GARDEN CITIES AND HOUSING
[To the Editor of the SPECTATOR.] SIR,—A year ago you allowed me to make some comments on the progress of First Garden City Limited at Letchworth. For the financial year, which ended on September 30th last, the directors are able to report " progress in every department," although the net profits, after meeting slightly higher fixed charges, show only a small increase. Nevertheless, after paying the maximum dividend of 5 per cent on the ordinary shares, there remains sufficient to pay off another fortieth of the arrears of dividend on these shares which accumulated during the early years of the undertaking. One tenth of the arrears has now been paid off.
Each of the water, gas, and electricity undertakings has increased its output, water by 10 per cent, gas by 5 per cent, and electricity by no less than 45 per cent. So large an increase in the demand forced the directors to provide addi- tional current, and the choice lay between taking a bulk supply from an outside power company and increasing the generating plant at Letchworth. After an exhaustive enquiry, the Electricity Commissioners sanctioned the installation of further generating plant, which is in itself a tribute to the efficiency of the concern. One important new customer has appeared in the Associated Portland Cement Manufacturers Ltd.
Letchworth aims at being a city, not a suburb or a dormitory, and for this purpose it requires industries. Two new manu- facturers have taken factories built by the company, and five manufacturers have extended their premises during the year. Hence there is a continued pressure on the housing accommodation of the town and district ; to meet. this the urban council have decided to build another one hundred cottages. The agricultural belt has proved the least remuner- ative part of the whole property, and once again farm rents
have been reduced.—I am, Sir, &c., J. E. ALLEN. 1 Mitre Court Buildings, Temple, E.C.4.
Previous page
