tal comes to _42,813,348l._,
and the yearly net profits amount to about _11,000,000l._, or to more
than 35 per cent. per annum on the subscribed capital. In 1905 the net
profits amounted to 37.4 per cent., in 1906 to 36.4 per cent. on the
share capital.

Capitalised at 4 per cent, the co-operative societies represent an
investment value of about _300,000,000l._, or about _100l._ per
co-operator. The societies maintain an army of 107,727 employees.
Their progress during the last decade may be seen at a glance from
the following figures:

_Total Trade of British Co-operative Societies._

1896 L58,729,643
1901 88,394,304
1906 110,085,826[858]

Already the income of the co-operative societies is twice as large as
the interest paid on the whole of the deposits in the British
savings-banks. There is no reason why the co-operative movement should
not further grow and increase, and it is to be hoped that it will
further extend in every direction to the benefit of the industrious
and thrifty workers. There ought to be no propertyless workers in
Great Britain.

The British co-operative societies have proved to the dismay of the
Socialists that working men may improve their position unaided and may
become capitalists. They have proved that thrift and ability create
prosperity, and they have therefore incurred the hatred of the
Socialist agitators. The philosopher of British Socialism complains:
"Co-operation so far from being Socialism is the very antithesis of
Socialism. Trade co-operation is simply a form of industrial
partnership, in which the society of co-operators is in the relation
of capitalist to the outer world. The units of the society may be
equal amongst themselves, but their very existence in this form
presupposes exploitation going on above, below, and around them."[859]
The editor of "Justice" seems to regret that co-operation encourages
and rewards ability and thrift, for he says: "Co-operation is most
valuable to those among the workers who are best off. The artisan
earning a regular weekly wage has not only a better opportunity of
becoming a member of the co-operative society than the more
precariously employed and more poorly paid labourer, but the advantage
to him is greater by reason of his having more money to spend at the
store. In many cases the poorer members have to sell out, and then the
affair becomes simply a joint-stock com