SOCIALISM IN ENGLAND. 
295 
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 build 
ings, 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 “ tenant- 
right ” 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 muni 
cipal authorities, to be repaid by means of terminable rent- 
charges. 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 advo 
cating 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.”