DETAILED ACCOUNT OF VARIOUS SCHEMES. 
41 
account of the large number of the employees concerned, is that in 
force with Sir W. G. Armstrong, Whitworth & Co., Ltd., 
ordnance manufacturers and iron and steel shipbuilders, of New- 
castle-on-Tyne and Openshaw, Manchester. 
In the address which Dr. John Watts made to the Co-operative 
Congress of 1878, it was stated that Sir Joseph Whitworth, the 
distinguished manufacturing engineer, of Manchester, “ told his 
own workmen that if they liked to invest part of their wages in 
the firm he would be their saving's bank, and would give them the 
same dividend that he got himself on his own capital.”* The 
business of Sir J. Whitworth was, in 1888, turned into a limited 
company, which continued the system just described. The rules 
of the company provided that “ deposits of not less than Is. and 
not more than £1 of the depositor’s weekly wages will be received 
from persons in the employ of the company each week,” and that 
“ on each declaration of the annual dividend by the company, 
interest will be allowed on the amount standing to the credit of 
the depositor equal to the rate per cent, of dividend declared on 
the shares of the company. Such interest will be credited to each 
depositor, and added to the principal due to him as on and from 
the 3.1st of March next preceding the declaration of the annual 
dividend.” Deposits might be withdrawn, with interest at 4 per 
cent, from the last 31st of March, at from three to fourteen days’ 
notice; but this notice mig-ht be dispensed with under special 
circumstances. “ Persons leaving the employ of the company 
will be repaid their deposits, with interest, at the expiration of 
fourteen days.” 
In 1896 the business of Sir Joseph Whitworth & Co., Limited, 
was amalgamated with that of Sir W. G. Armstrong, Mitchell 
& Co., Limited, and the combined undertaking was registered 
under its present title of Sir W. G. Armstrong, Whitworth 
& Co., Limited. The scheme of profit-sharing deposits above 
referred to was extended by its application, in a form slightly 
modified, to the whole of the employees of the amalgamated 
company. 
Under this scheme deposits of not less than Is. and not more 
than ,£1 of the depositor’s weekly wages are received from persons 
in the employ of the company each week, the maximum amount 
which may be deposited being £200; in the case of officials paid 
quarterly these limits are raised to £2 a week, and £400, respec 
tively. The directors, however, reserve the right of fixing 
a limit to the total amount which will be received. The deposits 
carry a fixed interest of 4 per cent., and, in addition, a bonus is 
declared each year equal to half the difference between this fixed 
rate and the dividend payable on the shares of the company, but 
so that interest and bonus together shall not in any case exceed 
10 per cent. Interest and bonus are added to depositors’ 
accounts unless they give notice to withdraw in cash. Deposits 
can be withdrawn up to one-half on seven days’ notice, or the 
whole on fourteen days’ notice: under special circumstances no 
® Report of the Co-operative Congress of 1878, p. 37