Report on profit-sharing and labour co-partnership in the United Kingdom

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Monograph

Identifikator:: 1016336950

URN:: urn:nbn:de:zbw-retromon-27123

Document type:: Monograph

Title:: Report on profit-sharing and labour co-partnership in the United Kingdom

Place of publication:: London

Publisher:: His Majesty's Stationery Office

Year of publication:: 1912

Scope:: 1 Online-Ressource (160 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: II. Profit sharing and co-partnership in private firms and companies

Collection:: Economics Books

24 II.—PRIVATE FIRMS AND COMPANIES. are the beneficiaries entitled to vote at a general meeting of shareholders. Further examples of (1) are provided hy Nos. 56, 69, 72, 77, and 133, in all of which cases Ordinary Shares or shares benefiting as Ordinary Shares have been allotted to employees gratis-, the employees of firm No. 69 were also allowed to pur chase a certain number of shares on specially favourable terms. Shares below market value are issued by No. .15 (see pp. 64-66), the employees being allowed to purchase them by instalments. Easy terms for the purchase of shares are also offered by Nos. 7, 57, 74,( a ) and 114.( b ) With regard to the scheme of No. 7, more than half the total shares of the company are held hy employees or their wives and children. The shares are not transferable but may be bequeathed by the holder to his wife or children or to a fellow- dredgerman, or, in case of an employee dying intestate, may be claimed by his son, if a dredgerman; otherwise they revert at death to the Company, who will pay the market value of the shares to the employee’s legal representative. In the case of No. 57 half of the dividend paid upon shares is to be devoted to paying up shares not fully paid up, and “as regards any unpaid capital, interest at the rate of 5 per cent, per annum shall be charged . from the date as at which the shares rank for dividend until paid.” The shares, both under this scheme and under that of No. 114, carry no votes. No shares acquired under schemes Nos. 57, 74, and 114 may he transferred without the consent of the companies concerned, who reserve to themselves the right to find a purchaser at the price paid by the employee; while special pro vision is made in all three cases hy which shares shall be at the unreserved disposal of the company, on payment of the price at which they were purchased, in the event of the death of a partici pating employee. Conditions attached to Profit-sharing. In some cases(°) all the employees without distinction are allowed to share in the bonus fund; but in many instances par ticipation is confined to persons who possess certain qualifications, the most usual of which is a certain length of service with the firm, varying from three months up to fifteen years, the most frequent period named being one year.( d ) In a few cases( e ) persons below a certain age are excluded. In other cases( f ) par ticipation in profits is confined to employees selected by the (") Ordinary £1 Shares issued, to be paid up by instalments of not less than Id. per week, 4 per cent, interest being charged on unpaid capital. ( b ) Cumulative Preference Shares issued, to be paid up by instalments, entitling holders to extra dividends when Reserve Fund exceeds certain limits. C) Nos. 1, 5, 9, 17, 19, 34, 45, 46, 48, 58, 67, 68, 70, 72, 76, 78, 87, 112, 126. ( (1 ) Cases of 3 months are Nos. 102,120 ; 6 months, Nos. 11, 20, 26, 27, 28, 32, 41, 66, 73 ; 9 months, No. 12 ; 1 year, Nos. 21, 23, 25, 36, 39, 42 (half-benefit for 6 months’ service), 43, 62, 75, 88, 92, 106, 113, 115, 117, 125, 130 ; 18 months, Nos. 14, 30 ; 2 years, Nos. 16, 31 ; 3 years, Nos. 29, 122 ; 5 years, Nos. 51, 103, 124, 131 ; 7 years, Nos. 3, 37 ; and 15 years, No. 69. ( e ) The minimum age-limit is 21 years for Nos. 14 and 82 ; 16 years for No. 10, and 25 years for No. 103. In the case of No. 78 the bonus accruing to persons under 16 is subject to special treatment (see pp. 46—49). ( f ) Nos. 13, 40, 44, 52, 56, 57, 61, 65, 104, 133.

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