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United States. This is the form of consumers' cooperation that is developed especially in Germany and Russia. While there could be given quantitative statements of considerable value, if our interest was primarily in cooperation, their relation to profit- sharing is so remote and indirect, and the information on this subject so fragmentary, that the results are altogether incon- clusive and of little value. For example, the one phase of this form of cooperation developed in the United States is the build- ing and loan association. It is evident that it is so remote from profit-sharing that it throws no light upon the subject. This is true of all forms of cooperative credit, and, with the exception noted above, of all forms of consumers' cooperation, since profit- sharing has popular interest and social importance only as a modification of the wage system."
III.
The third phase of the subject is worthy of special attention. While John Stuart Mill's confident expectation in regard to the future of profit-sharing and cooperation has been far from real- ized, and in truth gives no further promise of realization now than then, yet there are several instances of such evolution. While the vast majority of cooperative enterprises are formed outright by the workmen interested, or, in Great Britain, are developed in connection with the profit-sharing principle as explained above, there are several very prominent instances of the growth of successful profit-sharing enterprises into true cooperative ones. While Mr. Mill had greater hopes of the frequency of such occurrences than other economists, yet there are many, interested in this phase of the social question, who have centered their hopes in this very process. Hence the half dozen or more instances of this character are of more than passing interest.
First of all is the well-known instance of the Maison Leclaire, the accredited originator of the system. The system of profit-
■ The most recent special study of this phase of the cooperative movement is Mr. Henry D. Lloyd's Labor Co-partnership, a most excellent and enthusiastic account. The only additional statistical information given is that mentioned in the preceding footnote, giving, however, no further information concerning profit-sharing. A review of Mr. Lloyd's book will be found in the March (1899) number of the Journal.
