to any rules which he thought in any way violated the great principles of co-operation. Another objection had been raised, that loans of 50l. would be too small to do much for the agricultural interest, but the greater portion of bills of sale in agricultural districts were for not more than 30l., so that their limit of 50l. would have covered most of them, and the money might have been obtained from the banks instead of the borrowers giving bills of sale on their furniture and effects. The early society mentioned by Mr. Druce was not co-operative at all; it entirely lacked the principle of mutuality, and there was apparently no obligation on the part of the borrowers to say what they wanted the money for, or upon any body concerned to see that it was applied to the purpose for which they said they wanted it. Under their system it was their duty to see that the money borrowed was properly expended. In conclusion he wished to refer to a matter of great importance. A society was founded in Norfolk early in May, and a local bank, Messrs. Gurney and Co., had come forward and offered to lend them all the money they wanted at 3 per cent., and Mr. Somerville Gurney had become treasurer. If they could only get the local people to take an interest in these societies, they would soon have more banks founded, and would be able to number their members, not by hundreds, but by thousands. He begged to thank the meeting for their very kind reception of his paper. RAILWAY RATES and TERMINAL CHARGES. By R. PRICE-WILLIAMS, M.INST. C.E. [Read before the Royal Statistical Society, 16th June, 1896. SIR COURTENAY BOYLE, K.C.B., Vice-President, in the Chair.] THE necessity for readjustments of the maximum rates and charges, more especially those relating to the merchandise traffic, of the principal railway companies in this country, for the most part based on tariffs sanctioned by Acts of Parlianent passed in the early days of railways, has long been recognised, and an effort has recently been made to accomplish this under the provisions of "The Railway Rates and Charges Order Confirmation Acts of "1891 and 1892," the maximum rates and charges sanctioned by previous Acts being considerably modified. It is anticipated that besides greatly simplifying the railway tariffs, and rendering them more in harmony with the requirements of the time, these recent changes in railway rates and charges may have the effect of stimulating the trade of this country, and tend to put an end to the long period of depression which has been experienced in this, as in most other countries. Sufficient time, however, has not elapsed to admit of any reliable opinion being formed as to their effect in this respect. Before dealing with the question of the relation which the actual cost of conveyance and the station and service terminal expenses bear to the new rates and charges for these services, authorised by the recent Acts, it is necessary briefly to refer to the method by which the railway working expenses have been apportioned to the different classes of traffic. Railway Working Expenses. It has been asserted that the published reports of the railway companies do not afford the means of separately determining the expenses attributable to the passenger, goods, and mineral traffic, and it must be admitted that so far as regards many of the principal English railway companies there is some foundation for this assertion, inasmuch as they are not required by the Board of Trade and do not afford the necessary information. It fortunately happens, however, that as regards the "Traffic Expenses," one of the main items of railway expenditure, which under the head of "Coaching and Merchandise "Expenses" constitutes considerably more than a third of the |