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 3 1924 013 761 543 
 
 ALBERT R. MANN 
 LIBRARY 
 
 New York State Colleges 
 
 OF 
 
 Agriculture and Home Economics 
 
 AT 
 
 Cornell University 
 
Second Series No. 7. 
 
 Statistical and Other Memoranda upon 
 
 Political and Social Questions 
 
 OF THE Day. 
 
 LAN D TAXAT ION 
 
 THE EFFECT OF THE SINGLE TAX. 
 
 1. Views of the Comptroller of the London 
 
 County Council. 
 
 2. Memorandum of the Council of the Surveyors' 
 
 Institution. 
 
 OCTOBER, 1912. 
 
 These Memoranda are supplied on application, to Sub- 
 scribers to the Department of Social Economics of 
 the London Municipal Society, 33, Tothill Street, 
 Westminster, S.W. 
 

 THE 
 Chairman : 
 CAPTAIN H. M. JESSEL, M.P. 
 
 PremUent ol tha Society: 
 DUKE OF nORFOLK, E.M., P.C, 
 Secretary.- 
 W. G. TOWLER, 
 
 K.G. 
 
 Statistical Seeretaryt 
 S. ROSENBAUM, M.Sc. F.S.S. 
 
 ocial ques- 
 i"^! embers of 
 interested in 
 
 The Department of Social Economics lias for one of its ijrimary objects 
 the educational training of speakers with regard to social and economic 
 questions. 
 
 A systematic exposition of the principles uridej'lyjng the production 
 and distribution oi woalch is givaa to olas&cf. at i;he z^h jol of the Depart- 
 ment in Tothill Street. 
 
 This is supplemented from time to time by Lectures. Special attention 
 is giver, t-^ g-at^^ti.^s 
 
 Reliable Pacts and Figures upon the politi 
 tions oJ v.'ns day ^.rn .'•urii;.?;-! :y (he Ci-spaitrCiti'i 
 Parliament, Parliamentary Candidates, .and others 
 fighting Socialism. 
 
 Trained speakers, to whom special information can be supplied 
 if needed for special purposes, are available. 
 
 The Department has already given assistance to many Members of 
 Parliament and Parliamentary and Municipal Candidates. 
 
 A second series of statistical and other memoranda is now being 
 compiled dealing speciiically with the statistical side of the problems 
 of the day. The division of "surplus" between Capital and Labour 
 in the most prominent national industries, and other important 
 matters, are being dealt with in this respect, and as the figures given 
 are official, and the authorities are quoted, they will form an invaluable 
 fund of information for all those engaged in combating Socialism. 
 
 AppUaatimis for Spealcers ami Literaiure to be made to 
 
 THE SECRETARY, LONDON MUNICIPAL SOCIETY, 
 Sanctuary House, 
 U3, lOVKlLL STlAIiirV-, Jk^lii^rLirJU:^ 
 
Second Series, No. 7. 
 
 LAND TAXATION. 
 
 THE EFFECT OF THE SINGLE TAX. 
 
 1. VIEWS OF THE COMPTROLLER OF THE 
 
 LONDON COUNTY COUNCIL. 
 
 2. MEMORANDUM OF THE COUNCIL OF THE 
 
 SURVEYORS' INSTITUTION. 
 
 Correspondence in the newspapers lately reveals how few 
 people realise the likely effects of what is called the Single Tax. 
 There is, however, one authority who understands questions of 
 rating and taxation and whose views are of supreme importance. 
 This is Mr. Haward, the Comptroller of the London County 
 Council, an official especially capable of mastering the intricacies 
 of such a complex problem. Mr. Haward has supplied his views 
 on the question to the Institute of Municipal Treasurers and 
 Accountaints, and these are herewith summarised and quoted. 
 
 Briefly, it may be mentioned at the outset, that Mr. Haward 
 doubts the advisability of the Single Tax ; but let him speak 
 for himself. 
 
 Generally he believes : — 
 
 1. A moderate rate upon site values would not largely affects 
 the real incidence of rates as between owner and occupier if 
 existing contracts are respected, and would only affect such 
 incidence if existing contracts were disregarded. 
 
 2. Such alterations of incidence of rates as might I'esult 
 from the levy of a rate upon the owners of site values would 
 benefit occupiers. 
 
3. Such a rate, if levied upon unoccupied land and the sites of 
 unoccupied houses, would secure an additional contribution from 
 owners in aid of local rates. 
 
