ocieties;" but he hopes "to see the latter crown the
edifice by making workers everywhere no longer servants, but co-partners
with capital."

The firm of Fox, Head, and Co. also admitted their workmen to a
partnership of profits. They had for some time been much annoyed by
strikes. Their works had stood idle for about a fourth of the whole time
that had elapsed since their commencement. The system of co-operation
was adopted in 1866, at the close of a long strike. One of the
conditions of the scheme was that Fox, Head, and Co. should not be
members of any association of employers, and that the workmen should not
be members of any trades union. The original intention was to pay the
workmen a bonus according to profits. They eventually adopted the
practice of the Messrs. Briggs and Co., which was, to divide the profits
over ten per cent. into two parts: the one to belong to the capitalists
as their profit, and the other to be divided amongst all those who had
received wages or salaries during the year, in proportion to the amount
received by them. An opportunity was also afforded to the workmen of
depositing their savings with the firm; but as there was only one
instance, during three years, of a workman applying to invest his
savings, this clause was withdrawn.

In consequence of the depressed state of the iron trade, there were no
profits to be divided during the first two years. The men were, however,
paid the current rate of wages, and were saved the expenses of Union
levies. The co-operative store, which had been founded by the workmen,
was in a very prosperous condition. In the third year of the
co-operative scheme, a bonus of two and a half per cent, was divided
between the employers and the employed. The workmen also received an
advance of five per cent. in wages. In the fourth year the wages of the
workmen were further increased ten per cent., and this took the cream
off the bowl. However, a bonus of four per cent. was paid on the wages
and salaries received by the _employes_ during that year. At the meeting
held to communicate the result of the year's business, Mr. Head said:--

"There may be some who think the tendency of our policy has been too
sentimental. I don't believe in doing business on sentimental
principles. But I contend that mere money-making is not the sole end of
existence. We have been associated with many of you for several years,
and we cannot help feeling a considerable interest in you. Afte