YORKSHIRE WOOLLEN MILL

Auckland Star, Volume LV, Issue 76, 29 March 1924, Page 15

YORKSHIRE WOOLLEN MILL

PROFIT SHARING SCHEME. (From Our Own Correspondent.) LONDON February 11. The annual report of a Batley firm possesses a double interest for New Zealand, It is that of a woollen factory and it is a profit sharing scheme. In common with that evolved by Mr. 11. Yalder of Hamilton, New Zealand, it allocates a definite share of profits to the labour which has—in co-operation with capital—produced it.

This Yorkshire firm of J. T. &. J. Taylor Ltd., reported at its meeting— held by the way on a Saturday evening: —that they had decided to pay a total cash dividend on shares of l\ per cent. This meant in addition, a laibour bonus of - 2i per cent on salaries and wages, and 5 per cent to double bonus receivers (viz., those of not loss than 21 years of age who have been with the company at least five years and own shares equal to half a year's wages).

Both single and double bonus receivers would have the option of taking their bonus either in shares or in cash.

This, Mr. Taylor announced, was in spite of a disappointing and unprofitable year. Competition in the woollen trade had been too keen to allow them a reasonable profit, and last year was the worst year they had had since 1898. If they had no reserve fund to fall back upon, their dividend, if any, would be wretchedly small, but in the hope that the worst of the present depression was over, and by the help to some extent of the reserves made in better years, they decided to pay a dividend of 7* per cent