 4. A rate upon site values would effect a readjustment of 
 rates between individual ratepayers within each rating area, 
 causing more rates to be paid by the ratepayers in the central 
 parts and less by those occupying the suburban parts of such 
 area, but that the justification for such a rearrangement of burden 
 is not easily apparent, and its social and economic advantages 
 are doubtful. 
 
 5. The case for a rate upon site values has been partly and 
 effectively met by the levy upon the owners of land of the new 
 duties on land values under the Finance Act of 1910. 
 
 6. It is very doubtful whether, in the circumstances, the 
 practical difficulties and complications necessarily involved in 
 the levy of a rate upon site values on the lines of thb schemes 
 hitherto considered, alongside of "the existing rating system and 
 new land value duties, would be justified, having regard to the 
 limited advantages which might result therefrom, and that in 
 any case it would be desirable to postpone its consideration 
 until the new State valuation has been completed. 
 
 A Rate of 20s. in the £. 
 
 No one is able to more than guess at the possibilities of the 
 Single Tax, and even Mr. Haward, who has facilities for arriving 
 at such conclusions, declares that as to the general financial 
 effect of the scheme no useful calculations can be made until 
 the State valuation is completed. Nevertheless, he ventures to 
 put forward the subjoined indication :— 
 
 "According to the scheme, an aggregate sum of £106,000,000 
 would have to be raised by rates and taxes on land 
 values. In order to produce this sum from a rate of twenty 
 shillings in the pound on annual value, or a shilling in the 
 pound on capital value, the annual value of land in the United 
 Kingdom would have to be i;i06,000,000 — capital value say 
 £2,120,000,000. The annual value of London land was estimated 
 in 1897 at £15,000,000 (capital value say £300,000,000), or about 
 42 per cent, of the total assessable value at that time of land 
 and buildings (£36,000,000). As to the amount of site value rate 
 necessary in London the total amount of local rates raised in 
 London in 1908-9 was £15,300,000. To produce this amount a 
 site value rate of upwards of twenty shillings in the pound on 
 
atinual value, or one shilling in the pound on capital value, 
 would be required, while a further site tax value would be 
 needed to provide the equivalent of the present Imperial 
 subventions in aid of local rates and the ' breakfast-table taxes ' 
 proposed to be abolished. This would be a national tax levied 
 equally on all site values, and as the amount of the tax cannot 
 be estimated until the total land value of the United Kingdom 
 is known, the amount falling on London cannot be given." 
 
 A scheme involving the adoption of land values as the sole 
 basis of rating, Mr. Haward points out, would revolutionise the 
 present system of rating by making site values, instead of thu 
 value of the whole hereditament (land plus buildings), the sole 
 standard of rating, and would place additional taxes on land for the 
 purposes of the National Exchequer. Until the Government valua- 
 tion of land has been completed it is impossible to calculate how 
 this new scheme would work out financially in a given district, 
 but the general effect upon certain classes of ratepayers can be 
 indicated. Thus, Mr. Haward declares that there seems no 
 doubt that the rates of agricultural land would be increased. 
 Not only is it proposed to raise by rates on site values the whole 
 amount of ^71,000,000 now raised by rates in the United 
 Kingdom, but also the large sum of £25,000,000 now given from 
 the Imperial Exchequer in aid of national services, together 
 with a sum of nearly £10,000,000 now received by the Imperial 
 Exchequer from the "breakfast-table taxes," or, altogether, a 
 total sum of £106,000,000. Thus, an amount fifty per cent, in 
 excess of the sum now raised by rates is to be levied by rates 
 and taxes on land values. The burden of any increase in the 
 amount of rates payable in respect of agricultural land let for 
 small holdings would inevitably have to be borne by the 
 occupiers, as the rents charged by the County Councils as land- 
 lords are fixed so as to cover all outgoings. Persons residing, 
 and businesses carried on, in the central parts of each rating 
 area, where land is relatively valuable, and site value forms a 
 large part of total value, would be called upon to bear a heavier 
 rate burden than before, while persons and businesses occupying 
 suburban districts would, on the whole, pay less. If, as some 
 authorities contend, all reductions of rates are virtually a present 
 to the owners of land, the new scheme of rating would be the 
 means of benefiting one set of owners of land at the expense of 
 another set in the same rating area. If, on the other hand, the 
 burden of rates is on the occupier, the new scheme amounts to 
 the same thing as applied to sets of occupiers. 
 
A Single Tax mbans Higheb Rents. 
 
