The Sun.
London, England, 1863-06-24 00:00:00

Dwellings for the Industrial Classes.

The 19th annual meeting of the shareholders of
,he Association for Improving the Dwellings of the
[ndustrial Classes was held yesterday afternoon, at

the offices, in Coleman-street, City, Lord Claud
Hamilton, M.P., in the chair. The association has
for its object the erection of dwellings for single
men and families belonging to the working classes,
combining in their construction every possible com-
fort and sanitary improvement. The sets of rooms
are let out at rates as low as is consistent with a
moderate profit. The business was commenced by
the re-election of the retiring directors, after which
the chairman moved the adoption of the report. In
announcing to the meeting a dividend of 3 per cent.
he congratulatyd the_giockty on being the pioneers
of the movement. Since their establishment in 1841

numerous other societies, having similar objects in
view, had been established in London and in dif-
ferent parts of the country. He was sure that he
spok the sentiments of the meeting when he wished
these societies the success they deserved. When
first their own association was established they had
great obstacles to contend against, in the form of
certain legal enactments then existing which com-
pelled them to obtain a royal charter at a very
great expense, not to mention the total want
of experience in such matters, all of which
difficulties had been made smooth to the new
societies. The dividend declared showed the
society to be in a prosperous condition. They had
414 families in occupation of their tenements, only
nine of which were then vacant. The lodgings for
single men were not so successful ; in fact, a small
loss had been incurred in the Soho-chambers. They
had still £9,000 of unsubscribed capital, and he
trusted the shareholders would do all in their power
to assist them in getting out of this difficulty. He
begged to move that the report be confirmed. Mr.
Hill, in seconding the motion, gave an account of
the labour they had to create a taste for clean and
commodious dwellings among the working classes,
who were notoriously apathetic in this matter. In
supporting the motion, Mr. Baker, a shareholder,
said that, looking at the number of aristocratic
names among the shareholders who had taken up 10
shares and less, he thought that the £9,000 in ques-
tion might be easily raised if a deputation or even
the secretary were to call upon and properly repre-
sent to them the disadvantages the association lay
under by having so much unsubscribed capital. He
also called attention to the large mortality among
the Spitalfields tenants. He thought it might be
reduced considerably if a committee were formed to
inspect the premises. By taking such a step a few
years since, they had reduced the rate of mortality
at the Nelson-square houses to 14 per 1,000. The
mortality in the Spitalfields premises was 44 per
1,000, or 20 per 1,000 over the ordinary rate of the
district. Mr. Price, a shareholder, considered that
the association did not pay as well as it ought. A
private speculator in houses would think 3 per
cent very small profit on the capital invested. If
the property did not pay, he thought that, as busi-
ness men, it was their duty to get rid of it. Another
shareholder considered the expenses most dispropor-
tionate to the rent, being in several cases from one
to two-thirds of the amount receive& He did not
think the shareholders should be content with 3 per
cent. on the capital. The Soho-chambers were a
yearly loss to them, and ought to be at once got rid
of. Mr. Scott„ a director, stated that they had
taken legal advice on the subject of the unsubscribed
capital, and it had been determined that they could
not raise any more capital except at par, and he
feared that, with so small a dividend, very few
persons would feel disposed to subscribe for it.
Lord Claud Hamilton reminded one of the speakers
who had mentioned a society with which Alderman
Waterlow was connected as having proposed to pay
a dividend of 10 per cent,, that this sum was only
hypothetical, and had since been reduced by Mr.
Waterlow to five per cent. The secretary further
explained that insuperable obstacles stood in the
way of disposing of the Soho-chambers. They had
much to contend against in the way of heavy rates
and expenses of superintendence. After some
further discussion the motion was passed unani-
mously. A dividend of 3 per cent. was then agreed
to, and the meeting separated after the usual votes
of thanks to the chairman, directors, and officers.