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:: III. Profit-sharing and co-partnership in co-operative societies

Collection:: Economics Books

52 II.—PRIVATE FIRMS AND COMPANIES. expenses and paying any subscriptions due to co-operative propa gandist associations. Any surplus profit is to be applied as follows: — “ (1.) In paying the employees of the Society a dividend upon the wages or salaries received from the Society during the year at the same rate as the dividend on wages declared by the company for the period in question. “ (2.) If any surplus still remains, in forming a Eeserve Fund, until such fund shall equal 25 per cent, of the nominal value of the society’s investments for the time being. Such fund shall be applicable by resolution of any general meeting on a recommendation of the com mittee to meet any contingency affecting the society or for any other purpose, whether within the objects of the society or not, other than the payment of interest on shares, provided that notice of every such recommendation he given to every member not less than six clear days before such meeting. “ (3.) If any surplus still remains, in paying any arrears of interest on shares which in any previous year have not received 5 per cent., the oldest of such arrears to be paid first. “ (4.) If any surplus still remains, in paying the committee for their services according to any scale from time to time approved hy the general meetings; and “ (5.) If any surplus still remains, in paying in cash a further dividend on shares for the year.” Taking together the profit-sharing bonuses distributed first by the firm of William Foster & Sons and subsequently by the Company (Foster, Sons and Company, Limited), the average ratio which the bonuses distributed in the years 1901-1911 have borne to the wages and salaries of the participants has been 2'5 per cent. Out of the total capital of the Company (4,000 shares of £1 each) 764 shares are owned hy the Employees’ Society. These shares entitle the Society to one-fourth of all the votes that can be given at a general meeting of shareholders of that Company; and out of the four directors of the Company two are employees, appointed by the Employees’ Society. In reply to the question addressed to the Company as to the results obtained by the arrangements above described, the Company states that the adoption of this system has proved “ satisfactory on the whole, though for four years, owing to low competitive prices, there has been no profit. It has improved matters in increased zeal on the part of the more intelligent men. There are also more harmonious relations [between employer and employed]. Many men, however, are too low in general intelligence to grasp the principle underlying either Profit-sharing or Co-partnership.” Investment in Shares in Names of Trustees. Another form of profit-sharing scheme is that under which the employees may acquire a share in the capital of a business by the investment in shares, to be held by trustees on behalf of the

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