Later on Tuesday Mr. Chamberlain produced his Bill to "empower
local authorities to advance money for enabling persons to acquire the ownership of small houses in which they reside." The Bill merely extends the principle already at work as to small farms in Ireland and as to the holders of small tenancies in England. The present Bill is voluntary at every step. Unless they each and all wish to do so, the occupier need not buy, the owner need not sell, and the local authority need not lend. Any man who lives in a house not worth more than £300, if he can get the assent of the local authority, can borrow a sum of money not more than four-fifths of the purchase-price, and become the owner of the house. The chief safeguard of the Bill is that whenever the expenses under the Bill rise to above a rate of id. in the pound, the operation of the Bill shall be suspended. The owner may transfer freely, but if he does not reside or transfer he may be called on to resell to the local authority. If the purchaser does not (1) pay his instalments, (2) insure the house, (3) keep it in a proper condition, he will forfeit his property.
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