282 STUDIES, SCIENTIFIC AND SOCIAL chap. 



property their personal business. If no house owner of 

 this kind was allowed to employ agents (except tempor- 

 arily) in the entire management of such property (just as 

 the holder of a farm would not be allowed to live at a 

 distance, and manage it entirely by deputy), the wants of 

 the public would be adequately supplied, while the evils 

 now arising from the occupation of temporary houses, the 

 operations of speculative builders, and the system of 

 building leases, would be reduced to a minimum. 



Probabh Results of Land Nationalization. 



Having thus sketched the main features of the system 

 of the Nationalization of the Land here advocated, let us 

 endeavour to trace out some of its probable effects, 

 both while the operation was in progress, as well as after 

 its completion ; and in doing so we shall be able to 

 consider some of the objections that will inevitably be 

 brought against it. 



And first, as to the effect of such a scheme on the value 

 of land. It will no doubt be alleged that the passing of 

 the Act here proposed would immediately lower the value 

 of all landed property, and thus do a direct injury to 

 existing landowners. As, however, anticipations of the 

 effect of certain changes of legislation on the value of land 

 have almost always been falsified by the result, we may 

 well refuse to put much faith in similar prophecies now. 

 If the change here advocated should come into effect, any 

 purchaser of land before the Act passes will be sure of 

 absolute possession for three generations; while, if he 

 purchases after the Act has passed, his prospective 

 possession will extend to only two generations, the pur- 

 chase itself forming one transfer. Now, as such a measure 

 will only be passed, after long discussion and agitation and 

 repeated failures, till at last it is seen to be inevitable, it 

 is probable that there will, towards the last, be a kind of 

 rush to get land before the law is changed ; and this might 

 enhance its value considerably, and compensate for any 

 slight subsequent flill. Then, after the Act has 

 passed, estates will very soon begin to drop in, and these 



