ACash trading only (no credit)
BTrading on credit only (no cash)
CTrading with a mix of cash and credit, with credit prioritized
DTrading exclusively through bartering and exchange
Answer:
A. Cash trading only (no credit)
Read Explanation:
Rochdale Equitable Pioneers' Co-operative Society (REPS)
Founded: 15 August 1844
Started Business: 21 December 1844
Place: Toad Lane, Rochdale, near Manchester, England
Registered under: Friendly Societies Act, 1793
Later gives legal recognition by: Industrial and Provident Societies Act, 1852
Type: First successful consumer co-operative in the world
Rochdale Pioneers principles becomes the basis for ICA principles in the year 1937.
Founders:
Formed by 28 flannel weavers, including one woman (Antutale)
Each contributed £1
Met in 1843 in a chapel hall to plan the society
Key Leaders:
President: Charles Howarth (also known as the Constitution Maker)
Secretary: James Daly
Trade Union Leader: Charles Howarth (organized the Rochdale Weavers’ Union)
Books about Rochdale
"History of Rochdale Pioneers" – George Jacob Holyoake
"Weavers of Dreams" – David J. Thomson
"A Century of Co-operation in Rochdale" – Henry Brown
Also Known As:
Toad Lane Store-Because situated in No:2 Toadlane, Manchestor North Western part of England
REPS (short for Rochdale Equitable Pioneers' Society).
Members of Roachdale Pioneers worked as salesman.
Rochdale Principles (1860)
These became the foundation of the modern cooperative movement and later inspired ICA principles (1937)
Open membership
Democratic control (one member, one vote)
Limited interest on capital
Patronage dividend (profits shared based on purchases)
Cash trading only (no credit)
Political and religious neutrality
Promotion of education
Pure and unadulterated goods