Mexborough and Swinton Times December 1, 1906

Denaby Main Cooperative Society
The Years Working

Prosperity was the keynote of the free tea and concert given by the Denaby Main Industrial Cooperative Society Ltd at the large Hall, Denaby Main, on Saturday night last.

About 75 people sat down to tea, and afterwards an admirable concert was held. The large hall was crowded.

If anything would lend success to a concert it would be the Denaby Main Orchestra, and that well-known musical combination was at its best on Saturday night.

Mr WH Chambers, the President of the Society, opened the concert, amidst applause. He began by speaking of the benefits to be derived from corporation, and referred particularly to the fact that the Denaby Main Industrial Cooperative Society had built 50 houses in Denaby, which they were giving to the members on the 21 years hire purchase system.

The cooperative business, he went on, was worked on the most economic lines. The accounts were well kept by their secretary, and they were properly audited by a chartered accountant, so that no race was run of anything being passed which was at all “fishy” in the accounts of the society. They had that security, and it was better than having somebody who was not accustomed to account.

With regard to the management of the society, he said that at first they had not the best premises, but now he did not think anybody seeing those premises could find any cause of complaint about the way everything was served, nor did he think they could find fault about the way the things were stored, under the silent management of Mr John Soar (applause).

“Altogether,” he concluded, “I think we may congratulate ourselves on the undertaking, and say are very proud we are in our society. Long may it prosper!” (Loud applause)

Progress all Along the Line

during the interval Mr Bayliss, of Rotherham, the secretary of the society, came forward, and give some interesting figures regarding its present position. It was, he said, now 23 years old, and the progress it had made of late years and been very great.

The sales over the counter last year amounted to £37,000, while the members now numbered 500 – an increase of 30 from what it was 12 months ago. The share capital was now over £15,000, which is equal to £18 15s per member. He only wished that every member had £18. There were a number of members holding only small amounts. There was an increase in the share capital of £1000.

“No society that I know of is equal to a cooperative society for inculcating the spirit of thrift,” proclaimed the secretary, “Money you pay in today you can be paid out tomorrow, without a moment’s delay. And this spirit of thrift, which the society wishes to teach, it practices itself.”

Last year he pointed out, they set aside £400 to increase the reserve fund, which now amounted to £2500. They had £16,000 in cash and new houses owned by the society. The total profit last year was £11,220 or over 12 guineas per member for the year. When they came to think that that was made out of the share capital of only £15,000 it was simply amazing.

In addition to the other benefits which the society gave, it tried to give the members houses of their own. These houses were built at the least possible cost, and was sold absolutely without profit to the members. The total cost when first built amounted to £942 and the balance now owing by the householders to the society was £9,790. Since they were first built, no less than £2700 had been paid on their costs. The rent only came to 5% per annum, and as the principal was written off the amount paid for interest was less year by year.

They could save money through the society by either placing it on deposit or leaving their dividends to accumulate. If members would allow money to accumulate they would be amazed at the amount they will find in their pockets at the end of two years. Absolute secrecy was employed as to the amount each member had got in.