This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1896 Excerpt: ...fifty years. If the council think fit, a portion not exceeding one-fourth of the purchasemoney may remain unpaid, and be secured by a perpetual rent-charge upon the holding. This may, perhaps, be better understood by a simple illustration: --Supposing a man wishes to purchase a small holding, the total cost of which is ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1896 Excerpt: ...fifty years. If the council think fit, a portion not exceeding one-fourth of the purchasemoney may remain unpaid, and be secured by a perpetual rent-charge upon the holding. This may, perhaps, be better understood by a simple illustration: --Supposing a man wishes to purchase a small holding, the total cost of which is; ioo. He will first have to pay down a sum of 20. Then on the %o still remaining he would pay a small halfyearly sum, so as, within a period not exceeding fifty years, to pay off the principal (that is to say, the &o) and the interest thereon. If the County Council borrow the money at 3 or 2 Per cent., as they probably will be able to do, and charge the small holder 1 per cent, additional to provide E what is called a "sinking fund," the half-yearly payment would only be i 13s. Whilst the object of the Act is to create a class of small cultivating owners of land, advantages are also offered to those who cannot pay down the fifth of the purchase-money, or who may require their capital for purchasing stock, etc. To such persons the County Council have power to let small holdings, either up to fifteen acres each, or, if exceeding fifteen acres, then up to 15 annual value. Another important clause gives the County Council power to let or sell small holdings to a number of persons working on a co-operative system, the rules first being approved by the Council. There is also provision in the Act for loans to sitting tenants who wish to purchase their present holdings from their landlords. The County Council have the power to advance four-fifths of the purchase-money, which can be paid off as in the case of those holdings purchased direct from the County Council. Every small holding must be cultivated by the owner...
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