ANALYSIS  OF  SCHEMES  NOW  IN  FORCE.  DETAILED  27
ACCOUNT  OF  VARIOUS  SCHEMES.

without  the  consent  of  the  company  will  lose  their  right  to  share
in  profits( a );  in  some  cases( b )  it  is  expressly  provided  that  such
loss  of  right  is  only  incurred  by  employees  who  sell  shares  to
persons  outside  the  company’s  employment.  Under  scheme
No.  125  half  of  the  bonus  is  paid  in  the  form  of  bonus  certificates,
which  benefit  as  ordinary  shares,  and  are  not  transferable  in
ordinary  circumstances,  but  may  be  transferred  on  the  death  of  an
employee  to  his  representative,  or  will  be  redeemed  by  the  company. ­
  No  restriction  is  generally  placed  on  the  devolution  of
shares  on  the  death  of  the  holder,  and  in  the  case  of  many  gas
companies  special  facilities  are  offered  for  the  transfer  of  shares
to  the  holder’s  nominated  representative.
Share  in  Control  of  Business.
As  a  rule—though  there  are  some  important  exceptions,  as
noted  above—the  shares  owned  by  the  employees  give  them  the
'  ordinary  voting  powers;  and  as  time  goes  on  and  their  holdings
increase,  their  voting  strength  should  in  due  course  be  augmented.
At  present,  the  proportion  of  the  total  number  of  votes  which
belongs  to  the  employees  reaches  or  exceeds  5  per  cent,  in
only  a  few  cases(°)  and  is  in  nearly  all  cases  a  quite  insignificant
percentage.  The  employees  are  represented  on  the  Board  of
Directors  in  9  cases.( a )  There  exist,  however,  under  a  very  large
number  of  profit-sharing  schemes,( e )  joint  committees  composed  of
employers  and  employed  whose  functions,  although  of  a  consultative ­
  nature  only,  cannot  be  considered  unimportant.( f )

0.—DETAILED  ACCOUNT  OF  SCHEMES  OF  VARIOUS
TYPES.
xllthough  it  is  not  practicable  to  describe  in  detail  all  the  profitsharing
  schemes  which  have  been  adopted  in  the  United  Kingdom,
the  different  kinds  of  Profit-sharing  will  be  illustrated  by  a  short
account  of  certain  schemes  of  various  types.
Cash  Bonus.*
Taking  first  the  form  of  Profit-sharing  in  which  the  whole  of
the  bonus  is  paid  in  cash,  and  in  which,  neither  by  the  investment ­
  of  their  bonuses  nor  of  their  other  savings,  have  the  employees ­
  acquired  an  interest  in  the  capital  of  the  undertaking  by
( a )  The  principal  exceptions  are  Nos.  38  and  86,  which  make  no  provision
against  selling  Stock.
( b )  Nos.  55,  82,  83,  89,  94,  95,  96,  100,  107,  119,  121,  128.
(°)  The  principal  cases  are  No.  7,  53  per  cent,  (including  the  wives  and  children
of  employees)  ;  No.  49,  25  per  cent.  ;  No.  61,  20’6  per  cent.  ;  No.  81,  19*5  per
cent.  ;  No.  69,  12'5  per  cent.  ;  No.  77,  10'6  per  cent.  ;  No.  56,  8’5  per  cent.  ;
No.  74,  6'6  per  cent.  ;  No.  6,  6  per  cent.  ;  No.  68,  5'7  per  cent.  ;  and  No.  101,  5
per  cent.
(D  Nos.  7,  24,  38,  48,  49,  61,  72,  76.  133.
( n )  All  gas  companies  and  Nos.  5,  20,  23,  29,  39,  41,  78,  103,  106,  124.
( f )  Some  description  of  the  functions  of  a  joint  committee  will  be  found  on
pp.  59  and  60.
*  A  general  form  for  a  simple  profit-sharing  scheme  with  cash  bonus  will  be
found  in  Appendix  F.,  pp.  128-130.