64 
II.—PRIVATE FIRMS AND COMPANIES. 
time has not elapsed to enable them to acquire enough stock 
or shares to entitle them to more than a quite insignificant 
voting strength. The proportion of the total number of possible 
votes at a general meeting of the Company which could be given 
by its workpeople is estimated at more than 1 per cent, in six 
cases only (Leamington Priors Gas Company, 1'7 per cent; South 
Metropolitan Gas Company and Cardiff Gas Light and Coke Com 
pany, 2 per cent.; Chester United Gas Company, 2 8 per cent.; 
South Suburban Gas Company, 2'9 per cent.; Grantham Gas 
Company, 5 per cent.). 
In two cases only are the employees of these Companies repre 
sented on the Board of Directors, the South Metropolitan Gas 
Company (as mentioned above) having three employee-directors 
and the South Suburban Gas Company two. But in every case 
there exists in connection with the profit-sharing scheme a Joint 
Committee of employers and employed, with functions generally 
similar to those of the Co-partnership Committee of the South 
Metropolitan Gas Company described on p. 59. 
Shares issued to Employees below Market Value. 
In May, 1886, Messrs. Hazell, Watson & Viney, Limited, printers 
and bookbinders, of London and Aylesbury, a firm now employing 
about 1,400 persons, brought forward a scheme of Profit-sharing 
under which they proposed to allot by way of bonus to all persons 
who had been employed by them for more than three years one- 
half of any profits that might be made over 10 per cent. 
One-half of the bonus was to be paid in cash in pro 
portion to wages earned, the other half being added to 
a Provident Fund to which the employees pay weekly contribu 
tions, which have been supplemented by large donations from the 
Company. This Fund provides sums payable at death, and grants 
during exceptional illness or calamity, and a limited number (at 
present 20) of pensions of 10s. a week to members over 60 years 
of age. The interest of an employee in the Provident Fund 
cannot be assigned or taken by creditors. Provision is made for 
enabling an employee who leaves the firm to receive two-thirds of 
his subscriptions to this Fund without interest. The amounts 
which accrued to the employees under this profit-sharing scheme, 
taking the bonus paid in the years 1887-93 inclusive, were equiva 
lent to an average addition to the wages of participants of 0'8 per 
cent. In 1890 the firm made an arrangement by which employees 
were allowed to buy £10 shares in the Company at about three- 
quarters of their market value by weekly instalments of Is. each. 
The employee at once received the full dividend, and if he died 
before all the instalments were paid, his representatives took the 
share without further charge as fully paid-up. 
The profit-sharing scheme (apart from the arrangements for the 
purchase of shares by employees) was discontinued in 1895, on 
the ground, as stated by the Company, that the profits had not 
for some time allowed the payment of bonus. But the share- 
purchase arrangements have been continued, under terms varying 
from time to time but speaking generally of a similar character 
to those above described; and in all cases the shares have been