46 II.—PRIVATE FIRMS AND COMPANIES. might (as will have been seen) at any time refuse to vote the bonus. Among the reasons for the workpeople’s dissatisfaction with the scheme appear to have been the facts that the initial rate of dividend reserved to the shareholders before any division of profits in favour of the employees could take place was raised by 50 per cent, when wages advanced, but no proposal appears to have been made to reduce it when a reduction in wages was proposed; that in 1873 a sum of .£30,000 was taken out of the last year’s profits and invested in a new mine, the shareholders getting new shares in respect of the purchase, but the employees losing £15,000 of bonus, which would otherwise have come to them as their share of this £30,000; and that the employees’ share in profits was further diminished, because (as it is stated) “ large sums were placed to depreciation and reserve funds, altogether out of proportion to what is usual, and the men were thereby deprived of the share which ought to have come to them as bonus. In the two years 1873-4, the reserve was increased by £26,600; and in the three years 1873-4-5 ‘ stores, repairs, renewals, and depreciations ’ were credited with £151,377.”* Limited. Partnership by Employees. Under the provisions of an Act recently passed (the Limited Partnerships Act, 1907), it is now possible for the employees of a private firm, as a body, to acquire an interest in its business, their responsibility in respect of the debts or obligations of the firm being strictly limited, and no rights of interference in the manage ment of the business being conferred upon them. The Act, which came into operation on .January 1, 1908, enables the formation of limited partnerships, by virtue of lyhich one or more individuals can, as limited partners,” enter into partnership with other persons who are called “ general partners.” A body corporate may become a limited partner. The limited partners contribute to the partnership capital in cash or in other property valued at a stated amount, but are not liable for the debts or obligations of the firm beyond the amount so contributed. The Act further provides that “ a limited partner shall not take part in the management of the partnership business, and shall not have power to bind the firm,” but he “ may by himself or his agent at any time inspect the books of the firm and examine into the state and prospects of the partnership business, and may advise with the partners thereon.” The first firm, it is believed, to avail themselves of the oppor tunity of making arrangements with their employees under this Act was Messrs. Gilbert Brothers, boot manufacturers, of Nantwich, a firm employing 92 workpeople. This firm began by introducing in 1907 a scheme of Profit-sharing, under which a fixed proportion of their profits was allotted to the pay ment of bonus to their employees; and in December, 1907, 108 of their employees received a bonus in respect of the 12 months ending June, 1907, under this scheme. In 1908, however, this * Co-operative Production, by Benjamin Jones, pp. 497, 498.