Report on profit-sharing and labour co-partnership in the United Kingdom

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Monograph

Identifikator:: 1016336950

URN:: urn:nbn:de:zbw-retromon-27123

Document type:: Monograph

Title:: Report on profit-sharing and labour co-partnership in the United Kingdom

Place of publication:: London

Publisher:: His Majesty's Stationery Office

Year of publication:: 1912

Scope:: 1 Online-Ressource (160 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: II. Profit sharing and co-partnership in private firms and companies

Collection:: Economics Books

DETAILED ACCOUNT OF VARIOUS SCHEMES. 41 account of the large number of the employees concerned, is that in force with Sir W. G. Armstrong, Whitworth & Co., Ltd., ordnance manufacturers and iron and steel shipbuilders, of New- castle-on-Tyne and Openshaw, Manchester. In the address which Dr. John Watts made to the Co-operative Congress of 1878, it was stated that Sir Joseph Whitworth, the distinguished manufacturing engineer, of Manchester, “ told his own workmen that if they liked to invest part of their wages in the firm he would be their saving's bank, and would give them the same dividend that he got himself on his own capital.”* The business of Sir J. Whitworth was, in 1888, turned into a limited company, which continued the system just described. The rules of the company provided that “ deposits of not less than Is. and not more than £1 of the depositor’s weekly wages will be received from persons in the employ of the company each week,” and that “ on each declaration of the annual dividend by the company, interest will be allowed on the amount standing to the credit of the depositor equal to the rate per cent, of dividend declared on the shares of the company. Such interest will be credited to each depositor, and added to the principal due to him as on and from the 3.1st of March next preceding the declaration of the annual dividend.” Deposits might be withdrawn, with interest at 4 per cent, from the last 31st of March, at from three to fourteen days’ notice; but this notice mig-ht be dispensed with under special circumstances. “ Persons leaving the employ of the company will be repaid their deposits, with interest, at the expiration of fourteen days.” In 1896 the business of Sir Joseph Whitworth & Co., Limited, was amalgamated with that of Sir W. G. Armstrong, Mitchell & Co., Limited, and the combined undertaking was registered under its present title of Sir W. G. Armstrong, Whitworth & Co., Limited. The scheme of profit-sharing deposits above referred to was extended by its application, in a form slightly modified, to the whole of the employees of the amalgamated company. Under this scheme deposits of not less than Is. and not more than ,£1 of the depositor’s weekly wages are received from persons in the employ of the company each week, the maximum amount which may be deposited being £200; in the case of officials paid quarterly these limits are raised to £2 a week, and £400, respec tively. The directors, however, reserve the right of fixing a limit to the total amount which will be received. The deposits carry a fixed interest of 4 per cent., and, in addition, a bonus is declared each year equal to half the difference between this fixed rate and the dividend payable on the shares of the company, but so that interest and bonus together shall not in any case exceed 10 per cent. Interest and bonus are added to depositors’ accounts unless they give notice to withdraw in cash. Deposits can be withdrawn up to one-half on seven days’ notice, or the whole on fourteen days’ notice: under special circumstances no ® Report of the Co-operative Congress of 1878, p. 37

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