[To THE EDITOR OP THE "SPECrATOa. "] Sin,—My avocation for over
fifty-five years has brought me into close. touch with the development of a large city which, with surrounding districts, separately incorporated, has now a population of a million, and I am therefore quite familiar with the prices of land and real property there. My experi- ence teaches me the following facts :—(1) There is no land "kept out of use." Owners are only too glad to sell agricul- tural land for• building purposes as soon as they get the opportunity to do so. (2) Any attempt to accelerate the transition leads to ruinous loss, either on the owner if be makes building advances, or on the builder• if he has capital of his own. (3) The profits of land development are enormously exaggerated ; losses are quite as frequent as gains. In the great majority of cases the increase in value is neutralised by the accumulation of interest. Even should the case quoted by Mr. Hemmerde be a true one, is it likely that the "cussedness" of a large owner• would be cured by a tax on his land ? Not at all; he would be rendered more obdurate. Even if it would, what a ridiculous remedy is proposed by the disciples of Henry George. To remedy an isolated case they would penalise the entire body of proprietors, small as well as large. Mr. Lloyd George may try to take advantage of the foolish cry against landowners to raise money, but I would like to point out that when the "hen-roost" of the small proprietor is "rifled," the "cackling" will have a serious effect on the Liberal prospects at the General Election.
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