In other cases the shares bear a fixed rate of interest, say 4 per cent., and also an additional dividend if there is any profit after dividends on other classes of shares reach a certain percentage. In yet other cases a worker becomes absolute owner of his shares, and can dispose of them by will or if he leaves the firm, but such cases are rare. Of course, where shares are purchased by deducting the price of the shares from wages they are the absolute property of the worker. The objections to profit sharing may be applied to co-partnership, together with the additional one that the worker does not get profit, but only interest on shares; and as he can never become a large shareholder, the extra benefit is not very great. He is rendered quite dependent on the firm--even more so than the profit sharer--and can exert no pressure if conditions are unsatisfactory. The fact that conditions are usually satisfactory in places where co-partnership is practised does not make the principle a good one. Certainly, sometimes the shareholding workers have the option of electing a director, and this places some responsibility on the worker, which is a good thing and gives him a real interest in the affairs of the firm; but such cases are uncommon, and even then there are so many other directors that the workers' representative has no voice in determining the policy of the firm; he only voices the workers' interests. (_e_) CO-OPERATION. Co-operation hardly comes into methods of wage payment, but we will just glance at it. It means that a number of workers unite to buy in large quantities the commodities they require, and to distribute them at the least expense. By these means they buy cheaply, and there is no non-productive middle man to make a profit. The great success of co-operative methods has resulted in the co-operative societies manufacturing certain commodities for themselves, as well as buying and selling. Having amassed a large capital, and being certain of their market, they have every opportunity of putting their workers under excellent working conditions. As employers, however, the co-operative societies are exactly on the level of other employees--no better and no worse. They do not even adopt bonus or profit-sharing schemes except in one instance, and the same labour disadvantages occur here as in the case of any ordinary private firm. Co-operation is strictly limited in its field of action. The buying power of the society's members enables the society to know just what goods and what quantity of goods are necessary, and they can go ahead with certainty.