58 PROCEEDINGS OF THE CANADIAN INSTITUTE. 



18. BoUettino della Societa Geografica Italiana, Ser. II., Vol. X., Novembre, 



1885, Anni XIX., Fas. II., Koma. 



19. Atti clella Societa Toscana di Scienze Natural! in Pisa, Memorie, Vol. 



VI., Fasc. 2, 1885. 



Total, 74. 



Mr. W. A. Douglass, B.A., read a paper on " Rent— a 

 criticism of Professor Walker's woik on that subject." 



In this work the Professor explains what he believes to be the 

 correct theory of lent and then criticizes the writings of Carey, 

 Bastiat, Loiiis-Boilean and Geoi'ge on this subject. He proclaims 

 himself a Ricardian of Ricai-dians. The general theoiy of the value 

 of commodities as taught both by Ricardo and Walker teaches that 

 value depends on two conditions — desii-ability and scarcity; but 

 when they treat of land they both introduce a new theory of value, 

 the conditions of which are desirability and difference. Why this 

 additional theory is necessary neither explains, nor is such explana- 

 tion possible, for the general theory, which makes rent or the value 

 of land depend on desii'abiiity and scarcity, is quite sufficient. The 

 Ricardian theory assumes that the best lands are first occupied, but 

 as soon as population increases so that resort must be had to inferior 

 lands, then the better lands yield as rent the diflference between the 

 productiveness of the supei'ior over the inferior land. While this is 

 true, the growth of land values in cities is due to another cause, 

 viz., the increasing advantage of contiguity giving greater facilities 

 for exchange and subdivision of labour. This force is unnoticed by 

 Walker, and a most astonishing omission made by most writers on 

 this, subject is the enormous ground rents of large cities. Most 

 writers confine their attention to rural districts, where the effect of 

 rent as a factor in the distribution of wealth is least manifest. To 

 discuss rent where it amounts to $5 per acre, and not notice it 

 where it amounts to ten thousandfold that sum is one of the most 

 remarkable ovei'sights in the study of Economics. 



When explaining the theory of rent Walker points out that while 

 lands may differ much in productiveness, the portion of the product 

 retained by the labourer will be equal on all qualities of land and will 

 be the same as the product on the poorest lands cultivated. If com- 

 petition be fully active between these locations the above statement 

 may be accepted as correct. Here two considerations may be 

 noticed : First — does not this give the clue to the correct doctrine of 



