is an admirable arrangement. They speak of the profits of
the land monopolist, as if they were the fruits of thrift and industry
and a pleasing example for the poorer classes to imitate. We do not
take that view of the process. We think it is a dog-in-the-manger
game. We see the evil, we see the imposture upon the public, and we
see the consequences in crowded slums, in hampered commerce, in
distorted or restricted development, and in congested centres of
population, and we say here and now to the land monopolist who is
holding up his land--and the pity is, it was not said before--you
shall judge for yourselves whether it is a fair offer or not--we say
to the land monopolist: "This property of yours might be put to
immediate use with general advantage. It is at this minute saleable in
the market at ten times the value at which it is rated. If you choose
to keep it idle in the expectation of still further unearned
increment, then at least you shall be taxed at the true selling value
in the meanwhile." And the Budget proposes a tax of a halfpenny in the
pound on the capital value of all such land; that is to say, a tax
which is a little less in equivalent, than the income-tax would be
upon the property, if the property were fully developed.

That is the second main proposal of the Budget with regard to the
land; and its effects will be, first, to raise an expanding revenue
for the needs of the State; secondly that, half the proceeds of this
tax, as well as of the other land taxes, will go to the municipalities
and local authorities generally to relieve rates; thirdly, the effect
will be, as we believe, to bring land into the market, and thus
somewhat cheapen the price at which land is obtainable for every
object, public and private. By so doing we shall liberate new springs
of enterprise and industry, we shall stimulate building, relieve
overcrowding, and promote employment.

These two taxes, both in themselves financially, economically, and
socially sound, carry with them a further notable advantage. We shall
obtain a complete valuation of the whole of the land in the United
Kingdom. We shall procure an up-to-date Doomsday-book showing the
capital value, apart from buildings and improvements, of every piece
of land. Now, there is nothing new in the principle of valuation for
taxation purposes. It was established fifteen years ago in Lord
Rosebery's Government by the Finance Act of 1894, and it has been
applied ever sin