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 CHAPTER II.

the essential differences between Garden City and other municipalities, one of the chief is its method of raising its revenue. Its entire revenue is derived from rents; and one of the purposes of this work is to show that the rents which may very reasonably be expected from the various tenants on the estate will be amply sufficient, if paid into the coffers of Garden City, (a) to pay the interest on the money with which the estate is purchased, (b) to provide a sinking-fund for the purpose of paying off the principal, (c) to construct and maintain all such works as are usually constructed and maintained by municipal and other local authorities out of rates compulsorily levied, and (d) (after redemption of debentures) to provide a large surplus for other purposes, such as old-age pensions or insurance against accident and sickness.

Perhaps no difference between town and country is more noticeable than the difference in the rent charged for the use of the soil. Thus, while in some parts of London the rent is equal to £30,000 an acre, £4 an acre is an extremely high rent for agricultural land. This enormous difference of rental value is, of course, almost entirely due to the presence in the one case and the absence in the other of a large population; and, as it