126 RATES AND TAXES 



depression of agriculture is most instructive. 1 

 These tables show that of the rental agreed to 

 about ninety per cent, was actually received. 

 That, by the way, is a reduction of 2s. in the 

 . Over the whole of Great Britain it is 

 estimated that nearly forty per cent, of the 

 rent actually received is disbursed in out- 

 goings, including public charges and the 

 expenditure necessary for the upkeep of the 

 property. Under these public charges no 

 allowance is made for income tax, or any 

 of the ordinary national taxes. Besides this, 

 as regards England and Wales, it is 

 reckoned that the capital expenditure on 

 improvements amounts to one-fifth of the 

 net rent received by the landowner. 

 Observe, this is taking the land as a going 

 concern. The estimates refer to what is 

 being done with the rental that is actually 

 being received. No account is made of the 

 1 See the tables on pp. 27, 28. 



