ceeding £4 per cent.[1] The estate is legally vested in the names of four gentlemen of responsible position and of undoubted probity and honour, who hold it in trust, first, as a security for the debenture-holders, and, secondly, in trust for the people of Garden City, the Town-country magnet, which it is intended to build thereon. One essential feature of the plan is that all ground rents, which are to be based upon the annual value of the land, shall be paid to the trustees, who, after providing for interest and sinking fund, will hand the balance to the Central Council of the new municipality,[2] to be employed by such Council in the creation and maintenance of all necessary public works—roads, schools, parks, etc.
The objects of this land purchase may be stated in various ways, but it is sufficient here to say that some of the chief objects are these: To find for our industrial population work at wages of higher purchasing power, and to secure healthier surroundings and more regular employment. To enterprising manufacturers, co-operative societies, architects, engineers, builders, and mechanicians of all kinds, as well as to many engaged in various professions, it is intended to offer a means of securing new and better employment for their capital and talents, while to the agriculturists at present on the estate, as well as to those who may migrate
- ↑ The financial arrangements described in this book are likely to be departed from in form, but not in essential principle. And until a definite scheme has been agreed upon, I think it better to repeat them precisely as they appeared in "To-Morrow," the original title of this book—the book which led to the formation of the Garden City Association. See Appendix.
- ↑ This word, "municipality," is not used in a technical sense.
