f of this, $10,821.13.5, had been turned directly
over to capital: the other half, the profit of labor, was divided again
in equal shares, one going to capital for every person, the other,
amounting to $5,410.56.7, paid over to them as compensation for
three-quarter wages. Of course the men had been delighted. They
remembered their first joy even now.

Then had followed the disastrous second year, which had no such golden
story to tell. The first six months, interest and discount had made
horrible inroads into capital, and there had not only been no surplus,
but an actual deficiency. The latter half showed a poor frightened
balance of $137. But this year they improved greatly in economic
management and several new processes that gave larger profit with less
labor and outlay, so the hard strain had not been entirely without its
uses. Capital had gone down in the valley of humiliation, and had a
sorry time of it; but with it had come a knowledge and sympathy they
could have acquired in no other way.

The third year had proved a grand success. They had all worked so
heartily together, and business had been undeniably good. Profits had
been $41,854.92, with very limited discounts. After this there was none,
and unused capital began to draw a little interest. This year there had
been $10,963.73 to pay over to the men on the quarter share. The fourth
year there had been numerous bankrupt stocks thrown on the market, and
every one trying to do his utmost again: still the balance had been by
no means disheartening, amounting to $34,982.67; capital's share being
$17,491.33, and the wages overplus $8,745.66. The last year's profits
had footed up $43,101.56.

There was now in accrued capital stock $106,288.81.5; and this was to be
divided in the _pro rata_ of each man's share, the larger amounts making
the most, of course. And now they saw the object of saving. They had
earned full wages and something beside; and, though wages had not
reached the high point of good times, on the other hand they had not
fallen below a reasonable standard, even with the bad year. There had
been steady work for the whole five years, and every man had been
practised in thrift, economy, and self-denial.

Of those who had begun with them, seven had been discharged for
drunkenness and insubordination, their share forfeited to the fund for
sick and disabled workmen; three had gone out from loss of faith in the
plan, accepting Winston's offer to sell;