The Express.
London, England, 1852-03-04 00:00:00

WORKING PARTNERS.

TO Till 11DITolt UPTUE ITl•klati.
SIL—T he usefulness of "sleeping partners" has
long been recognised by firms in want of ready cub, bat
1 the idea of allowing the sinew and power—the working
1 element of any company or firm—to command a portion of
the profits accruing therefrom has not been so readily
accepted. Of the dignity and power of capital every mer-
chant has a sufficient idea; but of that vital element in
human affairs called labour many have but a poor
notion Thu labour market, we bear, is nothing more than
a market for the hiring of machinery worked by ficeh and
' blood instead of steam ; and this description of human muscle
has received a wide assent in CAI country. Truly, • machipe
man is undoubtedly but a machine that thinks—that can put
forth, or withhold its energy at will, according to the treat-
ment it receives from the employer. You may hug and
patronise your steam-engine, but it can do only its horse-
power of work ; you may cherish and call to your counsel
your human machine, and forthwith a new spirit is in him,
and he accomplishes double the amount of labour be
wrought as an unregarded instrument. Therefore, as a
matter of economy, as well as a matter of human justice,
men have said, give to working men an interest in their
employment. say to the stonemason at his work—if you
concentrate your energy upon the work in band, and make
it a successful and highly-remunerative contract, you shall
share with me—the capitalist—the result of your extra
energy. You shall have a vested interest in the success of
the capitalist who risks his money in your labour. Of the
wisdom of this fellowship you, sir, have the honour
to be the first exponent among the daily papers
of this country—the first to say tearlevsly, that is an
alteration of the lass of partnership in this respect lies a
great good for workman as well as master. To show you
th..t this price plc of giving a chance profit to the labourer
all well as to the capitalist is growing steadily, I will men-
tion an instance where it has been adopted, and with every
reasonable hope of 111.1 C, esp. Let me preface what follows
with an assurance that I have no interest whatever in the
company I am about to mention, and therefore that my
only motive for alluding to it is to show that the principles
you have so happily advocated are already reduced to
practice:. .. - _ -

• The Metropolitan and Provincial Joint Stock Brewery
Company, the works of which are at Brentford, has been
formed on the plant you advocated in your journal last
week. Here, after the shareholder+ have received a divi-
dend for the use of their cipital of five per cent.,
the regular workmen " participate in the kurplue profits
in proportion to the wages earned." Now, sir,
it appears to me that this attempt on the part of a new
company that has to work in the teeth.'f strong monopolists,
is worth encouragement. That the promoters of such a
company should huve )wen able to get a subscribed capital
under these circumstances, is evidence that the principle
adopted is not altogether ono the practice of which can be
set down as hopeless. 1.1114 Metropolitan and Provincial
Brewery Company deserves notice. It is founded on
a principle which we arc beginning to see is a righteous
and a fair principle. It is the first j,iot stock
company that has fairly placed itself betide the workmen
by whose energies it hopes to prosper; and, therefore, I
think it may be publicly noticed, in the hope that its ex-
ample may be followed by the promoters of other asaocia•
tient.

1 am fully sensible of the dangers into which a rash dis-
turbance of the relations between employers and employed
might lead thoughtless or enthusiastic men; but while the
fact►—that capital must always aired labour, and that the
capitalist as rightly claims his profit as the workman—while
these facts ate clearly comprehended and emphatically pro-
claimed, no body of men 1:4111 err iu saying to the workmen
they employ—You shall share the golden fruit which has
sprung from the sweat of your brows equally with those
whose capital has maintained you while the fruit was
growing. Your obedient servant.
ONE OF A COMPANY.

RAILWAY PASSENGERS' ASSURANCE

COMPANY.

Yesterday the fifth half-yearly meeting of this com-
pany was held at the offices, in Old Bread.strcet ; Sir
JOHN DRAN PAUL in the chair.
The report, of which the following is an abstract, was
read by the secretary :
. The directors report an increased amount of business
during the last half-year, and a satisfactory result in the
working of the company. 'file tickets which h,.re been
issued during the sin months ending the 31st of December
are as follows: Periodical tickets, 2,227. Double Journey
tickets, 2nd class, 273; 3rd class, 19,471. Single Journey
tickets, Ist clam, 29,520; 2nd class, 74,018; third clam,
133,468. The amount received for premiums is 4,1971.24.3 d.,

she's/Mg an increase of 1,0111. Bd. upon the previous
half-year, and making the total receipts of the year 18.51
the sem of 7,3.521. 18s. The claims upon the company for
sempensation, which have been made and adjusted during
the past half-year, consist of 8 fatal cases, and 8.5 cases of
puma *fury ; and the entire number of claims met by
since the formation of the company consist of ID
=ern, •,isa which an aggregate amount of 2,5801. has
been paid, and 184 cases of personal injury, the payments
en which, in various sums, have amounted to 3,2091. 3s ,
Raking a total paid in compensation en 194 claims, up to
the 31st of December lut, of 5,7891. 3+., in addition to the
sum of 3241. 151. 6d. paid fur medical expenses. The
directors recommend that the propthrtors should receive in-
terest for the half-year on the amount paid on their shares,
at the rate of 4 per cent. per annum, free of income tax,
which will leave a balance in hand of 1,9131. 13s. to be car-
ried over to the next half-year."
The CHAIRMAN congratulated the meeting on the suc-
cess which had attended this novel mode of applying the
principle of life assurance. The importance of the pria-
ciplo was to be estimated not so much by the amount of
business actually done, as by the nature and number of
eases relieved, amounting, in a period of two years and a
half, to 10 fatal, and 184 cases of injury, on ac-
count of which the total amount paid in compensation
was 6,0001. If they considered the millions et persona
who travelled by railway, and compared it with the mere
fraction of those who availed themselves of the valuable •

