it according to its own pleasure. That, of course, con-
stitutes it an entrepreneur, with interests of its own;
however, those interests are, after all, the interests also
of all its members. This system, so it is quite true, involves
a certain amount of risk, such as competent management
should reduce to a minimum. But it also presents distinct
advantages. And why the description "co-operative"
should be restricted to commission agency only, it is not
quite easy to divine. Having a free hand in deaUng with
its com, the society is in the best position for turning it
to good account. And such practice also gets it over one
doubtful point which has troubled some committees not
a little, the point, that is, of the rate at which com delivered
for sale is to be paid for. The object of the society is
to come as near a steady unchanging price for its members'
com as can be. The member who requires money at the
period when corn is a drug in the market is not to be
penalised for such want. He is to receive an advance,
which a Raiffeisen society can supply out of its own means
or credit, another society out of funds which an arrange-
ment with some bank is to make available. On the other
hand the society is not to be "bled " by all members forcing
their corn upon it at a time when com, say, is up, but
on the point of going down. Under such circumstances
the society might find itself exposed to loss. In Pomerania
at one time the principle adopted was to take the corn
delivered at any time, but to calculate its price, once
for all, only at the end of the year on the average of what
it had been sold for. That plan however, gave rise to
much dissatisfaction and had to be abandoned. Under
the " purchase right-out " plan the society may vary the
price paid more conveniently without giving umbrage,
though it may have to retain a small portion of the purchase
price until the end of the year, to keep itself safe.
