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limited undertakings in the weaving branch. There are, however,in this respect, instances enough, for example, the “ Self Help ”weaving mill, at Burnley. The Edward Kawlinson previouslymentioned said before the “ Commission on Depression ofTrade” that there were six limited weaving concerns in Burnley,with altogether GG1 shareholders, of which 213 were workers forwages.
What are the social effects of the development portrayed ? Theparticipation of the large masses in the industrial profits tendsmore than anything else to the softening of that class conflictwhich was called into existence by the flourishing centralised in-dustry. Even if within the factorv the strictest discipline is keptthe personal relations of all shareholders are put into operation onthe field of equal rights. Are not the directors of these companiesmostly drawn from the working class? More important still is asecond point. It appears here clear and distinct before the eyesof the operative that he depends in the utmost degree upon thecondition of his industry; that -everything that concerns it con-cerns himself. This view is easily attained where a largecircle of wage-receivers not only depend upon wages, but at thesame time upon industrial profits. They follow eagerly themarket reports, which are published even- week in the “ CottonFactor} Times.” The limited principle makes it possible for themto be as well informed about the condition of the industry asprivate employers. This relation has a double effect. If theadaptation of wages to profit variations of itself already resultsfrom the dependence of the great industry on the state of trade, asabove stated, so must this adaptation be achieved most rigidly inLancashire, where the operatives clearly overlook the commercialposition of the industry, the possibility of increased wages, andthe inevitableness of reduced wages. But the operatives learn, ontheir side, to understand also the justice of the so-called manage-ment wage. They gain the experience that it is essential for anindustry as far as possible to possess the most capable managers,and that outlays with this object are w-ell rewarded.
Those shadow- sides, which otherwise the form of limited under-takings have attached to them, appear here for the most partovercome. It is the custom to point out, as the chief disadvant-age, that the shareholders generally only appear to be emplovers,that the general meeting shows an appearance of managing, and