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