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182
It is the experience of these societies that with money
borrowed at, say, five per cent, (which is the usual rate), an
occupier can by repayments spread over a period of fifteen to
twenty years acquire the ownership of his house. These repayments
generally do not exceed in amount, and in many cases are
actually less than, the amount previously paid in rent.
The Bill proposes to allow Government money to be
advanced at a low rate of interest, say, three and a half
per cent., to authorised societies up to two-thirds of the
amount required ; with two-thirds of the capital required
thus provided at a low rate of interest better terms could
be offered by the societies to the purchasing tenant than at
present. The society would be an intermediary between the
purchasing owner and the State. Its active interest would
be engaged by requiring that one-third of the capital necessary
should be found by the society ; and, in addition, it would
have to be authorised by the Local Government Board.
Regulations would also be made requiring societies who
obtained a loan to make proper provision for safeguarding
the interest of purchasing owners, who would be in the
position of mortgagors, while, at the same time, preventing the
machinery of the Bill from being exploited by speculative
builders.
(3) The Small Dwellings Acquisition Act of 1899 was passed with a
view of encouraging local authorities to assist artisans to purchase
their own houses. Very little use has, however, been made of its
provisions. The Bill, therefore, proposes, to relax some of these
provisions with a view to encouraging local authorities to set
the Act in operation.
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WATER.
Water Certificates.
Water certificates were authorised to be given under Section 48 (2)
of the Public Health (London) Act, 1891—Tredegar House, Bow Road ;
30, 40, 42, 44, 46, 48, 50, 52 and 54, Ridgdale Street; 183, Bow Road.