L. Sinking Fund.
This sinking fund, which provides for the extinction of the debt in thirty years, compares most favourably with that usually provided by local bodies for works of so permanent a character. The Local Government Board frequently allows loans to be created with a sinking fund extending over much longer periods. It is to be remembered also that an additional sinking fund for the landed estate has been already provided (see Chapter iv., p. 42).
M. Balance available for Bates levied by Local Bodies within whose jurisdiction the estate is situated.
It will be seen that the whole scheme of Garden City will make extremely few demands upon the resources of outside local authorities. Roads, sewers, schools, parks, libraries, etc., will be provided out of the funds of the new "municipality," and in this way the whole scheme will come to the agriculturists at present on the estate very much like "a rate in aid"; for, as rates are only raised for the purpose of public expenditure, it follows that, there being little or no fresh call upon the rates while the number of ratepayers is greatly increased, the rate per head must fall. I do not, however, forget that there are some functions which such a voluntary organisation as Garden City could not take over, such as the police and the administration of the poor-law. As to the latter, it is believed that the whole scheme will in the long run make such rates unnecessary, as Garden City will provide, at all events from the time when the estate has been fully paid for, pensions for all its needy old citizens. Meantime and from the very outset it is doing its full
