A PROFIT-SHARING SCHEME.

Temuka Leader, Issue 2040, 1 May 1890, Page 4

A PROFIT-SHARING SCHEME.

The following notice has been issued to all foremen and workmen engaged by Messrs Peto Bros, on their contract for the Canehill Asylum (extension) “ Messrs Peto Bros! haying been selected by the London County Council to carry out the building of the Canehill Asylum (extension), on the existing recognised rates of wages, consider the opportunity a favorable one for giving effect to a system they have been considering for some time of identifying as far as possible their interests with those of their workmen. They therefore propose to give the men one quarter of the whole net profits on the contract, which will be paid in addition to the wages before named. All the men engaged by Messrs Peto Bros, on this contract will be entitled to their share of profits, which will be calculated at a percentage on the wages earned, as shown by the weekly time-sheets (as, for example on a £IO,OOO contract, assuming the wages earned to be £3OOO and the profit £IOOO, there would be £250 to divide amongst the men, equivalent to 8i per cent., or Is 8d on every £1 of wages) All right to participate in the profit will nevertheless bo foreited, (a) by any who earn less than a total amount of £5 in wages on this contract; (i) by anyone who may individually or in combination do anything tending to diminish the profits on the contract by neglecting their duties, misconducting themselves, wasting their time or by joining any strike for shorter hours or for wages above the recognised rate’ of wages, on which the tender for the above-mentioned contract was based whether the strike be general or otherwise; (c) by anyone who may do anything tending to damage the character ot the firm for good and honest work, 'i he shares of any men so forfeiting their claim to be added to the shares of the others.” After setting forth various regulations for carrying out the scheme, the circular proceeds:—“ Ibis offer being a purely voluntary one on Messrs Peto Bros.’ part, they reserve to themselves the full and absolute right to decide any question which may arise in connection therewith, and to make any further rules and regulations that they may deem necessary from time to time. Iheir decision to be final and without appeal. Should this attempt to unite the interests of employers and employed be as successful as Messrs Peto Bros, hope, they intend to apply it, so far as may be found feasible, to all works undertaken by them in future, having full confidence that it will be to their mutual advantage if it has the hearty co-operation of the workmen.”