SOCIALISM  IN  ENGLAND.

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the  one  representing  the  “  inherent  value,”  which  would  depend
on  natural  conditions,  means  of  communication,  nearness  to
markets,  etc,  and  the  other  consisting  of  the  “  additional  value  **
given  to  the  land  by  landlords  and  occupiers,  such  as  buildings, ­
  fences,  and  permanent  improvements.  The  former  part
will  be  the  “  quit-rent  ”  henceforth  payable  to  the  State,  and
will  be  liable  to  periodic  revision  ;  the  latter  will  be  the  annual
value  of  the  “tenant-right,”  as  Mr.  Wallace  calls  it,  which  is
always  to  remain  the  property  of  the  future  holder  of  the  land.
As  in  future  no  sub-letting  will  be  allowed,  the  “  tenantright
  ”  of  all  lands  not  in  the  actual  occupation  of  the  present
landlords  will  have  to  be  sold.  The  present  tenants  will  have
a  right  of  pre-emption,  and,  in  the  absence  of  agreement  with
the  present  landlords,  the  amount  to  be  paid  will  be  fixed
by  local  Land  Courts.  When  required,  this  sum  will  be
advanced  to  the  tenant  by  authorized  Loan  Societies  or  municipal ­
  authorities,  to  be  repaid  by  means  of  terminable  rentcharges.
  Once  the  “  tenant-right  ”  has  been  thus  purchased,
the  purchaser  will  become  the  tenant  of  the  State,  subject
to  the  quit-rent,  and  the  “  tenant-right  ”  will  thenceforth  be
freely  saleable.
Mr.  Wallace  differs  from  most  other  modem  advocates  of
land  nationalization  in  admitting  that  “  existing  landowners
and  their  expectant  heirs  must  be  compensated.”  *  This,  he
thinks,may  be  fairly  and  adequately  done  by  the  State  securing
to  the  existing  landowner  and  “  to  any  heir  or  heirs  of  his  who
may  be  living  at  the  passing  of  the  Act,  or  who  may  be  born  at
any  time  before  the  decease  of  the  said  owner,”  an  annuity
equivalent  to  the  annual  value  of  the  portion  of  his  property
appropriated  by  the  State,  f  This  proposal  evidently  springs
from  a  sense  of  justice  in  Mr.  Wallace  which  is  lacking  in  Mr.
*  Nevertheless,  Miss  Helen  Taylor  finds  it  compatible  with  her  sense  of
consistency  to  take  an  active  part  both  in  the  Society  formed  for  advocating ­
  Mr.  Wallace’s  views  and  in  that  which  owes  its  inspiration  to  the
writings  of  Henry  George.  She  is  also  on  the  committee  of  the  Social
Democratic  Federation.  .  .
t  In  the  programme  of  the  Land  Nationalization  Society  the  annuity  is
restricted  to  the  landlord  and  “  such  of  his  heirs  as  may  have  been  alive  at
the  passing  of  the  Act.”