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

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Title:: IV. Conversion of ordinary businesses into co-operative societies

Collection:: Economics Books

87 IV.—CONVERSION OF ORDINARY BUSINESSES INTO CO-OPERATIVE SOCIETIES. In the great majority of cases the Industrial Co-operative Societies are undertakings initiated, and from their commence ment owned and managed, mainly or entirely, hy working-men. But in a few cases undertakings originally established by employers in the ordinary way have, hy the admission of the workpeople employed to a very extensive share in the profit, capital, control, and responsibility, and by the adoption of co operative principles of organisation, been converted into Co-opera tive Societies. A short account of the three principal cases in which a change of industrial organisation of this nature has taken place will be of interest in connection with the subjects dealt with in the present Report, WM. THOMSON & SONS, LTD., HUDDERSFIELD. The earliest example is that of the business of woollen and worsted manufacturers carried on under the name of ¥m. Thomson & Sons, Limited, at Huddersfield. The owner of this concern, Mr. George Thomson, turned it in October, 1886, into a Society, which was registered under the Industrial and Provident Societies Act. The property was taken over from the firm by the new Society at a valuation of £19,713 including £10,628, value of raw materials and unfinished and finished stock, £4,226, book debts, and £4,859, value of machinery and fixtures. It was paid for partly in shares but mainly in loan stock, carrying 5 per cent, interest and repayable only if such interest should not be paid for two consecutive years. After providing for interest on loans and for depreciation (at the annual rate of 10 per cent, for fixtures and 2\ per cent, for buildings), the rules of the Society provide* that the dividend on the shares shall be limited to 5 per cent.; but if at any time the profits of the business do not allow of such dividend being paid in full, the deficit (but without interest) is a first charge on the subsequent profits. Out of the balance remaining after satisfying the claims of the shareholders the rules require that not less than 10 per cent, shall be carried to reserve, until this fund amounts to 10 per cent, of the capital. The Committee may, if they think fit, devote a portion of the profits to a fund to be called the Assurance. and Pension Fund against sickness, accident, and infirmity, in which case the following scale shall apply: — (1.) Whenever the net profits realised in any year are equal to 5 per cent, of the wages paid during that period, a sum equal to 1 per cent of such wages. * The Rules are stated in their present form. The provisions in regard to the Assurance and Pension Fund were inserted (with consequential amendments of the other provisions with respect to the division of profits) in 1892.

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