also admitted their workmen to a
partnership of profits. They had for some time been much annoyed by
strikes. Their works had stood idle for about a fourth of the whole time
that had elapsed since their commencement. The system of co-operation
was adopted in 1866, at the close of a long strike. One of the
conditions of the scheme was that Fox, Head, and Co. should not be
members of any association of employers, and that the workmen should not
be members of any trades union. The original intention was to pay the
workmen a bonus according to profits. They eventually adopted the
practice of the Messrs. Briggs and Co., which was, to divide the profits
over ten per cent. into two parts: the one to belong to the capitalists
as their profit, and the other to be divided amongst all those who had
received wages or salaries during the year, in proportion to the amount
received by them. An opportunity was also afforded to the workmen of
depositing their savings with the firm; but as there was only one
instance, during three years, of a workman applying to invest his
savings, this clause was withdrawn.
In consequence of the depressed state of the iron trade, there were no
profits to be divided during the first two years. The men were, however,
paid the current rate of wages, and were saved the expenses of Union
levies.
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