The co-operative store, which had been founded by the workmen,
was in a very prosperous condition. In the third year of the
co-operative scheme, a bonus of two and a half per cent, was divided
between the employers and the employed. The workmen also received an
advance of five per cent. in wages. In the fourth year the wages of the
workmen were further increased ten per cent., and this took the cream
off the bowl. However, a bonus of four per cent. was paid on the wages
and salaries received by the _employes_ during that year. At the meeting
held to communicate the result of the year's business, Mr. Head said:--
"There may be some who think the tendency of our policy has been too
sentimental. I don't believe in doing business on sentimental
principles. But I contend that mere money-making is not the sole end of
existence. We have been associated with many of you for several years,
and we cannot help feeling a considerable interest in you. After all,
life is not so very long. Another twenty or thirty years will see us all
under ground, and there will be other employers and other workmen
carrying on business at Newport Rolling Mills. It would indeed be
strange if we did not take some interest in those with whom we are so
much associated. And so, without in the least relaxing discipline, or
sacrificing any true principle of business, we hold it to be our duty as
employers, as well as your duties as _employes_, to consider each
other's interests, and to do all that each of us can in the way of true
and hearty co-operation.
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