on land have a security the safety of which is largely determined by the consideration, aye or no, are other and yet more valuable works to be simultaneously carried out by others at their own expense, which other works are to become a security in respect cf the first-mentioned advance; and, applying this second truism, I say that, as the money for effecting the public improvements here described would only be asked for as and when other improvements—factories, houses, shops, etc. (costing far more money than the public works necessary at any given period)—were about to be built or were in process of building, the quality of the security would be a very high one.
(3) It is difficult to name a better security than that offered when money is to be expended in converting an agricultural estate into an urban, and this of the very best known type.
That the scheme is in reality a 3 per cent. security, and would in its later stages become so, I entertain little doubt; but I do not forget that, though its points of novelty are the very elements which really make it secure, they may not make it seem so, and that those who are merely looking out for an investment may eye it with some distrust because of its novelty. We shall have in the first instance to look to those who will advance money with somewhat mixed motives—public spirit, love of enterprise, and possibly, as to some persons, with a lurking belief that they will be able to dispose of their debentures at a premium, as they probably will. Therefore, I put down 4½. per cent., but if anyone's conscience prick him he may tender at 2 or 2½, or may even advance money without interest.
