ntinue to manage the business entirely according to their own
judgment, and they need not make their affairs or accounts known to the
men. All that is requisite is that skilful accountants should examine
the books at the end of the year, and certify the amount of profits due
to the men. If this plan were thoroughly carried out, the men would feel
that they were really working for themselves as much as for their
masters, and the troubles which at present exist would be nearly
unknown.

There are great difficulties in the way of this kind of co-operation:
most capitalists do not like it, because they needlessly fear to make
known their profits to their men, and they do not understand the
advantages which would arise from a better state of things. The workmen
also do not like the arrangement, because the trades-unions oppose
co-operation, fearing that it will overthrow their own power. Where the
scheme has been tried, it has usually succeeded well, until the men,
urged by their trades-unions, refused to go on with it. Thus are people,
through prejudice and want of knowledge, made blind to the best
interests of themselves and the country.

It is to be feared, then, that industrial partnerships will not make
much progress just at present, so great is the dislike to them felt both
by trades-unions and by prejudiced employers. Nevertheless, the
arrangement is in accordance with the principles of political economy,
and it will probably be widely adopted by some future generation.
Already, indeed, many banks, mercantile firms, and public companies
practically recognise the value of the principle, by giving bonuses or
presents to their clerks at the end of a profitable year. A French
railway company adopted this practice forty years ago, and as business
falls more and more into the hands of companies whose profits are
matters of general knowledge, there seems to be no reason whatever why
the principle of industrial partnership should not be adopted. Somewhat
the same principle is said to be carried into effect in the very
extensive and successful newspaper business of Messrs. W. H. Smith &
Son.

#62. Joint-Stock Co-operation.# Another mode of co-operation consists in
working men saving up their wages until they have got small capitals, so
that they can unite together and own the factories, machines, and
materials with which they work. They then become their own capitalists
and employers, and secure all the profit to themselves