This decision was arrived at in February 1891, and in April of that year a conference of the directors and the employees took place, presided over by Mr M‘Culloch, at which the chairman put before the employees the desire of the board that the workers should take a greater interest than hitherto in the business of the Society. He pointed out that it was with this object that the payment of bonus had been started. Since the commencement of the bonus payments large sums had been paid to the employees, but many Co-operators believed that this was only the first step in profit sharing. He suggested that a full and free discussion take place, promising that if the employees agreed to form a society with the object of becoming shareholders in the Federation, the board would do all in their power to have the rules altered so that this could be done. After the proposal had been fully discussed, it was agreed to by a large majority of those present, 61 voting for a motion that the employees leave not less than one-fourth of the bonus received for investment in the shares of the Society, and 17 for an amendment that they do not agree to leave any of the bonus. A sub-committee, consisting of Messrs M‘Culloch, Glasse, and M‘Intosh from the board, and of Messrs Clubb, M‘Allister, and Miller from the employees, was appointed to prepare a scheme for submission to the members at a general meeting. THE SCHEME APPROVED. The scheme was brought before the members at the quarterly meeting of the Society held in September of the same year. It provided for the formation of a Bonus Investment Society confined to the employees of the U.C.B.S. Ltd., the object of which was that of enabling the employees to become members and invest their bonus in shares of the U.C.B.S. The shares were to be paid up by the retention of not less than one-fourth of the bonus payable to employees whose wages were over £1 per week. Any employee leaving the service of the Society ceased to be a member of the Bonus Investment Society, and was compelled to place his shares on the transfer list, and all transfers were to be made through the board of management. The Bonus Investment Society was to have one vote at the general meetings of the U.C.B.S. as a member, with an additional vote for every £80 of shares held in the Society. When the scheme came before the general meeting it was approved by a large majority of the delegates, only one amendment being made, which made withdrawal from the Bonus Investment Society optional instead of compulsory on leaving the service of the Society. At the ninety-first quarterly meeting the rules were altered to permit of the new society being admitted a member and exercising the right of voting agreed on in the scheme.