COOPERATION. 559 



gard for the welfare of the workman, appears to have been 

 in part prompted by the belief that work given in return 

 for wages only, is relatively inefficient in respect of quantity 

 or quality, or both ; and that the tendency to be lax entails 

 also additional cost of superintendence. Hence the conclu 

 sion is that the employer himself profits by giving a share of 

 profits. In the words of Mr. Sedley Taylor, the modes of 

 apportionment &quot; fall into three categories: 1. Those which 

 pay over the workmen s share in an annual ready-money 

 bonus. 2. Those which retain that share for an assigned 

 period, in order ultimately to apply it, together with its ac 

 cumulated interest, for the workmen s benefit. 3. Those 

 which annually distribute a portion of the workmen s share, 

 and invest the remainder.&quot; M. Bord, pianoforte maker in 

 Paris, who has adopted the first of these methods, considers 

 the effects &quot; extremely satisfactory.&quot; The manager of the 

 Compagnie d Assurances Generales, which adopts the sec 

 ond method, says: 



&quot;My present opinion is more favourable than ever. . . . The insti 

 tution has now had thirty years of experience, that is to say, of unvary 

 ing successes.&quot; 



But most of the &quot; participating houses &quot; adopt neither im 

 mediate distribution nor remote postponement, but a mix 

 ture of the two. A part of the workmen s share of profit 

 is paid over to him annually, and a part invested on his 

 behalf. This is the plan followed in the printing, publish 

 ing, and bookselling establishment of M. Chaix in Paris. 

 The annual average workman s dividend is 7-J- per cent, on 

 his wages; and as a result M. Chaix says &quot; Each one takes 

 more interest in the work assigned to him and executes it 

 better and more expeditiously.&quot; 



In all these cases the relation between employer and 

 employed is like the ordinary relation, save in respect of the 

 bonus given in one or other form. &quot; There are, however, a 

 few houses which admit their work-people to part-ownership 

 in the capital, and to a share in the administrative control.&quot; 



