SUCCESSFUL CO-PARTNERSHIP.

Bush Advocate, Volume XXII, Issue 65, 18 March 1910, Page 8

SUCCESSFUL CO-PARTNERSHIP.

What is probably the most most important scheme of co-partnership as yet set on foot in England is proving a distinct success. A little over a year ago Sir Christopher Furness told his employees plainly that if labor troubles continued to hamper the work of the firm as they had been doing, the firm must give up shipbuilding. The hands were offered shares in the business if they would abandon the right to strike, and they accepted the offer. Thej- took 50,000 shares at £1 each, on terms that guaranteed them 4 per cent., and gave them the right to participate equally with the other shareholders in any surplus profits remaining after the latter had been paid 5 per cent. 'Their interests as workers were adequately safeguarded by the formation of a works council and by other means, and they were given an advisory voice in the management of the business. The first year's working of this scheme was very satisfactory. Besides the dividend guaranteed, the empolj r ees were paid a bonus of 5 per cent. There was an abundance of work, and an absence of labor troubles. Every order was carried out within contract time. Besides building vessels, the company docked and. repaired 284 steamers and assisted in profitable salvage work. "Compare these results with what happened under the old conditions, when disputes and strikes were of frequent occurrence," writes the Age's London correspondent. "Heavy penalties were constantly being incurred through failure to deliver work within contract time. The company's customers lost confidence. Orders were withheld, and some which were offered could not be entertained. One steamer was delayed 152 days, another 273 days, a third 304 days, and a fourth 274 days. All these represented important contracts for good customers." The scheme is however, only on its trial, and in their letter to shareholders, the directors point out that until they know that it is to be a permanent arrangement, they cannot accept all the contracts they can get. It is to be hoped that this interesting relationship between labor and capital will be placed on a permanent footing, as a shining example of the folly of disagreement and the wisdom of co-operation.