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130
The Vestry was asked to contribute £10,000 towards the cost,
which amount can be borrowed at 3£ per cent., or £350 per
annum.
The building of the bridge would cause the present 200
vacant houses to be let at a rental of £13,194.
The rates from these alone would produce, at 3s. 6d. on the £1,
about £2,253, or a profit of about £1,900 per annum on a capital
outlay of £10,000.
The rental of the present occupied property (£54,500 per
annum), would soon increase about 10 per cent., or £5,450 a year,
producing increased rates to the extent of £931 a year.
A further profit to the Vestry would also arise from the
letting of the 570 vacant building plots, which would ultimately
produce a rental of about £40,000, or an additional profit to the
rates of over £6,830 a year.
I have never before come across an improvement scheme
where the immediate actual money profit was so directly assessable
and so large. Irrespective of questions of profit, I may say
here that the traffic over the Addison Road Bridge and the Lillie
Road has, during the last 12 months, increased as to become congested,
and an additional bridge will, in a few years, become a
necessity, cost what it may.
In the figures given above, I have not gone into the question
of the repayment of the loan of the £10,000, for as the benefits to
the parish would be of a permanent character, I am considering
the capital outlay as permanent. This calculation is exclusive of
the Poor Rate, which amounts to 2s. 6d. in the £.
RAILWAY AND TRAMWAY SCHEMES.
Plans were deposited for a scheme to run a railway from
Latimer Road to Acton.
The scheme was not, however, proceeded with, so that I was
not under the necessity of enquiring into and reporting upon the
details of it.