Even the Co-operative Cotton-mills, or Co-operative Banks, which are nothing more than Joint-stock Companies, Limited,[1] may become bankrupt.  They may not be able, as was the case during the cotton famine, to compete with large capitalists in the purchase of cotton, or in the production of cotton twist.  Co-operative companies established for the purpose of manufacturing, are probably of too speculative a character to afford much lasting benefit to the working classes; and it seems that by far the safer course for them to pursue, in times such as the present, is by means of simple, direct saving.  There may be less chance of gain, but there is less risk of loss.  What is laid by is not locked up and contingent for its productiveness upon times and trade, but is steadily accumulating, and is always ready at hand for use when the pinch of adversity occurs.

[Footnote 1:  “The new cotton factories which have been called co-operative, and which, under that name, have brought together large numbers of shareholders of the wage classes, are all now in reality common joint-stock companies, with limited liability.  The so-called co-operative shareholders in the leading establishments decided, as I am informed, by large majorities, that the workers should only be paid wages in the ordinary manner, and should not divide profits.  The wages being for piecework, it was held that the payment was in accordance with communistic principle, ’each according to his capacity, each according to his work.’  The common spinner had had no share in the work of the general direction, nor had he evinced any of the capacity of thrift or foresight of the capitalist, and why should he share profits as if he had?  The wage class, in their capacity of shareholders, decided that it was an unjust claim upon their profits, and kept them undivided to themselves.”—­Edwin Chadwick, C.B.]

Mr. Bright stated in the House of Commons, in 1860,[2] that the income of the working classes was “understated at three hundred and twelve millions a year.”  Looking at the increase of wages which has taken place during the last fifteen years, their income must now amount to at least four hundred millions.

[Footnote 2:  Speech on the Representation of the People Bill.]

Surely, out of this large fund of earnings, the working classes might easily save from thirty to forty millions yearly.  At all events, they might save such an amount as, if properly used and duly economized, could not fail to establish large numbers of them in circumstances of comfort and even of comparative wealth.