NATIONAL TAXES 47 



of the feudal dues surrendered was only 

 about ;" 1 00,000 per annum ; like the 

 demesne, they had been wasted time out 

 of mind. The general conclusion is that 

 by the beginning of the eighteenth century 

 the Crown, as representing the nation, had 

 lost practically all claim to revenue from 

 land. So far land had been placed on the 

 same footing as other forms of property. 

 This was the recognition of the result of 

 a long period of what may be termed 

 denationalisation of the land. From some 

 points of view, especially as regards urban 

 land, this total abandonment may be a 

 cause for regret. But on the other side, we 

 have to place the benefits derived from the 

 extension of the system of private property. 

 Most economists would agree with Adam 

 Smith that, at any rate, so far as agri- 

 cultural land is concerned, it would 

 generally be advantageous to expose the 



