The New York herald., 1921-06-29
PROFIT SHARING ENDS
. BRITISH Mine STRIKE
Labor to Receive 83 Per Cent.
of Dividends, but Yield
on Wage Pool.
SUBSIDY is ARRANGED
Lloyd George Tells Commons
Lasting Peace With 1,0O0,-
SUBSIDY is ARRANGED

| Special Cable to THE New York HEnALo
Copyright. 1921. bv TIE NEW YonR HERALD.
! New York Herald Bureau.
London, june :S.
I Premier Lloyd George announced in
the House OF Commons tonight that q
settlement has been reached ending
the period OF lightweight days during
which the coal industry has been sus-
pended. The terms include a reduc-
tion of wages, subsidy of f1O,00O,00O
by the Government. and the establish
Inent of a profit sharing plan, which
the Premier described as a very great
experiment" and as the first instance
Of profit sharing on a national scale
TO be undertaken in the entire indus
trial world.
BY this plan the mine workers are
to receive SO per cent. of the profits
after fixed charges are paid. and the
owrers IL per cent. The admlnistra-
lion of the plan will rest in a national
wage board, with district boards repre-
senting equally the miners and mine
owners, 20 which will lie referred other
questions that arise under the term.
of the agreement.
NO sucn principles ever before have
been applied on so great a scale TO a
great industry said the Premier.
There may be n few small industries,
but I am perfectly certain that in no
country has any great industry at
tempted an experiment OF this kind
which involves sucn complete coopera-
tlon between employers and worSmen
and such complete participation In prof
its by them in the prosperity which they
themselves create.
'"I am veiy hopeful that 1t may create
new relations between capital and labor.
not merely in this but In all industries.
All parties must reel they are co-part-
ners In this industry, with a direct in
tcrest in improving Il. n the men don't
improve II their wages must necessarily
be cut down. II th.y do Improve II
wages 20 up. l believe II the system Is
worked In a spirit OF good VIII 1t will
more than repay the na,;on all the dam
age Il has sustained.
The Premier expressed complete con-
fidencc that this solution OF the long
miners war would mark the end OF
labor troubles IN the coal Industry
While the miners committee has yet to
receive the approval OF their executive
In acceptance OF the term2 Il is expected
that ratification will be made. and that
work win be resumed on Monday.
Renewal OF tho Governments offer OF
n subsld-. which the railroads still en-
Joy. was said to have been the thi"i
contested point upon which the miners
held out. and the profit sharing scheme.
which promises TO be OF much greater
benefit in the long run, was n secondary
issue. The Premier defended the grant
ing OF the subsidy. which will cease at
the end of September. IN strong terms.
The agreement entails cut In wages
OF two shilllngs day during July. two
shilllngs sixpence during August and
three shillnEs during September. after
which the owners and miners arc 10 be
subject TO economic conditions Of trade
without further reference TO P subsidy.
The porties arrived at terms quickly
after the miners had dropped their
claim for a national wage rool. which
had been a point OF dissension.
The long fight might be called draw.
Continued on Third Page