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.”