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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Chapter

Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

bETAILED ACCOUNT OF VARIOUS SCHEMES. 53 workpeople, of a stated proportion of the bonuses payable under the scheme. As an instance may be mentioned the scheme of John Knight, Limited, of Silvertown, London, E., a firm of soap and oil manufacturers, employing in 1911 from 581 to 659 persons. A scheme of simple Profit-sharing, with bonus paid in cash (though the recipients were allowed to leave all or any part on deposit at interest with the company), was introduced in June, 1904, by Messrs. John Knight & Sons, Limited, the prede cessors of the present company. The basis of the division of profits was that, after 6 per cent, was earned on the Company’s capital, each employee should receive one week’s wages for each additional 1 per cent, earned. At the end of 1906 this Company was voluntarily wound-up, and its business transferred to a new Company under the title of “ John Knight, Limited,” the previous arrangements as to Profit-sharing with employees remaining in force unchanged. Early in 1909, however, certain alterations were made in this scheme, providing for the payment of half a week’s wages for each half per cent, paid on capital over 5 per cent.; it was also provided that two-thirds only of the bonus should be paid in cash, while the remaining one-third should be invested in the names of Trustees, on behalf of the employees, in ordinary shares of the Company. The average ratio which the share in profits taken by the em ployees of this Company has borne to their wages or salaries in the form of bonuses distributed (whether in cash or shares) has been 5'8 per cent, in the years 1905-1911. That the share which the employees have already acquired in the capital of the Company is not inconsiderable, will be seen from the figures which follow. The total capital of the Company at present issued consists of £435,000, in 350,000 ordinary and 70,000 deferred shares of £1 each, fully paid, and 30,000 ordinary shares of £1 each on which 10s. has been paid. Of the ordinary (fully paid-up) shares a total amount of £2,967 is owned by 48 of the Company’s employees, while £424 of deferred shares are held by 31 others. These holdings are independent of those under the profit-sharing scheme, under which the Trustees hold, on behalf of 518 of the Company’s employees, a total of £2,275 in ordinary (fully paid-up) shares. Of the ordinary shares (10s. paid) 154 shares are owned by. 5 employees. The proportion of the total votes that might be given at a general meeting of shareholders of the Company by its employees, directly or indirectly through the Trustees, is stated to be a little over Ij per cent.; managing directors and other superior officials are not counted as employees, for the purposes of this calculation. In addition one of the employees has a seat on the Board of the Company, which consists of sis directors in all. The results of the adoption of the arrangements above explained are thus described by the company : — “ Our impression was, until the labour troubles in the summer of 1911, that the Profit-sharing and Co-partnership was decidedly satisfactory, but we were greatly disappointed when our employees left their work for three weeks at that

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