﻿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

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