[To the Editor of THE SPECTATOR.] SIR,—The reasoning of Mr.
Baird is somewhat faulty. The basis of a Co-operative Society is share capital. The, purpose of a Co-operative Society is to buy and sell on such terms as will give preferential interest on share capital, and dividends on purchases. The general funds of the Co-operative Society referred to by Mr. Baird are surely capital balances retained by the society. If I am mistaken in this I shall appreciate enlightenment.
At the moment my humble submission is :—Co-operative societies are anti-Socialist because they are capitalistic in design and in practice ; because they encourage the better-off member to profit at the expense of the poorer member ; and because the well-being of the State is at all times subordinated to the possessive instincts of the shareholder.—Yours faithfully,
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