The attempt was also made by several firms engaged in the iron trade, to embody the principle of co-operation in their respective concerns.  Amongst these were the firms of Greening and Co., Manchester, and Fox, Head, and Co., Middlesborough.

The experiments were to a certain extent brought to an end by the greed or laziness of the colliers, who have for a time destroyed the prosperity of the iron trade.  Messrs. Greening and Co. started with great enthusiasm; and the results were very successful as regards the workpeople.  Nothing could have been better than the spirit of goodwill, and even devotion, which was displayed by many of them.  But, unhappily, contracts were taken by the management, which resulted in a series of losses; and the scheme ended in liquidation.  Mr. Greening states that “the Distribution Societies have as yet been much more successful than the Production Societies;” but he hopes “to see the latter crown the edifice by making workers everywhere no longer servants, but co-partners with capital.”

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but as there was only one instance, during three years, of a workman applying to invest his savings, this clause was withdrawn.

In consequence of the depressed state of the iron trade, there were no profits to be divided during the first two years.  The men were, however, paid the current rate of wages, and were saved the expenses of Union levies.  The co-operative store, which had been founded by the workmen, was in a very prosperous condition.  In the third year of the co-operative scheme, a bonus of two and a half per cent, was divided between the employers and the employed.  The workmen also received an advance of five per cent. in wages.  In the fourth year the wages of the workmen were further increased ten per cent., and this took the cream off the bowl.  However, a bonus of four per cent. was paid on the wages and salaries received by the employes during that year.  At the meeting held to communicate the result of the year’s business, Mr. Head said:—­