Letters to the Editor
SOLVING THE SLUM PROBLEM [To the Editor of the SPECTATOR.]
have read with great interest and sympathy the articles and correspondence appearing in the Spectator during the last six months on this subject, and am in complete agree- ment with what you said in your leading article in the issue of February 11th.
The pressing need for action on the part of the State and the raising of a large loan must be obvious to anyone who has studied the matter at all ; and as it appears from all that has been written that this is generally acknowledged, it would seem that it only remains to find the money. I am probably as little qualified as anyone I know to speak on the subject, but I, am, venturing nevertheless to make the following suggestion That an urgent appeal should be made to all the more for- tunate among us who have decent homes to subscribe to a National Re-housing Loan bearing interest at 2i per cent., which would be paid by the State free of Income Tax.
I suggest that it should be issued in the form of Bonds for £100, as the appeal should be to those who have invested capital and can spare a slight decrease in their yearly income. Taking it for granted that the capital is at present invested at 5 per cent., subject to tax, a person who exchanged £1,000 of this into the new loan at 2i per cent. free of tax would lose only £15 a year of income, and one exchanging £100 only 30s., And there must be thousands in the country who could well afford the former and hundreds of thousands who would not feel the loss of 30s. a year. • . • •
If such a loan was issued, guaranteed by the State, and a nation-wide appeal made showing the urgent. need for it, I believe the response would be very large. I cannot believe that I am more generously minded than others in similar circumstances, and though I am by no means a rich man I should be prepared to put £1,000 into it.
put the interest at 2 per cent, as I underitand that houses can be built to let at rents which will secure this, and it is cer- tainly only just that people who are willing to accept this low rate should receive it free of tax.
I agree with you absolutely that this matter of housing is one which cannot be delayed : the necessity for prompt action is overwhelmingly obvious; and also the danger of allowing matters to drift.—I am, Sir, &c.,
Dinard. R. R: J.
[We welcome the public spirit shown by the writer of this letter. We are sure there are thousands of persons who would gladly subscribe to a 2/ per cent. National Housing Loan for slum clearance, redeemable at par in 50 years.—En. Spectator.]
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