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 Probably if a larger proportion of the capital required for land and building—say 85 per cent. instead of 66 per cent.—were lent to Public Utility Societies, they would spring up all over the country. A Public Utility Society is a group of people who band themselves together to build houses, undertaking to receive not more than 5 per cent. interest on their money. They build, and then let, and give the tenants a real inducement to look after the property well in the form of a bonus if the cost of repairs is low, and if the houses are well let. These Societies are making headway. There are no complete statistics, but whereas in 1905 the capital which the Societies federated with "Co-partnership Tenants Ltd" had invested in houses amounted to £92,000. By the end of 1912 it had risen to £1,190,000. It is a growing movement, and it will grow more rapidly with reasonable encouragement. Of course if the Public Works Loan Commissioners lent a larger proportion of building capital than they do now, they would be