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II.—PRIVATE FIRMS AND COMPANIES.

ratio for 1866-67 as 12 per cent, in tlie case of shareholding and
8 per cent, in the case of non-shareholding’ employees; while it
would seem that the bonus divisible for 1871-72 was at the rates
of 9 and 6 per cent, for shareholders and non-shareholders respec-
tively. As regards the numbers participating, it is stated that the
number of employees participating in the year ending June 30,
1873, was 1,937, and the number participating in 1874 was 2,218.*

It is stated that in 1868 the number of persons employed in these
collieries was 989 adults and 214 boys, and that in the early part
of 1869, out of 989 adult workmen, 144 held between them 178
shares, equal at par value to £1,780. From the first adoption of
the profit-sharing scheme there had been a committee of the
workmen, called together from time to time to give advice in
respect to improving the processes of coal mining; and, as
the accounts were verified each year by a professional accountant
chosen by the shareholders, the employees had always a full
knowledge of the affairs of the business, though at first
no direct control. In 1869, however, one of the workmen
shareholders, elected by his fellows, was given a seat as one
of the board of five directors. It will be seen that the arrange-
ments made to carry out the method of industrial partnership
were in many respects singularly complete; and their effect upon
the conduct of the workmen was for some time considered to be
very satisfactory. A spirit of harmony between employer and
employed was developed, such small disputes as arose being
amicably settled without loss of time; the coal was got in a more
careful manner; there was a considerable saving in timber used
for props, &c. The men showed a willingness to work extra hours
when this was asked of them in the interests of the business, and
generally were readier to obey orders than before the introduction
of Profit-sharing. The circumstances which led to the abandon-
ment of the method of Profit-sharing were briefly as follows: —
Messrs. Briggs had hoped that Profit-sharing would be accepted
by their workmen as a substitute for Trade Union organi-
sation, they, on their part, abstaining from joining any com-
bination of employers for the regulation of wages. “ Until the
summer of 1868, the workmen seemed to enter into these views;
but at that time a growing desire to join the Union began to
manifest itself, on tbe ground that, as the company agreed to
pay the average weekly wages of the district as well as a share
in the profits, and as the Union tended to raise those wages, it was
to the interest of the workmen to aid in that endeavour. ”t In
1872, after the directors had fixed upon August 19 for the
annual meeting of the shareholders, they received a notice stating
that a great meeting and demonstration of the Miners’ Union was
to take place on that day, and requesting that work at the pits
should be stopped in order to enable the men to attend. There-
upon the managing director, Mr. Archibald Briggs, issued notices
to the effect that those who stayed away from work on August 19

* Profit-sharing, by Sedley Taylor, p. 147.

f Memorandum by Messrs. Briggs in Sedley Taylor’s Profit-sharing,
pp. 122,123.