The public quays have been built at the public expense, and even the foreshore upon which they are erected had after great and expensive litigation to be paid for to the uttermost farthing to the landlords, who refused to contribute in the smallest degree to the erection of the quays. The town as it stands has been paid for many times over by the occupiers, and yet the landlords claim it as their own, and except the occupiers are prepared to purchase it over again at a fabulous amount they must clear out and leave the labour of their lives to the landlords, if the Government fails to give them protection."
These words exactly describe the fact—leasehold property, under our present laws, means property which the occupiers must purchase over again at a higher price each time, or "clear out" and leave the labour of their lives to the landlords.[1]
The whole area of London is about 75,000 acres, and the value is about £16,000,000 a year, which gives an average of £200 an acre, but in some parts a square foot is worth from 30s. to 40s. a year, equal to a capital value of from £65,000 to £87,000 the acre. As farmland, it would be worth £4.[2] And this gigantic increase in value is due to the increase of population, and to the industry of that population. No one has yet attempted to show that the ground landlord has by his exertions or abilities caused this increase. The population of London has increased the value of London, and the population pays for that increase. By an ingenious arrangement of rates, the poorer districts pay more in proportion than the richer. Thus Rotherhithe pays 7s. 11d. in the pound, Bow, 8s. 1d., but the district round the Savoy only 4s. 6d. This is the reason why there are
- ↑ "As a matter of fact, the owner contributes nothing to local taxation. Everything is heaped on the occupier. The land would be worthless without roads, and the occupier has to construct, widen, and repair them. It could not be inhabited without proper drainage, and the occupier is constrained to construct and pay for the works which give an initial value to the ground rent, and, after the outlay, enhance it. It could not be occupied without a proper supply of water, and the cost of this supply is levied on the occupier also. In return for this enormous expenditure, he has his rent raised on his improvements, and his taxes increased by them."—Rogers, "Six Centuries of Work and Wages."
- ↑ Mr Bilson, M.P., on Land Values.
