124 RATES AND TAXES 



of the last commission on agriculture, which 

 was quoted before l in another connection, is 

 of importance. Over a considerable part of 

 England the economic rent, in the strict 

 sense, has vanished. The rent of land used 

 for agriculture is, to a great extent, simply 

 profit on the capital sunk in the land by the 

 owner, or his predecessors in title. If allow- 

 ance is made for all this expenditure in 

 the past and the necessary renewal, the pure 

 economic rent becomes an insignificant 

 factor. Even J. S. Mill, who is the reputed 

 father of the unearned increment, stated 

 that most of the valuable qualities of agri- 

 cultural land were due to labour, and in 

 that connection, pointed out the importance 

 of the security afforded by the institution of 

 private property, especially in effecting the 

 more permanent improvements. 

 In fact, the greater part of the present 



1 Chapter ii. 



