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increased, as from September, 1920, by 30 per cent. of the net rents of 1914. In
July, 1921, the Council, as permitted by the last-mentioned Act, increased the
rents by an additional 10 per cent., thus making the full increase—namely, 40 per
cent.—allowed by the Act. The amount produced by the increase over a complete
financial year is about £66,500. These permitted increases have not been made
in respect of property acquired by the Council forming part of slum clearance
areas. The periodical revision of rents consequent upon alterations in the rates
involves a great amount of work, the calculations affecting about 21,000 tenements
with varying rents and rateable values and situated in the areas of nearly thirty
different local rating authorities.
Vital
statistics.
The health conditions on all the estates continue to be satisfactory. Ihe
population of the Council's dwellings in the different metropolitan boroughs is, of
course, small in proportion to the borough population in each case and properly
comparable vital statistics are therefore not obtainable. The statistics available
are such, however, as to justify the inference that the health conditions in the
Council's dwellings are better than those in the boroughs concerned and in the
county of London as a whole.
Financial
results.
In the Housing Accounts for 1925-26 details are given of the financial results
of the Council's housing schemes up to 31st March, 1926, but it may be apposite
to repeat here some of the more important figures. In this connection it is necessary
to preserve a clear distinction between the Non-Assisted Schemes and the Assisted
Schemes promoted under the Housing, Town Planning, etc., Act, 1919, the Housing,
etc., Act, 1923, and the Housing (Financial Provisions) Act, 1924.
Dealing first with the Non-Assisted Schemes, the aggregate capital expenditure
on dwellings provided and in course of erection at Hornsey-rise Estate and Bushgreen
House to 31st March, 1926, was £3,044,354. The gross rental (including rates)
for the year was £351,117. From this amount should be deducted the losses, which
were, however, infinitesimal, arising out of empties and rent irrecoverable. The
financial result of the year on the Non-Assisted dwellings, as a whole, after
providing for interest and sinking fund charges on the capital expenditure, was a
surplus of £65,112, as compared with a surplus for the preceding year of £64,914.
In regarding this surplus it should be borne in mind that when the percentage
increase under the Increase of Rent, etc., Acts, was fixed, allowance was made,
having regard to the altered financial conditions, for an increase of one per cent.
on the interest on the original capital expenditure.
As regards Assisted Scheme dwellings provided under the Act of 1919 the
aggregate capital expenditure on schemes wholly or partially completed up to
31st March, 1926, was £9,842,075. The gross rental (including rates) for the year,
of dwellings erected by the Council, excluding shops and sundry other items deemed
to be outside the scheme for purposes of subsidy, was £394,576. The financial
result, after providing for interest and sinking fund charges on the capital expenditure
was a deficiency of £390,827. The annual deficiency under this Act in excess
of a penny rate is met by subsidy out of the National Exchequer.
The aggregate capital expenditure, up to 31st March, 1926, on Assisted Scheme
dwellings erected and on estates in course of development under the Act of 1923
was £1,421,752. The gross rental (including rates) for the year, of dwellings erected
by the Council was £59,792. The financial result, after providing for interest
and sinking fund charges on the capital expenditure was a deficiency of £16,138,
towards which the Government provide a subsidy partly to the extent of 50 per
cent of the annual loss, and as regards the remainder on the basis of £6 per annum
per house, the balance of loss falling on the rates.
The aggregate capital expenditure up to 31st March, 1926, on Assisted Scheme
dwellings erected and on estates in course of development under the Act of 1924
was £2,151,473. The gross rental (including rates) for the year, of dwellings erected