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. 61 of the Company and the having held for not less than 12 months prior to the date of election, and the continuing to hold, not less than £120 stock of the Company, accumulated under the Co-partnership Scheme. As the aggregate holding of stock increases, so shall the qualification . of employee-directors increase in the following proportion : “ Aggregate holding £200,000, qualification £120 „ „ £300,000, £140 „ „ £400,000, „ £160 „ „ £500,000, „ £180 One-tenth of capital or more, ,, £200.” Taking the whole period during which the profit-sharing scheme has been in force, the bonuses paid under the scheme have made an addition to the wages and salaries of the participants at the average rate of 6'9 per cent. The number of persons employed by the company in 1911 varied between 5,534 and 6,704, of whom, at the end of 1911, 5,800 were entitled to share in profits. In all, 5,656 of the company’s employees hold between them ordinary stock of the company to the (nominal) amount of £301,490 (of whom 4,767 hold in their own names £290,700, the trustees holding £10,790 on behalf of 889 employees).* In addition, the company holds on behalf of 5,534 of its employees deposits (accumulated bonus and other savings) to the total amount of £54,260. With regard to the share in the control of the affairs of the company possessed by its employees, it is estimated that out of the total number of votes which could be given at a general meeting of the shareholders the proportion representing the voting strength of the employee-shareholders is about 2 per cent.; while of the ten directors of the company three (one official and two workmen) are representatives elected by its employees. In reply to the questions addressed to it by the Department as to the results of the system above described" (asking whether the system had proved satisfactory, whether it had called forth extra zeal, and whether it had tended to promote harmonious relations between employers and employed and avoidance of strikes and disputes) the company states “ To all the above questions—Yes.” Other Gas Companies. The example set by the South Metropolitan Gas Company in 1889 was followed in 1894 by the Crystal Palace District Gas Company (known since 1904 as the South Suburban Gas Com pany), which adopted a system generally similar to that of the pioneer Company. Seven years later, in 1901, a similar scheme was introduced by the Chester United Gas Company and the Commercial Gas Company. Until the year 1908 these four Gas Companies were the only ones that had profit-sharing arrange ments in force; but in 1908 12 such companies, in 1909 nine (including the Gas Light and Coke Company of London, employ ing 10,000 to 11,500 persons), in 1910 two, and in 1911 three Gas Companies adopted profit-sharing schemes; and up to the end of * It should be understood that some of the 4,767 employees holding stock in their own names also have fractions of £10 held for them by the trustees.

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