Russel Wallace : Alfred Russell Wallace (sic)
Dear Mr. Hyder,
I most heartily congratulate the Society on the large instalment of recognition of its claims in Mr. Lloyd George's new Budget. The most important of these is the 20 per cent. tax on future unearned increments on land. Considering that land is often bought at a price far above that of its actual productivity in view of its expected future value, this is a very large first step. I would therefore suggest that it be heartily accepted by our Parliamentary members without "asking for more." The Chancellor has a sufficiently arduous task before him without being in any way hampered by his friends and supporters.
The taxes on Mineral Royalties, and on the Capital value of all undeveloped land, are in the same category. They recognised the rights of the community to resume a portion of these property rights by special taxation, which may be in the future indefinitely increased.
The 10 per cent. reversion duty on the increased value of expiring leaseholds is also good.
The general valuation of land apart from improvements to be made at once, is a thorough recognition of the fundamental principle on which our Society is founded, and will greatly facilitate the future expansion of legislation in the direction of complete Nationalisation. I have myself little doubt that in persuading the Cabinet to adopt such radical and far-reaching proposals, the Chancellor of the Exchequer owes much to the support and advocacy of our esteemed Vice President, the Rt. Hon. John Burns.
With best wishes for our future progress.
Yours very sincerely,