But while co-operative distribution has thriven, the success of co-operative workshops and mills has hitherto been extremely slow.

A considerable expansion of the productive work of the co-operative wholesale societies within the last few years offers indeed more encouragement.

But at present only about 21/4 per cent.

of English industry and commerce, as tested by profits, is under the conduct of co- operative societies.

Hence, while it seems possible that the slow growth in productive co-operation, and the more rapid progress of distributive co-operation, may serve to point the true line of successful advance in the future, the present condition of the co-operative movement does not entitle it to rank as one of the most powerful and prominent industrial forces.