xiv PREFACE 



£ s. d. 



1. Interest on £18,300 at 3| per cent. ... 640 



2. Instalments of capital, repaying loan for 



purchase of land in eighty years, and 

 loans for adaptation in varying but shorter 

 periods 112 



3. Management expenses and margin against 



loss ... 200 



4. Repairs, insurances, and contingencies ... 80 



Total rent ... £1,032 



Under the Unionist scheme, the £18,300 is 

 lent direct to the individual occupiers. In this 

 case, the annual payments made by the occupy- 

 ing owners are made up of the following items : 



£ s. d. 



1. Interest on £18,300 at 3| per cent. ... 640 



2. Instalments of capital at the rate of Ih per 



cent., repaying principal loan in thirty- 

 five years, and loans for adaptation in 

 varying but shorter periods ... ... 275 



Total annual payment ... £915 



As owner, the occupier is his own manager ; 

 as owner, also, the loss as well as the gain is 

 his. He therefore escapes the management 

 expenses and the provision of a margin to pro- 

 tect the ratepayer against loss. Assuming that 

 he pays the £80 for repairs, insurances, and 



