Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-08
CHAPTER XIV.

CHAPTER XIV.
Jack had said it is great thing to keep
moving, and. although so devoid of ex-
perience in relation to land and building
speculations, he had here undoubtedly
stumbled upon a prime truth. For COM
plete and striking success with any land
development scheme, there must be no
delay; you must march forward to the
appointed goal without long halts, or
even frequent brief pauses occasioned
by meeting unforeseen obstacles. Time
is money all the way. Time, therefore
time to gain or time to lose-was the mat
ter to be first thought of whenever Mr..
Crunden put on his considering cap.
This was his position financially. Such
backing as was necessary he obtained
from the Medford. District United Bank.
He could have raised money through So
licitors who make it their business to
finance builders. ETC.. but he had seen too
much of the trouble and discontinue that
come with that form of support Bank
aid is dear, but it is the safest aid you
can seek, and, for a sound operation, it Is
the cheapest in the end. To his good
bank. friends he had gone then. after
boldly bidding thirty-seven thousand
pounds for Hill Rise. He was worth
twenty-sfx to twenty-seven thousand him
bank. He began to sell his property
without an hours delay, realizing all his
stocks and shares, and going slow only
with his ground rents, which, Of course,
cannot be sold in a tearing hurry. He
soon had twenty-five thousand in hand,
and the balance of fifteen thousand, with
a further five thousand for working cap
ital, he borrowed from the bank on the
security of the title deeds Of Hill Rise.
Nothing could have been better than the
treatment of Mr.. Crunden by the bank
authorities. A solid man to deal with, no
risk to them-why not? They fell in
with all his views, and this was the
method adopted for the perfectly Iesfti-
mate transaction. The. bank agreed to
let the loan take the form of an over
draft, with maximum of twenty thou
sand pounds, which maximum was to be
reduced by minimums of one thousand
every three months; but Mr.. Crunden was
free to pay off as much as he liked when
ever he liked. The bank completed the
purchase for him, and received the deeds
from his London solicitor. Then such
copies were taken as Mr.. Eaton re-
quired for preparing conveyances of the
building plots, and then the deeds went
down into the banks strong and dark
room, never to emerge and rise into the
light again until the bank book showed
Mr.. Crunden's balance on the hight-hand
instead of the left-hand page.
The deeds would soon come out-Mr.
Crunden felt no qualms; Mr.. Bowling
realization of the remainder of his old
ground rents, Mr.. Crunden would steadily
reduce the overdraft; by sale of eligible
plots, of all buildings that he himself put
up, of each new ground lease as created,
he would make further speedy reductions,
and, washing one hand with the other,
wipe off the balance and get clear again.
In two years-if all went well-he should
be able to say to the United Bank: Good
morning and many thanks to you.
"a n % It tac nf
bringing home once more his own deep
sunk money, and then, finally, the reap
ing of the golden harvest of clean profit.
A big profit hanging to it-somethins
thusiastic Bowling. I'VE can't go wrong,
because of the tremendous wide margin.
That's what's attracted me from the
first"
Second only to time as a matter for
consideration in every development
scheme, is the Wilderness of your margin.
In this scheme-after careful estimate OF
all conceivable adverse conditions-the
margin seemed of magnificent Wilderness.
Here were forty acres from which you
must subtract eleven acres occupied by
the Hill Rise houses and gardens. That
left you twenty-nine acres of open
ground, from which again you must SUBJ
tract five acres for your roads, and after
that you had twenty-four acres as map
ped out by bowling into two hundred and
six most attractive plots. Bowling cal
culated that the land all through would
carry without the smallest difficulty an
average ground rent of one hundred
pounds per acre. That is to say: when
the twenty-four acres We're covered
you would have created ground rents
to the pleasant tune of two thou
sand four hundred per annum. which,
when sold at twenty-five years purchase,
would bring the tidy capital sum of sixty
thousand pounds. Thus your margin
smiled widely upon you: Sixty thousand
pounds of profit, minus interest on money
borrowed, loss of interest on money sunk,
cost of roads, law charges. etc, but plus
and what a plus 1t was-the twenty
houses and eleven acres of Hill Rise
Then, indeed, would arrive the golden
epoch. The real battle would be over;
den could quietly demolish and develop
Hill Rise itself. First one side, then the
other-the even numbers first should be
given to the housebreakers; the ground
should be cleared; the lovely attractive
strip-the cream of the whole thing-with
its unique frontage to the common, should
be mapped out in narrowest plots, let to
the best builders, and adorned with neat
est nattiest, most up-to-date little villas
electric bells, tiled bathrooms, no base
ment This. indeed, would be a leisurely
luxurious task-an easy happy time of
all plus, no minus; everything coming in,
nothing going out. -r--t,- 49,
Mr.. Crunden by no means accepted Mr..
Dowlings glittering figures; he made
heavy discounts for temperamental en-
thusiasm; he weighed all things In his
own mental balance. The considering
cap was worn by night and day before he
decided to take the great plunge. He
knew, far better than Bowling, what loss
of interest on capital sometimes means
1t begins as a mischievous little pilferer.
but with time enough it swelis into Q
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