We can only hope that the taxation of land values
will not reproduce the disastrous experience of Mr. Lloyd George's " People's Budget." It is an attractive argument that the owners of sites ripe for building have no right to ask to be taxed at the rate of agricultural land ; but unfortunately facts have so far been stronger than theory. The administration of Mr. Lloyd George's site-value taxation cost at least three millions more than the amount produced. Another point to the discredit of his taxes was that they brought cheap building nearly to a standstill. In the end Mr. Lloyd George helped to jeer them out of existence. It is possible that the conditions which have arisen since the War have changed the situation enough to justify another experiment. Several local authorities, not renowned for progressive opinions, have been startled by the increase in the value of land along the arterial roads and have persuaded themselves that it would be safe to claim a share of the increased value for the public. Whatever may happen, we hope that Mr. Lloyd George's disaster will be kept in careful recollection in order that errors may be on the side of caution, not of rashness. * * * *
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