June 13, 1868.

The Economist, 13. Juni 1868. S. 678/679.
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The Association of Workmen and Capitalists. Vol. VI in the Reports of the English Commissioners on the Paris Exhibition

Msrs. Crossley, of Halifax, on the largest scale. The nominal capital £1,650,000, in 110,000 shares of £15 each, of which £10 are paid up. Of these, 88,000 shares, representing a capital of 1,320,000l., are held by John Crossley, Joseph Crossley, and Sir Francis Crossley, leaving only about 1/5 to be held by the public and the workmen. How the amount is shared between these is not stated, but the articles of association contain elaborate provisions for the holding of shares on account of married women and minors; and a memorandum annexed describes the measures taken to bring in the workmen. Not only is a decided preference given to applications from managers and operatives in the allotment of shares, but 5,000 shares were „retained“ for the managers, clerks, foremen, and  Zusatz von Marx.
workpeople, to whom the firm lent money, amounting in the aggregate to 56,150l., to enable them to take up the shares. For the sums thus lent, interest at the rate of 5 P.Ct. is charged, and the difference between that amount and the dividend is credited to the account opened. If a 20 P.Ct. dividend is continues, the shares will pay themselves off in 1872. Beyond these measures to associate those employed, – who number altogether 4,795, of whom 1,881 are adult males, the rest being women or minors – the firm do nothing to stimulate the activity of the workmen, except paying ordinary wages by the piece. There is no mention of any system of bonus to shareholders and non-shareholders. The first dividend was 15 Pc., the second 20 P.Ct. The shares are now selling at 10l. p. share premium.

Greening et Co: Nominal capital is £50,000 in 10,000 shares of £5 each, but only £4,000 have been issued, viz 2,000 to Edward Owen Greening and Joseph Greening and 2000 to all the others. The number of partners altogether is 45 to 50, and the number of employed is about 70, of whom only 30 are adults. Since the establishment of the Lim. Co. there has been a dividend at the rate of 15 P.Ct., the average of former years, and in addition a bonus of 5% has been paid to the workpeople on their wages – the average weekly wages to adults being 28s. and the highest 2l. The same bonus, as far as appears, has been paid to shareholders and non shareholders, the former getting no preference as in the case of Msrs Briggs.

In dem system of Mssrs Fox, Head, and Co., there is little more than an arrangement for paying a bonus. There are no shareholders. After reserving 10% p.a. for interest on capital, the profits above that amount were to be divided equally among the employers and the employed. Besides, although no partnership or association is allowed, the amended law of partnerships is taken advantage of to allow workmen to invest their savings in the works, withdrawable on 6 months’ notice. On the amount 5 P.Ct. interest certain is to be paid, and a share in the profits above 10 P.Ct. Investing workmen would thus not be in the position of shareholders in Crossleys etc, but then they run no risk or of loss.

The iron trade bad und this has perhaps helped to cause failure in the Fox concern; but looking at the strikes which have taken place, the objects of the system can hardly have been gained. Although Msrs. Fox place foremost amongst the conditions of employment with them that no Union men shall be employed, they have had according to their own report the following strikes:

From 21 October to 31 Octob. 1864 = 10 days; this was to obtain the same wages for forge rolling (notwithstanding an improvement in the machinery by which the make was nearly doubled) that was paid in other works which had not the same improvement. The extra cost of the improved machinery to us was about £1,000, for which they wished to credit us nothing. Part of this 10 days was, however, the result of a breakage.

11 March to 30 March, 1865 = 19 days: This was to resist the notice of 10 P.Ct. reduction which had been issued by the Iron Manufacturers’ Association, of which we were then members.  Kommentar von Marx.
(obgleich sie ihren workmen verboten, members of a Union zu sein!)
The great fall in prices had necessitated this.

14 July to 22 August, 1866 = 39 days: This was to resist a second notice of reduction on account of the still greater depression of trade and prices.

8 September to 20 November, 1866: = 73 days. This was a continuance of the last strike, a 3 weeks’ interval having intervened on a temporary arrangement which could not be prolonged indefinitely. … In all cases everything must depend on the capitalist, and the giving of a bonus anyhow might seem sufficient, but the facts are the other way; the how is a detail of importance. The capitalists, as in the Crossley case, may provide expressly that the „governing directors“, that is the old partners, shall have entire control; yet the concession of modified rights to others, the public procedure consequent on the formation of a limited Co., and all the other effects of co-operation, create confidence such as is not so easily called forth when the capitalist „makes no fuss about it“, and does nothing to disguise his authority. Of course it would never do for the employer to give up any real control or veto, his interest remaining far preponderant to that of all others; his retention of control is the condition precedent of any mixed system of cooperation in which he takes part; but the machinery of an association seems useful in securing all the advantages of a plan for making the workmen participate in profits.

The Economist, 13. Juni 1868. S. 680–682.
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 The Economist: J. E. Horn
Abraham Einhorn
. French Finance.

In „Salut au Troisième Milliard“ sagt er u.a. that in country local taxes, as well as those of the State, each family has to pay 300 fcs a year statt  The Economist: 240 to 250
f. as he at first represented.


  • Inhaltsverzeichnis von Friedrich Engels
  • 1869 I Heft
  • Money Market. 1868.
  • Money Market Review. Jahrgang 1868.
  • The Economist. Jahrgang 1868. Nachträge
    • The Economist. Jahrgang 1868.
    • Inhaltsregister für 1868 Jahrgang. („Money Market Review“ und „Economist“.)
    • Kommentar zu George Joachim Goschen
      • George J. Goschen: The Theory of the Foreign Exchange. 7th edit. London 1866.
      • Friedrich Ernst Feller, Carl Gustav Odermann: Das Ganze der kaufmännischen Arithmetik
      • Inhalt.