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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Document type:: Monograph

Structure type:: Chapter

Title:: IV. Conversion of ordinary businesses into co-operative societies

Collection:: Economics Books

88 IV.—CONVERSION OF ORDINARY BUSINESSES INTO CO-OPERATIVE SOCIETIES. (2.) For every sum by which such profits are 2\ per cent, more than such 5 per cent., an additional sum equal to 1 per cent, of such wages; but so that the total amount thus applied shall not exceed 5 per cent, of the wages paid during such period. The remaining net profits are to be divided into two equal parts, one half to go to the employees of the Society as a bonus on wages and the other half to the customers of the Society as dividend on purchases.* The share thus allotted to the employees is to be paid, not in cash, but in shares or payments on account of shares in the Society. By the rules Mr. Thomson was appointed to be general manager of the Society during his life, but subject to removal by the vote of five-sixths of all the members of the association and five-sixths of all the votes capable of being given at a special general meeting; and it is declared that he shall, as manager, “ control all business carried on by the Society, and engage, remove, or discharge all assistant managers, salesmen, or employees of every description required to conduct such business, and fix their duties, salaries, or other remuneration at such rates, and require them to give security in any form approved by the Committee, as he may determine, subject to the duty of regularly reporting all such acts to the Committee.” It is also provided that Mr. Thomson, in the event of his death while he continues manager, or his resignation, may, by his will, or any instrument under his hand, appoint such person as he may select to succeed him as general manager, subject to confirmation by a special general meeting. The Committee of the Society, whose functions, under the circumstances, are mainly consultative, consists at present of Mr. Thomson (ex-officio president), two employees of the Society (a designer and a weaver), three representatives of Co-operative Societies which hold shares in William Thomson & Sons, Limited, one representative of the Huddersfield Trade Council, and the secretary of the Weavers’ Association. This Committee meets monthly; but those of its members who are employed in the mills act as a sub-committee, meeting as required, and dealing with questions of an urgent nature, such as a breakdown of machinery. The share capital of the Society at the end of 1911 amounted to £12,309, the loan capital to £11,931, the reserve fund to £2,402, and the Assurance and Pension Fund to £582. ThG number of employees was 121. Out of the total (£12,309) of share capital, £3,950 belonged to other Societies, viz. £3,850 to 44 working-class Co-operative Societies, mainly retail distributive (Store) Societies, and £100 to Trade Union organisations and Friendly Societies; while employees of the Society held £2,600: all but one of the 121 employees held shares, Mr. Thomson himself, as manager, * Tbis dividend on purchases is paid only to the two Co-operative Wholesale Societies, not to general traders, who prefer the usual terms of credit, &c. On account of the arrangements which have been made as to co-operative purchases, the exact equality between the share of the employees in the “ remaining net profits ” prescribed by the rules is subject to certain variations.

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