let their money remain in the society, have the satisfaction of knowing that, notwithstanding the deduction that was made, the present full value of their shares is just as much as if no deduction had been made, and that they had been receiving compound interest at the rate of 4 per cent instead of 5 per cent for the whole of the period. I am sure you will all agree that after all, the sacrifice of one-half per cent on the part of the shareholders has not been a very serious matter. A member who had £100 in the society, and allowed it to remain during the 12 years, would now be possessed of £174 by the addition of interest alone; whereas, had the money been withdrawn at 16s. 8d. in the f, and deposited elsewhere say at 2 per cent. he would have been the loser to the extent of £58. Twelve years ago we were compelled to place restrictions on the withdrawal of Share Capital, whilst to-day our difficulty is to know what to do with the money_which the members keep bringing for investment. During the 12 years the membership has increased from 3,069 to 5,890, an increase of 2,821, and the Share Capital from £55,551 to £82,974, an increase of £27,423. The sales at the shops for the year ending June, 1882, were £65,409, and for the year ending June, 1894. £120,022, an increase of £54,613; and the nett profits from the shops for the same periods were £4,793 and £15,776 respectively, showing an increase of £10,983. In addition to clearing off the large amount of the Redemption Fund, the buildings, machinery, and fixtures have been depreciated to the extent of £18,220, and there has been spent in repairs to the properties £7,168, and during the same time the members have received in dividends no less a sum than £94,257, and in interest on shares £35,449. A Reserve Fund has also been accumulated amounting to £3,542. In the corn mill department quite a revolution has been brought about. The mill has been considerably enlarged and filled with new machinery, including also a new engine and boiler at a total cost of £9,105, and during the same period depreciation has been deducted to the amount of £5,110. We are assured that we now have

a mill which is second to none in the country in its adaptability for manufacturing flour of the very best quality. As to our weaving department, which you are all aware has been the cause of all our troubles, a new and more satisfactory state of affairs has been established. For the past four years the mill has been worked by Messrs. Bancroft and Co., of Manchester and Todmorden, and during that time we have been secured by them from all loss in this department, whilst previously we had to contend with losses of over £1,000 per year. During the 12 years new branch shops have been opened at the following places, viz. :— Grocery shops at Butts, Plank-lane, and Twist-lane; butchers' shops at Bedford, Kirkhall-lane, and Firslane; drapery shops at Kirkhall-lane and Tyldesley; and furniture shops at Bradshawgate and Kirkhall-lane. An entirely new shop has been erected at Lowton, and extensive additions made at Boothstown and several other places. We have also purchased a very central block of premises adjoining our grocery shop in Bradshawgate, which we believe will in the future prove to be of great advantage to the society. Extensive additions are at present in progress at our central premises in Ellesmere-street, and an electric light installation is being placed in the corn mill, offices, and stores. A new and elaborate check system has been established, and is working satisfactorily, in place of the old tin checks, which were proved to be liable to so many irregularities. I think you will agree with me that what I have read to you is no mean record of work done and of progress made; and if such progress can be made whilst we have been struggling with a host of difficulties, what may we expect now that our burdens have been cleared away. I venture to assert that if the members will only be loyal to the society and realise to the full the value of the institution they have built up, that our progress in the future will be very much more rapid than it has been in the past."

An interesting item in local history is brought to mind by a resolution passed at the quarterly meeting, held on January 26th, 1895, which was as follows:

"That the Society be a Guarantor to the extent of £100 towards the promotion of the contemplated new railway through Leigh."

Strenuous efforts were made with the view of getting a direct line from Manchester to Liverpool through Leigh; which, if it could have been accomplished, would not only have given better service, but in all probability have brought about reduced charges, both for goods and passenger traffic. We are still, however, bound hand and foot to the L. & N.-W. Ry. Co., who will not even consider the wishes of the inhabitants, expressed in public meetings, to the extent of removing a ridiculous and objectionable name from the principal station in the town.

In February, 1895, the large block of premises, called Physic Branch, comprising grocery, boot and shoe and butchering shops, were opened. Mr. Thos. Peters was the architect, and Mr. J. T. Calland, the contractor.

In April of this year a complete revision of the society's rules was registered. The principal features being a new set of rules for the building and mortgage department, and the dropping out of the special rules. previously in force, for the weaving and corn mill departments, and provision for a separate Educational Committee, elected by the members.

In June of this year the dividend was, for the first time, increased to 3s. in the £, and has remained at this rate ever since.

In October, the new shop erected in Brideoakestreet was opened for business.

NEW CENTRAL PREMISES; PRESENTATION TO MR. JNO. SMITH, PRESIDENT; FOURTEEN NEW BRANCH SHOPS OPENED; MR. COLLINS APPOINTED CORN MILL MANAGER; HALFYEARLY STOCKTAKINGS; DISTRICT REPRESENTATION; NEW OFFICES ERECTED; NEW BAKERY AND STABLES; SUCCESS.

THE HE business of the society was now increasing so rapidly that the committee found it necessary not only to look out for positions for additional shops, but also to enlarge and improve some of the existing shops. Considerable extensions were made in connection with the Golborne, Hindley Green, Leigh-road and Westleigh branches; and a noteworthy feature in connection with these improvements was that the entire cost was charged to current expenses.

THE NEW CENTRAL PREMISES.

The great event, however, which at this time was occupying the attention of the committee was the scheme which had long been looked forward to for erecting a large central premises, in which the various businesses could be brought together, instead of the members having to travel something like 200 yards from the grocery to the drapery department.