The above organisation, which is composed of Negro members¢ -of trade unions affiliated, in the main, to the AFL/CIO, passed the following resolution at its 4th Annual Convention, held in Cleveland, May 29-31.
Whereas, there is no basic difference in philogphy between the Democratic and Republican Parties, with both opposing and supporting civil rights and labour's rights, with no clear consistent and insistent voice being raised Qn behalf of the workers and the poor, except as an individual liberal Democrat or Republican, but without any organised force back of hims
Whereas, practically every country in the world has a political pact of the workers and farmers, small shopkeepers, liberals, professionals and intelligentsia except the United States; therefore, be it
Resolved, that this Convention of the Negro American Labour Council assembled in Cleveland, Ohio, May, 1964, go on record to call for the beginning of a serious discussion on a nationwide basis of the formation of an American Farmer-Labour Party, with the labour movement, liberal, church, professional and students! groups as its base, but without orientation toward totalitarian Communism, but with commitment to democratic _ principles, freedom and economic justice, PROFIT SHARING SCHEME COLLAPSING based on Financial limes report
Less than 2 months before the United Auto Workers Union resumes labour contract negotiations with American car manufacturers, one of the bolder projects to have emerged from an earlier bargaining round is in danger of floundering. During contract talks in 1961, American Motors Corporation declined to follow its bigger rivals - @eral Motors, Ford Motor and Chrysler - in offering a convential "package" of higher wages and"fringe benefits" but drew up a novel profit-sharing plan for its employees. The plan was praised from the outset by the UAW President, Mr. Walter Reuther, who had been expected to use the 1964 negotiations to try to persuade the "big 3" car makers to hand out part of their profits to employees,
Eight months ago AMC employees were shocked when an increase in the company's profits was accompanied paradoxically by a reduction in payments to the profit-sharing fund, and enthusiasm about profits participation has since been on the wane, With 1964 contract talks now almost at hand, top UAW officials are reluctant to talk about the AMC plan, though. at lower echelons of the union fears are heard expressed that unless major improve= ments are secured some union men may lose their, jobs. Under the AMC scheme 15% of the company's pre-tax profits less an amount broadly equivalent to 10% of the stockholders! investment is paid each year into a profit-sharing fund. Two-thirds of the total is then used to cover pensions and other "fringe benefits" while the balance is earmarked for the purchase of AMC stock on behalf of the partidpants in the fund,
Employees, however, are not ordinarily allowed to turn their shares into cash immediately and this regulction has recently been a cause for grousing. It has been noted, for instance, that since the first profit shares were paid out in Autumn, 1962, the price of AMC stock has dropped about 25%, At the sam time there is inevitably concern at AMC that while the company's profits have seemed likely to fall this year the contribution to the profit-sharing fund could dwindle to little more than a third of the 9.25m. dollars distributed in 1963,
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