THE Thames Star. TUESDAY, OCTOBER 20, 1925. LABOUR’S LAND POLICY.

Thames Star, Volume LIX, Issue 16623, 20 October 1925, Page 4

THE Thames Star.

TUESDAY, OCTOBER 20, 1925. LABOUR’S LAND POLICY.

“With malice towards none; with charity for all; with firmness in the right, as God gives us to see the right.”—Lincoln.

In the words of a valued contemporary, Mr Holland certainly shows some imagination, as his Party intends, when they take office, to make a radical departure in land tenure. Holders of freehold will not be allowed to sell except to the State. Front the Crown came the title to the land, to the Crown it must return. If, we understand the honourable gentleman’s scheme, every bit of land in ■the Dominion will be valued by the Government, and the value so ascertained, plus any money the owner can show has been spent on improvements since the date of .the mew regime, will determine his interest whenever he wishes to surrender his land to the State. This, of course, means that if the property increases in value, the benefit will go to the country, not to 'the owner. If the principle that any accretion in value shall endure for the benefit of the Government and not the individual, it must apply equally to the urban sections as well as to rural lands. Mr Holland says his party will commence with country blocks over £20,000 in value, but we have no doubt the Act will be applied to ever-descending values until the speculator in town sections will be reached. Apart from the interference with private rights, which, after all, is a question for the Legislature, equally with the bringing in of capital levy, we do not see where the cash which will be required, is to come from, as, if the owner is to receive no benefit from future acquired value, a great many will ibe anxious to sell without delay, and invest upon some other form of security, which, in addition to its may have a potential value. There is a. gambling instinct in most people, .and as no one could, under Mr Holland’s Act, obtain any speculative advantage by holding property, the treasury would soon be depleted. It would no doubt be open for the Government to pay by bonds, at long dates carrying interest or not, as they might decide. These, however, if issued in any quantity, say ten or fifteen millions, would fall in value in an ever-incTeas-ifig descent, until they would not be worth one-tenth of their.face value, carrying with them the same depreciation on Government stock all over the world. It would be open for the Government, by legislation, to compel a man to sell his property in return for worthless bonds, just as easy as it would, if they had the necessary majority, to confiscate one-third of its wealth, to increase the incometax to ten shillings, and to make the death duties fifty per cent. These are all possibilities, some people think probabilities, if Mr Holland comes into power 1 . The rest of his policy includes pensions to all who need them, and their name is legion, at the 'expense of the taxpayer.