11. By August 31,
1879, it rose to 12, and by February 29, 1884, to 13 per cent., at which
figure it has stood ever since down to February 28, 1889, with two
exceptions--August 31, 1884, when it rose to 14, and February 28, 1887,
when it fell to 12-1/4.

The total amount of sales made to the members between February 1866 and
February 1889 was 38,864,999 francs; and the total amount of dividends
paid to the members during that period has been 4,585,557 fr. 69 c.,
showing an average dividend during these twenty-three years of
11.80 per cent.

It appears to me that this is a very good account rendered of a very
good stewardship, and involves, for the workmen interested, a number of
useful practical lessons on the true relations of capital to labour,
including the relations of their own capital to their own labour. There
are now about 800 Co-operative Associations of Consumers in France; but
the Anzin Association is by far the most important of them all. As the
existing associations are estimated to consist on an average of 550
members each, we have 440,000 heads of families, and a total presumable
population, therefore, of not far from 2,000,000, more or less
successfully availing themselves of the co-operative principle in
France. The net profits vary greatly in the returns of these
associations, from 1 to 14 per cent. The Co-operative Coal Association
of Roubaix shows a net profit of 21 per cent., and the Co-operative
Bakery of the same busy and thriving city a profit of 23 per cent. But
the Anzin Association not only covers more ground than any of the rest:
it covers it in a more equably satisfactory fashion. During the past
year, on an employed capital of 156,150 francs, it made sales amounting
to 2,303,836 francs, with a gross profit of 450,497 fr. 61 c., and a net
profit of 310,106 fr. 30 c. Each man had spent an average of 738 fr. 28
c., and received a net profit of 99 fr. 45 c. In other words, every
holder of a 50 franc share paid for his share out of a single year's net
profit, and pocketed 49 francs to boot!

As indicating the scale of comfort attained in their daily life by these
miners and their families, it is of interest to glance over the
schedule of the goods and commodities supplied by these co-operative
stores, it being premised that the stores do not keep or sell what are
regarded as 'articles of luxury,' so that