When all is said in favour of the climate and
soil of New Zealand, and its smaller burden of taxes, I cannot believe that this degree of superiority is inherently justified. Consider the case—to quote another instance—of the. Welwyn garden city. The land for its site, including attractive woods and some houses, was bought at public auction for very little more than the New Zealand farm. Below the ground were excellent sand, and water, superexcellent gravel, which is a very valuable mineral, and good brick clay. The property bounded by the Great North Road, and cut by the Great Northern Railway, with another single line, giving direct access to London, distant twenty-two miles. Can anyone ToF a moment believe that such utter collapse of value in land is anything more than a temporary accident ? And values are often even lower than such examples suggest. Thousands of acres—not least near London—are virtually unsaleable and rents as low as 8s. 6d. an acre on goodish land, and even 4s. on thinner soils.
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