• RAILWAYS AND CO-PARTNERSHIP.
[TO THE ETITOR OF THE " SPECTATOR...3
SIR,—In the very interesting article on "Capitalists and Labourers" in last week's Spectator a suggestion is made in the concluding paragraphs that railway companies should offer their employees shares on easy terms and in small amounts, and the opinion is expressed that eventually there would be a large holding of such stock and a great social and economic gain for all concerned. While cordially agreeing with this view, may I shortly describe the first steps, so far as I know, in this wholesome direction, which were taken by one of our chief railway companies—the Midland—some fourteen or fifteen years ago? At that time the minimum amount for which shares were issued was £20, and very few employees availed themselves of the opportunity of investment. The Board, having had their attention called to the matter, decided that the minimum should be £5, and that the employees should hit";e notice that stock could be purchased by them at the current price in 25 shares, and this by simple application to the secretary, without brokers or any other expenses except posting a letter. The immediate result was a large number of applications (one of them from an engine. driver, who sent a brass tobacco-box full of sovereigns, with a request for the "right papers "). These applications have continued down to the present time, 1.mt I am not able to give statistics as to their number. It may interest your readers to knew that the late Sir George Livcsey was much interested in
this matter, and informed the writer that this arrangement had been tried with satisfactory results on several American railways. It is obvious that the principle of encouraging investment in the stocks of companies by their employees is capable of modification in many directions.—I am, Sir, Sec., J. C. C.
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