§ 36. Captain CLIVEasked whether the Chancellor of the Exchequer is aware that the First Garden City, Limited, are unable yet to pay a dividend, and that this is to a large extent due to the uncertainty as to their liability for Increment and Undeveloped Land Duties; that whatever liability there may be for these duties has been entirely created by their own enterprise in creating a model city on what was ten years ago agricultural land; and that during these ten years no interest has been paid on the capital contributed by the pioneers of the enterprise; and if he will introduce legislation to prevent this check on the development of garden cities?
§ Mr. LLOYD GEORGEI have heard from the chairman of the First Garden City, Limited, who states that it is ridiculous to suggest that the Land Duties are in any way responsible for their not having paid a dividend hitherto.
§ Captain CLIVEIs the right hon. Gentleman aware that in the last report and in the report of the year before it was stated that the company were not in a position to pay a dividend because they thought it wiser to wait until they saw the result of the Land Duties?
§ Mr. LLOYD GEORGEThat is a very different thing. I have read the actual words written to me by the chairman himself.