66 
II.—PRIVATE FIRMS AND COMPANIES. 
of the Company, 14 of the Company’s 4 per cent. Mortgage Deben 
tures, and 30 of its ordinary shares, besides £149 on deposit with 
the Company. Any member of the Provident Fund who is 
mating an effort to save, and who sees that a loan of a moderate 
amount will help him in this direction, is eligible for a loan from 
the Company, to be repaid by instalments spread over several 
years, with interest at £4 per cent, per annum. Loans are 
granted upon condition that they are used for some purpose of 
thrift, such as buying a house, buying shares in the Company, or 
in some way increasing the applicant’s capital. To qualify for 
a loan, borrowers must be able to produce evidence of having 
already made some savings, and they must be able to give reason 
able security, which, however, involves the borrower in no legal 
costs. By adding to the loan a sum equal to the insurance risk 
the borrower is able to secure that in the event of his death while 
the loan is running his representatives have nothing to pay, and 
the house, or whatever property the loan has purchased, becomes 
theirs free of further charge. Sixty-four loans have been made, 
amounting to £13,472, of which £9,327 has been repaid. The 
borrower can repay at any time, but the Company cannot call in 
the loan before the termination of the agreed period, even if the 
borrower leaves the Company’s service. 
In addition to the Provident Fund there is also a Pension 
Fund, which was established in 1910 with the view of enabling 
members of the office and administrative staff with earnings of at 
least 40s. a week (25s. in the case of women) to make substantial 
savings on their own account. The money paid in by the 
members, who were 43 in number at December 31, 1911, accumu 
lates at 4 per cent, compound interest; and each year the Com 
pany pays into the Fund a sum sufficient to provide a 50 per cent, 
bonus on the members’ savings. Of the £1,604 to the credit of 
this Fund on December 31, 1911, the greater part was invested 
outside the firm’s business. The Company has for the first seven 
years of the Fund’s existence guaranteed that the capital will earn 
4 per cent, compound interest. 
Although Profit-sharing in the form of the appropriation for 
the purpose of paying a bonus to the employees of a fixed pro 
portion of the profits of the business has not been in operation 
since 1895, the Company states that, “ there are about 350 of our 
“ employees who receive bonuses by way of additions to their 
“ salaries or wages, either weekly, yearly or at other intervals. 
“ Further, the Company contribute a large sum annually in various 
“ ways for the advantage of the whole staff. These bonuses and 
“ contributions amount to about £7,000 annually, being approxi- 
“ mately 6| per cent, on the total of the salaries and wages paid.” 
With respect to the results obtained by the arrangements 
above described, the Company state:—“ Our experience is that 
“ the various efforts we have made for the betterment of our staff 
‘‘ t are thoroughly appreciated by them. These efforts have 
apparently increased the previous good feeling between our- 
“ selves and our employees, and they have tended to greater 
(c e ®°l e ^ lc 3 r on the part of the employees. The capital owned by 
“ them in connection with these schemes is about £55,000; their 
private savings outside the Company are of course unknown.”