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Newtown Difficulty Solved.

ADVANTAGES OF CAPONISING.

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REARING THE DAIRY CALF.

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OUR DEFICIENCIES IN POULTRY…

The Question of Health.

AGRICULTURAL CO-OPERATION.

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Llanidloes Councillors.)

HUNTING APPOINTMENTS.\

CAMBRIAN RAILWAYS.

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J CONTRIBUTIONS AGINAL AND…

HOW THE LUNGS BECOME DISEASED.

CANADIAN FARMERS AND TARIFF…

SMALL HOLDINGS.

A FARMER'S LIABILITY.

BUSINESS MEN'S SLEEP.

OUR DEFICIENCIES IN POULTRY…

AGRICULTURAL CO-OPERATION.

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operative Society is to register under the Industrial and Provident Societies' Act, and so to frame the rules that the amount of the nominal capital is not fixed; that shares can be allotted at any time to any farmer applying for them that the interest payable upon the capital is limited to a small percentage, usually five per cent., thus preventing the concern from becoming a mere investment for capital- ists and that the bulk of the profits is divided amongst the members as a bonus upon the amount of their sales through, and purchases from, the Society. A limited liability company in which farmers take shares may be a form of combination, but it is not co-operation, and as a farmers' com- bination is likely to be short-lived. If the shareholders hold shares in approximate pro- portion to the amount of their dealings with the company, the interest on their shares is roughly equivalent to a bonus on their tran- sactions but if this is a condition which could hardly exist even at first, and if it did exist would very probably soon cease. Some of the members might leave the district and cease to have dealings with the company, when they would become mere shareholders drawing profits from the business done through the company by the other farmers. Moreover, if the profits were at all large, the shares in the company would rise in value, and some share- holders would dispose of their shares to per- sons other than farmers, who would then draw profits which should go into the farmers' pockets. Again, if, after the company were formed, a farmer wished to obtain shares, he might have to purchase them at a premium and pay so highly that the dividend would merely represent interest at ordinary investment rates on which he had paid. In a very few years such a company would become an ordinary trading concern, the objects of which would be not to benefit the farmers, but to make the biggest possible profit for the shareholders, and would then be no better than any other middleman. I might enumerate many other advantages which co-operative societies, such as I have described, enjoy over the limited liability com- panies, but my purpose is to show what is true co-operation as applied to agriculture. It is all the more necessary that this should be clearly understood, since it is becoming gener- ally admitted that co-operation is the form of combination which is likely to do most for the regeneration of agriculture.—Yours truly, signed on behalf of the Executive Committee, J. NUGENT HARRIS, Secretary, The Agricultural Organisation Society. Nov. 14th, 1910.

A FARMER'S LIABILITY.