4 AUGUST 1923, Page 13

INDUSTRIAL FELLOWSHIP.

[To the Editor of the SPECTATOR.]

SIR,—In the annual report of one of the largest British colliery businesses, which has been sent to me, I notice that a dividend

of 15 per cent. is recommended to be paid, less Income Tax, upon the employees' shares. I think this is a precedent which, you will agree with Me., might be advantageously followed in other lines of business.—I am, Sir, &e.,

G. T. C.