CO-PARTNERSHIP.
The Shipbuilders' Bividond. The result of the first nine months' working of Sir Christopher Furness's West Hartlepool shipyard on co-part-nership lines was a 9 per cent dividend to the workmen in addition to their wages. This return on the shares tho men took in the company is almost four times as much as the savings bank gives—it is, roughly, Is 9£d on every £1 share.
Sir Christopher Furness started the scheme, early last year, in an attempt to obviate ruinous trade disputes by giving the men a direct interest in the prosperity of the concern, and it was carried through with the hearty cooperation of the workers of the various allied trades.
The secretary of the company (Irvine's Shipbuilding and Dry Docks Company, Ltd.) lately issued a letter to the employee shareholders, in view of the approaching close of the period for which the scheme was to bo tried, asking whether it was their desire to continue it.
The company frequently was invited to tender for the building and repairing of steamers with heavy penalties attached for exceeding the stipulated time of delivery. The directors had come to the conclusion that they could not enter upon so serious a risk except under such assurance as the continuance of tho co-partnership scheme would afford.
"Tliat the scheme as a permanent arrangement would provide such a guarantee, the Board is of opinion there is now little room for doubt," says the lettor. Under the new conditions of employment operations at the ship* yards have proceeded with comfort to all concerned. Every steamer built
and repaired since the commencement of the co-partnership scheme has been delivered in strict accordance with the terms of the contract. The workers were guaranteed a 4 per cent return on their capital, and in addition a share of the profit after paying the ordinary shareholders 5 per cent. That extra profit now allows a bonus of 5 per cent all round, making 9 per cent in all to the workmen shareholders and 10 to the ordinary.
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Bibliographic details
Star (Christchurch), Issue 9790, 5 March 1910, Page 1
Word Count
339CO-PARTNERSHIP. Star (Christchurch), Issue 9790, 5 March 1910, Page 1
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