PROFIT SHARING

Taranaki Daily News, Volume LIV, Issue 274, 16 May 1912, Page 8

PROFIT SHARING

LUCKY EMPLOYEES. Says the Hull Daily News of March 25: In these days of labor troubles it is very refreshing to learn of the splendid feeling existing between Messrs Claike, Nockolls and Coombs, Ltd., the wellknown wholesale confectioners, of Victoria Park, London, N.E., and their employees. On Saturday their workpeople, to the number of 2000, attended at the People's Palace, Mile End, the occasion being the annual distribution of bonus in which every employee participates. The speeches delivered by the managing directors—Mr. George Mathieeon and Mr. Alexander Horn—were in praise of the system as a means of cementing good relations between the firm and its workpeople. The scheme of profit-sharing for the past 12 years had meant, said Mr. Mathieson, an average addition of over 15% per cent., or 3s Id per £ on wages, while the capital employed in the business had received an average of 10 per cent. The method of working the scheme is to divide the profits annually, affer payment of 6 per cent, to ordinary shareholders, in equal proportions between the workpeople and the shareholders. The scheme also provides for payment of two-thirds of the employees' wages for six weeks during sickness, and for payment of £5 to each young woman on marriage after five years' service. A superannuation fund is being accumulated, and now stands at nearly £35.000. To none of these funds do the workers subscribe.