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 larger proportion of any bonus that may be declared than similarly qualified non-shareholders.

7. Any man or boy who loses or destroys his wage-book will be liable to pay double price for any new book and for the re-entry thereof. 8. Any man or boy who is detected either directly or indirectly attempting to defraud the company by altering or otherwise tampering with any wage-note or wage-book, or misrepresenting the amount earned by himself or by any other workman, will forfeit all claim to any bonus on his earnings.

On the 1st of July, 1865, the new company commenced operations. During the following twelve months the working of the collieries was carried on uninterruptedly on the novel co-operative plan before specified. Fortunately, a prosperous state of trade prevailed, and this, aided by the increased care and attention of the workmen, and, above all, by the absence of strikes, enabled the directors to divide 12 per cent, for the year on the paid-up capital, among the shareholders, and to devote a sum of 1800l. (equal to 2 per cent. on the capital), to the formation of a workman's bonus fund; out of which was distributed, in accordance with the regulations then adopted, but since modified, a bonus of 10 per cent, on their year's earnings to working shareholders (of course in addition to the dividends on their shares), and a bonus of 5 per cent. on their years earnings to working non-shareholders. This most satisfactory and practical result has of course removed many objections previously urged by the men. They have now the successful experience of the year gone by, to encourage them in the work of co-operation. Their employers can remind them of the day when, after receiving their regular wages, every holder of a bonus-book came into the pay-office, and numbers left it richer men than they had ever been before. Many had a five-pound note in their possession for the first time, and some few had two, the highest bonus being paid to a miner, who, being a shareholder, received on his year's earning of 100l. 8s. 9d. a bonus of 10 per cent., or 10l. 18s. 10d..