CHAPTER IV.
THE REVENUE OF GARDEN CITY—GENERAL OBSERVATIONS ON ITS EXPENDITURE.
Before entering upon the question which presented itself at the conclusion of the last chapter—that of endeavouring to ascertain whether the estimated net available income of Garden City (£50,000 per annum) would be sufficient for its municipal needs, I will very shortly state how it is proposed to raise the money required for commencing operations. The money would be borrowed on "B" debentures,[1] and would be secured by a charge upon the "rate-rent," subject, of course, to the payment of interest and sinking fund in respect of the "A" debentures on which the purchase money of the estate is raised. It is, perhaps, superfluous to remark that, though in the case of the land purchase it might be requisite to raise the whole, or at least some very considerable part of the purchase money before possession would be given of the estate, or operations upon it commenced, yet in regard to public works to be carried out upon the estate, the case is quite different, and it would be by no means necessary or advisable to defer the commencement of operations until the whole sum which might be ultimately required should be raised. Probably no town was ever built on such onerous conditions as would be involved in the
- ↑ See note on page 21.
