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.