﻿DETAILED ACCOUNT OF VARIOUS SCHEMES.

47

system of Profit-sharing was further developed by taking advantage
of the new Limited Partnerships Act. The employees of the firm
formed a Society, which, in June, 1908, was registered under
the Industrial and Provident Societies Act, 1893, under the
name of “ Gilbert Brothers’ Employees, Limited.”* By the
Special Buies of this Society its objects are declared to be “ to
carry on the industries, businesses and trades of manufacturers
of and dealers in boots, shoes, and every kind of footwear, both
wholesale and retail, and whether alone or in limited partnership
with any other Society, company, firm, or person.” The llules
further provide that “ the following may be admitted members;
(a) employees of Gilbert Brothers, Wholesale Shoe Manufacturers,
Jiantwich, who have been employed for at least six months; (b)
the managing partners for the time being of that business;

(c) other persons approved by such managing partners and elected
by the Committee of the Society. This Committee, which is
elected from those who have been members of the Society for at
least two years and have at least £10 paid-up in the shares of the
Society, possesses the ordinary powers and duties of a Committee
of Management, but does not possess certain special powers and
duties, which are assigned to a separate Committee termed “ the
Finance Committee.” This Finance Committee consists of not
less than four and not more than five members, and its powers and
duties are thus defined : —

“ (1.) It may at all reasonable times inspect the books of
any partnership in which the Society is a limited
partner and examine into the state and prospects of
the partnership business, and may advise with the
general partners thereon and (in so far as the same
is permitted by the Limited Partnerships Act, 1907),
may meet and confer with the general partners when-
ever occasion requires upon all differences and ques-
tions concerning the capital of the partnership and the
managers’ salaries.

c' (2.) It shall inform the employees of any such partnership,
by notice in writing to each employee, or at a general
meeting of the Society, how much (hereinafter called
Part A) of the profit-sharing fund as defined in any
agreement for sharing profits between such partner-
ship and its employees, is paid as bonus or dividend on
the wages or salary of those employees taken col-
lectively who, at the date to which the accounts of the
partnership were made up, were members of the Society
or under the age of 16 years, and how much (here-
inafter called Part B) is paid as bonus or dividend
upon the wages or salaries of the other employees
collectively.

“ (3) It shall further privately inform the accountant of the
Society how much of Part A is declared in respect

* The Special Rules of this Association are printed in Appendix J
PP- 135-138.