A LAND POLICY

New Zealand Herald, Volume LXXV, Issue 23029, 5 May 1938, Page 19

A LAND POLICY

Sir, —Mr. Johnstone should not assume an opponent to be less well informed than himself, nor should ho characterise an opposite opinion to his own as'"rubbish, because that is not argument. I know that sections of land in Queen Street are obtained only by paying for them; but 1 also know that 53 years ago when I first saw them most could be bought for from a quarter to one-tenth their present price. Mr. Johnstone, as an economist, argues very loosely. He continually speaks ot "land values," that,* is, the market price of any portion of land. I speak of the "site value," which is only a part of the total value. It is almost the same as what is termed the "unearned increment." Mr. Johnstone would prevent all future private appropriation of this increase, but sees an injustico in depriving the present owners of unjustly acquired wealth during a hundred years: even if done gradually. 1 deny his contention that a gradual confiscation at the rate.proposed by me. i.e., threepence in the pound annually of three-fourths of the "site value," leaving one-fourth in the pockets of the landowners, would have the ruinous effect lie says it would. Mr. Johnstone writes as if owning had no peculiarity as a monopoly. One owns land to the exclusion of the rest of the community. Its ownership confers an advautage unknown to all other forms of property, lliis ends mv participation in the discussion, and I hope that if Mr. Johnstone exercises his right of final reply ho _ will retrain from padding his letter with the tootoo obvious economic dicta he is so prone to do. Alexander Fiusek.