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