The first great economy to be noticed is that the item of "landlord's rent," which, under ordinary conditions, largely enters into municipal expenditure, will, in Garden City, scarcely enter at all. Thus, all well-ordered towns require administrative buildings, schools, swimming baths, libraries, parks; and the sites which these and other corporate undertakings occupy are usually purchased. In such cases the money necessary for the purchase of the sites is generally borrowed on the security of the rates; and thus it is that a very considerable part of the total rates levied by a municipality are ordinarily applied, not to productive works, but either to what we have termed "landlord's rent," in the shape of interest on money borrowed to effect the purchase, or to the provision of a sinking fund in payment of the purchase money of the land so acquired, which is landlord's rent in a capitalised form.
Now, in Garden City, all such expenditure, with such exceptions as road sites on the agricultural estate, has been already provided for. Thus, the 250 acres for public parks, the sites for schools and other public buildings, will cost the ratepayers nothing whatever, or, to put it more correctly, their cost, which was really £40 per acre, has been covered, as we have seen, by the annual average contribution of 1s. 1d. per head, which each person is supposed to make in discharge of landlord's rent; and the revenue of the town, £50,000, is the net revenue after all interest and sinking fund in respect of the whole site has been deducted. In considering, therefore, the question whether £50,000 is a sufficient revenue, it must be remembered that in no case has any cost of municipal sites to be first deducted from that amount.
