xvi HOW TO NATIONALIZE THE LAND 283 



will be altogether withdrawn from the land market so far 

 as investment is concerned. This will diminish the supply 

 of saleable land, and will thus tend to keep up the high 

 prices previously attained. Again, we must remember 

 that to the majority of purchasers of land absolute 

 possession for two generations (or two transfers) after 

 themselves would be practically the same as a theoretical 

 perpetuity of ownership ; for the present perpetuity of 

 ownership of freehold land is, in most cases, imaginary, as 

 no man can possibly tell what will become of it in the 

 third generation after his decease ; or, at all events, he will 

 not be able to do so when entails are abolished, and this 

 abolition of entails is always taken for granted as having 

 occurred before the present scheme comes into operation. 

 Another important consideration is, that all the land of 

 the country will be equally affected ; and it is a great 

 question whether any such change of the law could lower 

 in value all the land of the country, while its population 

 continued to increase. If some districts were excepted 

 and retained their land as freehold, while others came 

 under the operation of the new law, no doubt there would 

 be some difference of value produced, though even then it 

 would not be much ; but as all land would be at first on an 

 equality in this respect, and the alteration of tenure 

 would be so remote that its effect would be more senti- 

 mental than real, it is a question whether the continually 

 diminishing supply of land would not for a considerable 

 time keep up its full market value. When we pass on to 

 the second or third generation after the new law had come 

 into operation, the question becomes still more complicated, 

 and it is not easy to say whether there would be even 

 then any important fall in value. For by that time so 

 much of the land of the country would have gone entirely 

 out of the market as a possible investment (being held by 

 personal occupiers under the State), that all other classes 

 of securities, such as railway debentures, tramroad and 

 telegraph shares, colonial and municipal bonds, and 

 Government stocks, would be in great demand, and, there- 

 fore, increase in value. This would certainly react upon 

 land ; and as this could still be purchased for one life, 



