UNEARNED INCREMENT.

Temuka Leader, Issue 2058, 12 June 1890, Page 4

UNEARNED INCREMENT.

The issue of an ° unearned increment” buy arisen in London in a more practical form than that which Henry George is vainly endeavouring to force upon an unwilling world. The author of the single-tax grasps at too large a measure of appropriation, and has arrayed against him not only those whose interests are personally involved but also those wbos instincts of justice are offended by proposals which verge on the wholesale confiscation of property 'J ho problem, however, presents itself in varying shapes. There is one aspect where there can be no difference of opinion that the term “ unearned increment ” is rightfully applied, This is when the Government, either local or general, expends large sums of money on works of national improvement which have the immediate effect ol increasing the value of property in their vicinity. It cannot be said that property-holders have any right to the sole advantage of an increase arising the expenditure of public funds. 'Hie contentions that where the value of property is largely augmented by improvements carried on at the cost of the ratepayers, the 1 amount of each augmentation ought to pass into the municipal treasury, is one hardly' 1 to be combated on principles of justice. This is the question which has just been raised by the London County Council. They are about to undertake the expenditure of an immense sum of money in the improvetpr nt of a certain quarter of the city, ami they contend that property owners in i he vicinity, the value of whose property will bo largely increased, should be compelled to contribute the “ unearned inbrernent ” towards the funds of the Council, Jt is objected to that that if the Council claims ths grided value when properties are benefited, it 'should also be liable for the deterioration when injury is caused. Ibis argument would be more telling if owners who gain were ready to compensate owners who lost, which they are not likely to do, The enforcement of the Council’s de* rrands will be the first example of George’s theory in practice.