principle on which this company proceeded, the fallacy of
all statistics to be found in ponderous blue books became
apparent. He had met with very many who were scepti-
cal as to the merits of the system, but this was owing en-
tirely to want of inquiry on their part. It was often urged
by parties to whom the advantages of assurance against
railway accidents were put forward that they had travelled
many thousands of miles by railway without experiencing
any injury ; but, if that were not the case, how would it be
possible for this company to offer compensation to the ex-
tent of 1,0001.: for the payment of three pence ?—(hear)--
and that there was danger of accident was proved by the
number of cases compensated within the last six menthe.
But, besides affording pecuniary compensation, another
valuable feature of this association was that it afforded to
their policyholders the advantage of the best surgical
attendance. In the recent ease of the Biceater
accident, a gentleman and his wife who declined to take
the assurance ticket at first did so on re-consideration, and
the consequence was that they received 1501. as compensa-
tion for person►l injury sustained. In another instance, the
family of a guard who was killed on the Edinburgh line
received 2001., and an engineer who was severely injured
at the accident at Frodehain Tunnel, and was paid a very
large sum as compensation, had acknowledged in grateful
terms not only the money benefit, but the great value of th 3
surgical assistance he received. With very Sew exceptions,
the board had succeeded in arranging all the claims in a
similar harmonious spirit, without having recourse to arbi-
tration. (Hear, hear.) The best indication of the stability
of the undertaking was to be found in the steady annual
increase of single journey tickets, of which the number
issued in the last half year had been 29,520 first class,
74,016 second class, and 133,468 third class, being a very
considerable enlargement of the number issued during the
previous half-year. Every circumstance in connexion
with the progress of the institution proved the sound-
ness of the principle oa which it was based, and that its be-
neficial effects were becoming daily more and more appre-
ciated by the travelling public. (Hear.) It was no small
source of gratification to the directors to find themselves
at this early period of the existence of the company in a
situation to declare a dividend on the paid up capital at the
rata of 4 per eent—(cheers)—which he trusted was but the
first fruits of a more abundant return. In conclusion, he
adverted to the loss they had sustained in the retirement of
their late secretary, Mr. Beattie, to whose ability, judg-
ment, experivisce, and tact the successful position of the
company wu mainly owing.

Mr. JOSIAH WILSON, who expressed himself highly
satisfied with the progress of the undertaking, moved the
adoption of the report.
Mr. O. B. HARRISON, the deputy chairman, seconded
the motion, which was agreed to, as were others, re-appoint-
ing the retiring directors and auditors.
Mr. HARRISON proposed a vote of 20 guineas as a con-
tribution to the Commercial Travellers School, observing
that not only wore they much indebted to the commercial
travellers, as being themselves amongst the best customers
of the society, bat u being also the must valuable and sue-
metal agents.
This resolution was seconded by Mr. J. WILSON, and
carried unanimously ; and, after the usual vote of thanks to
the chairman, the meeting broke up.

ACCIDENT AT TUE EUSTON-SQUARI STATION.—
Yesterday afternoon an accident occurred at the Euston-
ackuare terminus, which, though fortunately unattended
with very serious consequences, caused a good deal of
Bars and some bruises to a number of passengers. The
train due at 1 o'clock was coming down the incline from
the Camden-station, without an engine as usual, when the
spring of the brake gave way, and there being no means of
arresting the progress of the train, it ran into the station at
the rite of about 20 miles an hour, knocked against the
platform, and rebounded with great force. The shock wan
very gre-it, and esuseil several severe bruises to the pea-
'engem Among them was the lion. Mr. Cavendish, whose
(Ace was much cut ani bruised.

GREAT NORTLIERN KULWAT.—RehuII of traffic
fur the week ending Feb. 22:—Passengers, parcels, car.
rages, horse., dogs, and mails, 4,2701.105. Bd. ; merchandise
and minerals, 6,1291. 12e. ltd.; cattle, 1721. Os. 2d. Total,
10,6721.35. 941. Corresponding wink, 1861, 7,8994 be. Ild.

LONDON AHD NORTH WESTERN RAILWAY. --
Return of traffic for the week ending . • 1462
Pswengers, panels, esniages, . • mdei
22,3724. 60. Od.; merchandise, 17 1/111 -.208.; 01110
1,083/. 13s. 6d. Total, 41,1111.
week 1861, 41,0691. 30. 3d. C.
40,2041. 9s. 10d. te :1: • -vt z fid.)
—367,86 W. 84. 3d. ; 86 ,8731.
,
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