societies, and, therefore, for propagation work of all kinds, by willing and able workers " (Mr. NUTTALL).

This movement has not been confined to Great Britain. In Austria the associations are spreading all over the country. In Germany there are nearly half a million members of the People's Co-operative Banks, and about 300 similar institutions now exist in Italy. The balance-sheet for 1881 of the People's Bank at Milan shows a turn-over of close upon sixty millions sterling, and its last dividend was at the rate of 11 per cent. The general result is sufficient to prove what the working class could do for themselves if trained to trust to rely upon their own exertions, instead of the benevolence of individuals and the charitable institutions of the country. It is surprising that working men do not realize and apply the mighty power of this lever of co-operation for their own benefit. "Estimating that there are about four million heads of families amongst the industrial classes, if they earned on an average 25s. a week, spent it at the Co-operative Stores, received an average dividend of 1s. 6d. in the £, capitalized their profits, and invested these in co-operative production, they would in five years be able to buy all the railways in England, and, in seven years, pay off the National Debt, and, in thirteen years, purchase all the land in England at its present price " (Mr. R. J. MILBURNE). This calculation is that of an enthusiast; but, admitting it goes too far, the principle is sound. It indicates a satisfactory solution of that social problem, "Poverty;" it gives a thought to animate with hope the busy hands and heads of toiling industry; it points out how to save, by a