DETAILED ACCOUNT OF VARIOUS SCHEMES. 
65 
allotted to the employees at about three-fourths of their market 
value. Under the last of these share-purchase schemes (which 
came into operation in 1907) it is provided that “ in order to 
“ ensure that the shares shall he held hy those employed in the 
“business” the following restrictions shall he imposed as to the 
re-sale of them. 
“ (9) Shareholders leaving the Company when under 50 years of age.— 
Any Shareholder who leaves the Company from any cause whatever before 
reaching the age of 50 shall be bound to offer his (or her) Shares for re-sale 
at the price paid for them (i.e., £10 each) to some other employee of the 
Company. If any descendant of the Shareholder so leaving shall be in the 
employment of the Company the Shares may be transferred to him. If the 
Shareholder has no descendant in the employ of the Company, then he shall 
give the Directors notice of his intention to sell his Shares. ' It shall be the 
duty of the Directors to find an employee or some other person to purchase 
the Shares at £10 each. If the Directors fail to find a purchaser in one 
month from the date of such notice, then the Shareholder shall be at 
liberty to retain his Shares or to sell them in the open market at the best 
price obtainable. 
The same conditions shall apply to any Shareholder who wishes to sell 
these Shares while remaining in the Company’s employment. 
(10) Shareholders leaving the Company when over 50 years of age.— 
Shareholders who have attained the age of 50 before leaving the Company’s 
employment shall have the privilege of retaining possession of their Shares 
for life, and after their death clause 12 shall apply. 
(11) Shareholders dying before all instalments are paid.—If the pur 
chaser dies after he has paid his first instalment and before his purchase 
is completed, all further liability as to instalments on his Shares shall cease, 
and the Shares become the property of his heirs, to be dealt with in 
exactly the same way as Shares of Shareholders dying after paying all 
their instalments, and in the same manner as described in the next 
paragraph. 
(12) Shareholders dying aft'er paying all their instalments. Upon the 
Shareholder’s death, at any age, the Shares may be held by his widow if 
she so desire, during her lifetime. At her death the Shares must be 
transferred, as described in paragraph 9.” 
It is also provided that not more than five shares shall be 
allotted to any one employee on the special terms described above, 
and that in allotting such shares “ preference will he given to 
“ those who have been longest in the Company’s employ, and to 
“ any who may have bought shares at a higher price ” (than 
£10 each). 
The total number of £10 shares (fully paid) now held by 207 
of the Company’s employees is 1,219. These shares, it should be 
understood, entitle the holders to the ordinary voting rights; and 
the proportion borne by the votes of these employees to the total 
of all the votes that could be given at a general meeting is 
approximately 4‘9 per cent. 
The Company's employees are allowed to deposit their savings 
with the firm at 4 per cent, per annum (free of income tax), these 
deposits being secured by £14,500 4 per cent, first Mortgage 
Debentures of the Company, the market value of which is par. 
The present number of depositors is 1,135, and the total amount 
on deposit £13,324. 
The Provident Fund (referred to above) possessed at June 30, 
1911, a capital of £13,920, and had a membership of 608. This 
Fund is invested mainly outside the Company, but there are held 
on its account 237 £10 5 per cent. Cumulative Preference Shares 
24548 
E