THE PULFORD STREET SITE
[To the Editor of the SPECTATOR.] SIR,—Mr. G. W. Currie, who wrote to you on February 28th as to the above site, is clearly under the impression that the development of the Millbank area will provide a "golden harvest" for the ratepayers of Westminster.
He suggests, therefore, and in view of the prospect of an expected harvest at an early date, that the Westminster City Council should take over the Pulford Street Scheme, and, further, should provide a scheme in Soho, and carry out work at the corner of Pimlico and Chelsea. Unfortunately, however, there is no likelihood of any "golden harvest" being reaped by the Westminster ratepayers, for their share of the increase in the rateable values in the area will, at least for a period of sixty years, be wiped out by the loss on the Milbank Scheme.
The annual loss for sixty years on that scheme will amount to £7,658, and in addition the ratepayers will lose over 11,000 a year for interest and sinking fund contributions on their share of the capital outlay on the new streets in the Millbank area. It is perfectly true that ultimately, when the area has been fully developed, there will be a material increase in rateable values, but as seven-eighths of the money collected for rates in Westminster has to be paid away to the Precepting Authorities, the direct benefit to the ratepayers will only extend to one-eighth of the increase.
As to a scheme in Soho, apart from any other question, the difficulty is that there are no sites available ; and, further, that property in Soho is of a value which makes building for the working classes prohibitive ; for example, it was found that if the City Council acquired part of Huggins' Brewery site for a housing scheme, the cost for the land alone worked out at upwards of £733 per flat—an impossible figure.
(Chairman of the Housing Committee of the Westminster City Council.) 13 Golden Square, London, W,1.
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