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 OP VARIOUS SCHEMES. 57 name of which was in September, 1903, changed to “ Co-partner ship Committee ”) and for the election of auditors to supervise the accounts, the terms of these provisions being as follows: — “ 11. A committee of management shall be elected, to consist of the chairman of the board of directors, and 17 members elected by the board, and 18 members elected by the profit-sharers in proportion to the numbers at each station, who shall be elected by ballot; one-third of the members of the committee to retire by rotation every year, but to be eligible for re- election. Seventeen members shall constitute a quorum, of which not less than eight shall be workmen, and every resolution to be binding at such meeting shall have for its support a majority of the members of the com mittee present at, and voting upon, the resolution. “12. The committee shall appoint a secretary, who shall have no power of voting. “ 13. In the event of any difference arising as to the construction of these rules, it shall be referred to the committee, whose decision shall be final and conclusive. “ 14. There shall be two auditors, one to be elected by the workmen, the other to be appointed by the company, whose duty will be to compare and initial the workman’s pass-book with the general account . . . “ 15. The committee shall meet for the transaction of business when summoned by the secretary, but not less than twice in each year; and on a requisition of 20 employees or three of their own number at any time. “16. The secretary shall receive all notices, summon all meetings of the committee, and obey the orders of committee in all other matters and things whatsoever.” Other alterations have been made in the scheme since 1894. As from January 1, 1898, the interest allowed on the employees’ deposits w T ith the company was reduced, the reason for this alteration being thus explained in the company’s half- yearly Report:—‘‘When the Scheme was started, the rate “ of interest paid by the company on new issues of Ordinary “ and Debenture Stock averaged nearly 5 per cent., and that being so the Directors felt justified in offering 4 per “cent, to the employees on their deposits; but now the average ‘ rate paid by the company on new issues is rather under 3| per “ cent. Under these circumstances the Directors felt that it was ‘ not in accordance with sound business to pay more on the “deposits. The question was explained to the workmen’s repre- “ sentatives, who unanimously agreed that it would be right to “ reduce the rate of interest. To encourage thrift the Directors ’ proposed that 4 per cent, should be continued on small deposits “ (£20 was the limit adopted); and on all amounts over that limit “the rate of interest was reduced to 3 per cent, from January “ 1st last. This was readily accepted by the workmen, and “excepting a few hundred pounds withdrawn for investment in “ the company’s stock, the deposits remain as before the reduction ‘ of interest.” It was at first found that a considerable proportion of the employees failed to avail themselves of the opportunity afforded them of leaving the withdrawable part- of their bonus on deposit with the company. The company accordingly gave notice in August, 1899, that those participants in the bonus who, during the past five years, had regularly withdrawn all their withdrawable

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