Samuel Smiles：Thrift, Excerpt 463

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but as there was only one instance, during three years, of a workman applying to invest his savings, this clause was withdrawn.

Source： https://www.gutenberg.org/ebooks/14418
Locator：Excerpt 463 · Verified：2026-10-19 · Verification：Short excerpt

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