And this brings one to the very clever scheme © which the Government has invented (one would like to give its real author the credit but is not sure when ther it would be in order), to get houses put up without cost to itself, of the sort it desires. When the land is reclaimed, it is leased for 40 years, free, gracious and for nothing," to anyone who is willing to build on it, under certain conditions. The houses must satisfy the Government's Surveyor, in - design and workmanship. Then the rent must not be more than sufficient to return their owner eight per cent. on his outlay, plus two-and-a-half sinking' fund, one per cent. for repairs, a half per cent. for management during 20 years of the lease and a reasonable sum for insurance against fire and typhoons. Let added that the lease con-. tains the most stringent clauses as regards the owner's -books"
Text read from the printed page and cleaned; old type leaves the occasional error.