most enthusiastically taken up by the workers of this town, even more so
than in any other place in the kingdom. As early as 1828 several
attempts had been made to form such societies, but the one which
appeared the most likely to succeed was the so-called "Labour Exchange,"
situated in the old Coach Yard, in Bull Street, formed on the basis so
eloquently and perseveringly advocated by Robert Owen. The principle of
this Exchange was to value all goods brought in at the cost of the raw
material, plus the labour and work bestowed thereon, the said labour
being calculated at the uniform rate of 6d. per hour. On the reception
of the goods "notes" to the value were given which could be handed over
as equivalent for any other articles there on sale, and for a time this
rather crude plan was successful. Sharp customers, however found that by
giving in an advanced valuation of their own goods they could by using
their "notes" procure others on which a handsome profit was to be made
outside the Labour Mart, and this ultimately brought the Exchange to
grief. Mr. William Pare and Mr. George Jacob Holyoake, were foremost
among the advocates of Co-operation at the period, and a most
interesting history of "Co-operation in England" has been written by the
latter gentleman. Other societies were also in operation from time to
time, the longest-lived being the "Economic Provision Company," which
was commenced at Handsworth in 1830 by some of the workers at Soho and
Soho Foundry, 139 of whom clubbed 20s. each as a starting fund. After a
few months' trial, the profits were allowed to accumulate until they
made up £5 per share, on which capital no less than £6,000 were paid in
dividends during the first thirty years. The Supply Associations of the
present day are somewhat differently constituted, such establishments as
the one in Corporation Street (formerly in Cannon Street) and that in
High Street being on the most extensive scale, offering to the general
public all the advantages derivable from the use of large capital,
combined with a fair division of profits to the customer, as well as to