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unless you have such masses of people congregated together as there are in the large so-called model lodginghouses. I know in those Model Homes I have erected, I have not heard one instance of injuring or destruction nor had one watercloset stopped even, but the tenants seem to thoroughly appreciate both the comforts provided for them, the confidence reposed in them, and their independence in the absence of all rules and regulations.

CHAPTER XII.

ADVICE TO INVESTORS INTENDING TO BUILD OR ADAPT-CONCLUDING REMARKS.

A FEW Concluding remarks will be considered necessary, and I write them with reluctance, hesitating to launch my book into the troubled waters of public opinion, feeling that however much deep study and thought I may have devoted to this subject, I may not have expressed the matter in such language as first to engage the earnest attention of my reader, and having done that to make him so thoroughly comprehend the designs, plans and details, including outlays and costs, that he may, should I carry him thus far, be thoroughly master of what is really required, and of my projects to meet such wants. Deeply convinced as I am that this subject is of the highest and first importance, and admitted so to be (as I have by a few quotations shown) by all the leading men of the day, I have endeavoured herein to give at all events a safe, practical, and economical mode of meeting this acknowledged requirement, and one, also, by which the investors, while feeling they are helping forward a truly English work, will find that they are also realising a fair interest for their capital. But I would remind intending investors of a few pitfalls, for as any failure of realising a dividend

might probably condemn my plans, I am most naturally anxious to prevent such a catastrophe.

First, employ a professional man, one well versed in the locality in which it is intended to purchase the land or houses, or to rent them (this is more especially necessary in dealing with London property), one who has had to deal with land and houses, so that you may not pay too dearly for them, because it must be quite clear to my readers that building these homes or adapting existing houses to the purpose must ever be subject to the law which governs all investments, namely, that if we buy at a low price our dividend must be increased thereby.

Secondly, do not attempt to purchase or rent premises yourself without such advice, and do not let the vendor know the object for which you require them. Remember what Mr. H. Roberts says in his essay On the Improvement of the Dwellings of the Working Classes' on this point :

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'The fact of property being enquired after by philanthropic persons, gives to it a fictitious value, and in numerous instances the object has thus been defeated, or the price paid for the property has been so high, that with the outlay for repairs, its net return is such as to discourage any further attempts of the same kind.' But let your professional man go into the ket as any other buyer, and buy at the Auction Mart or elsewhere. If it be land, then only buy such land as would command tenants at profitable rents if the ordinary speculative builder ran up his one-plan houses. If houses for conversion, then only such as are producing

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a fair return on what is proposed to be given for them ; or if not producing rent, being shut up by authority under the new Act of Parliament, or too dilapidated to let, then he must carefully go into the question; and here his decision and calculations are most important, and naturally lie at the root of success. All I advance and consider I have proved is, first, that on the same land I can build my Homes to yield a larger profit than the speculative builders' houses do; secondly, that I can adapt existing buildings, and the outlay shall make a better return than is produced by them at present.

Thirdly, when you have purchased or rented the land or houses, have plans carefully prepared by an architect, as in many cases the plans will require varying to adapt them to the peculiarities of the land or the houses, so as to take the best advantage of them.

Fourthly, have the work done according to the architect's specification by contract. Let the architect invite tenders from three or four well-known builders; by this means you will know the cost, and you will get your buildings done well-a most important consideration both for the health and comfort of the tenants and to secure the proper return on capital invested.

I now commend my work to the public, and shall feel much obliged for any suggestions that may be offered, to which I will refer if I again employ my pen on this subject.

Spottiswoode & Co., Printers, New-street Square, London.

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