ANALYSIS  OP  SCHEMES  NOW  IN  FORCE.

21

of  their  employers  in  the  first  place  a  fixed  rate  of  interest,
generally  varying  between  3  and  5  per  cent.,( a )  and  then  a  further
return  on  these  deposits  varying  with  the  rate  of  profits  of  the
business.  The  rate  of  this  extra  return  is  in  a  few  cases( b )
to  be  such  as,  together  with  the  fixed  interest,  will  bring  the
total  rate  of  return  up  to  the  rate  of  dividend  paid  by  the
company,  with  a  maximum  limit  of  10  per  cent,  in  one  case
(No.  22);  in  two  cases  (Nos.  8  and  51)  the  rate  of  the  extra  return
is  to  be  one-half  of  the  difference  between  the  fixed  minimum
rate  of  interest  and  the  rate  of  dividend  paid  by  the  company, ­
  with  a  maximum  limit  of  7  per  cent,  for  No.  51  and  of
10  per  cent  for  No.  8;  in  another  case  (No.  102)  it  is  to  be  half
the  rate  of  profits  in  excess  of  8  per  cent.,  the  interest  in  this
case  being  paid  half-yearly.  Under  scheme  No.  79  deposits  are
received  by  a  private  employer  who,  in  addition  to  a  fixed  minimum ­
  rate  of  interest,  gives  “  a  bonus  which  is  fixed  by  the
Auditor  in  proportion  to  the  profits.”  Where  a  limit  is  fixed
to  the  amount  of  money  which  may  be  invested,  this  varies  from
.£15  to  £400.(°)  Notice  is  generally  required  before  any  sums
may  be  withdrawn  by  investors,  varying  from  two  days  to  two
months.( d )  In  addition  to  the  foregoing  instances,  there  should
be  mentioned  under  this  heading  the  special  cases  of  two  gas
companies  (Nos.  84  and  109)  who  receive  fixed  weekly  contributions ­
  from  employees  and  who,  in  addition  to  a  fixed  rate  of
interest  (4  and  5  per  cent,  respectively),  give  a  bonus  on  the
contributions.  varying  with  the  price  of  gas,  the  whole  of  the
amount  credited  to  employees  being  invested  in  shares  in  the
undertaking.
Proportion  op  Bonus  reserved  as  Provident  Fund.
In  three  cases( e )  the  whole  of  the  bonus  due  to  the  employees  is
credited  to  a  provident  fund.  Where  such  a  fund  exists  it  is
more  usual,  however,  for  only  part  of  the  bonus  to  be  devoted
to  this  purpose,  the  other  part  being  either  paid  to  employees
m  cash  or  credited  to  their  account  for  the  purchase  of  shares  in
the  undertaking  by  which  they  are  employed.  The  proportion
(“)  The  rate  is  3  per  cent,  for  No.  22,  4  per  cent,  for  Nos.  8,  51,  85,  102,
U  P er  cent,  for  No.  2  and  5  per  cent,  for  No.  97  ;  in  the  case  of  No.  10  there
is  no  guaranteed  minimum  rate  of  interest.
C)  to  (no  fixed  interest,  return  on  investments  being  the  same  as  rate  of
dividend,  if  any,  upon  capital),  22,  85,  97.  In  the  case  of  No.  2  the
return  varies  with  the  profits  between  certain  limits  according  to  a  fixed  scale
(see  pp.  39  and  40).
0)  The  limit  is  £15  for  No.  10,  £50  (£100  for  bailiff)  for  No.  97,  £100  for
No.  51,  £400  for  employees  paid  quarterly  and  £200  for  other  employees  in  the
case  of  No.  8.  No  limit  is  fixed  by  Nos.  2,  22,  85.
(’()  In  the  case  of  No.  51  any  sum  up  to  £2  may  be  withdrawn  in  one  week  on
notice  of  two  days  being  given  ;  otherwise  one  month’s  notice  is  required.
With  No.  102  amounts  up  to  £1  may  be  withdrawn  on  seven  days’  notice
fourteen  days’  notice  being  required  for  higher  amounts.  Seven  to  fourteen
days’  notice  is  required  by  No.  8  (see  pp.  41  and  42),  and  seven  days  to  two
months  by  No.  2  (see  pp.  39  and  40).  One  week’s  notice  is  required  by  Nos
85,  97  and  one  month’s  notice  by  No.  22.  In  the  case  of  No.  10  no  notice  is
required  for  the  withdrawal  of  small  sums,  while  otherwise  a  week’s  notice  is
required.
(')  Nos.  9,  27,  37.