 Dealing in more detail with the probable effect of adopting 
 land values as the basis of rating, Mr. Haward says :— 
 
 " It is not clear whether rates would, under the new system, 
 be levied on the owners or the occupiers. Varying opinions are 
 held by the advocates of the scheme on this point. Assuming 
 that the rates are raised from the owners, the latter would, after 
 the expiration of existing contracts (assuming that the same 
 are to be respected), pay all the local rates and recoup them- 
 selves, so far as they could do so, by increasing rents. Their 
 success in this direction would depend in each individual case 
 upon the economic strength of the respective parties to the con- 
 tract and a variety of other considerations. Thereafter, no 
 occupier, other than owner occupiers, would pay rates except in 
 the form of rent. The incidence of rates would be further 
 altered, viz., as between owners and occupiers alike owning or 
 occupying land in the different parts of each rating area. 
 
 " Local rates being levied in respect of land values (probably 
 capital values) and not in respect of the occupation of property, 
 the owners of all unoccupied land and of the sites of all empty 
 houses would be liable for rates. In England and Wales where 
 under the present rating system no rates are payable on un- 
 occupied property (unless under a compounding arrangement), 
 the new system would thus bring about a very considerable 
 change in this respect alone. If the result of the rating of 
 empty houses were to discourage building enterprise the 
 advantage claimed for the rating of vacant land as stimulating 
 the building industry might be neutralised." 
 
 The Comptroller of the London County Council gives his 
 views upon the effect on present ratepayers. 
 
 Thus, if levied on the occupiers, the result would be : — 
 
 (i.) The ratepayers as a whole would not be affected 
 under existing contracts, because the whole of the proceeds 
 of the new rate would go to reduce the existing rates, but 
 the individual ratepayers in the central districts of towns 
 would pay more, and those in suburban or outlying parts 
 of the same rating area would pay less, because site value 
 forms a relatively larger proportion of rental in the 
 central parts than it does in the outer rings of urban 
 communities. 
 
(ii.) The ratepayers would have the opportunity on 
 the expiration of their existing tenancies of throwing 
 back the charge (assuming that it is the whole and not 
 one-half, as suggested by the five Commissioners) by 
 deducting it from their rents. 
 
 (iii.) The owners would have regard to the new 
 charge or deduction from their rents in determining 
 the rents under the new contracts, and the real incidence 
 of the new rate thereafter would depend upon which 
 party was in the stronger economic position. It is 
 tolerably certain that, wherever possible, rents would be 
 increased, but some part of the incidence would rest upon 
 owners. 
 
 If levied upon owners, then this would be the result : — 
 
 The owners would have to bear the charge, existing 
 contracts to the contrary notwithstanding, until the 
 expiration of the tenancies, when they would be in much 
 the same position for recouping themselves by charging 
 higher rents as if the new rate had been levied upon the 
 occupiers with right of deduction. It may be that the 
 ultimate incidence of the new rate would not be so easily 
 shifted on to the occupiers if charged and collected from 
 owners. The rate, being payable whether land or premises 
 are occupied or not, would fall entirely upon owners while 
 the property was unlet. 
 
 The foregoing views are, of course, those of Mr. Haward 
 himself, and not of the London County Council. They are 
 especially valuable at this moment, and the, quotations indicate 
 the complexity of the problem. 
 
 MEMORANDUM OF SURVEYORS' INSTITUTION. 
 
 The Council of the Surveyors' Institution has, under date 
 July of this year, issued a most important Memorandum on the 
 proposals to levy Rates and Taxes on the Unimproved Site Value 
 of Land. The Memorandum is of great value, both from the 
 fact that it deals most lucidly with what is an exceedingly 
 complex subject, and also that it deals with the. subject from a 
 practical as contrasted with a merely theoretical standpoint. 
 
 The Memorandum begins by reciting that the great increase 
 during the past twenty-five years in the burden of local taxation 
 
has aroused in this country widespread discontent. Certain 
 persons, consequently, have utilised the occasion to advocate 
 the placing of the entire charge for local and Imperial taxation 
 solely upon the capital value of bare land — otherwise known as 
 the Single Tax system. This proposed system, the Council 
 points out, is designed to render the private ownership of land in 
 the first place unprofitable and eventually impossible. Further, 
 they state, it would have the unjust effect of relieving all wealth, 
 except that arising from investments in land, from directly con- 
 tributing towards local or national expenditure. 
 
 A less extreme proposal, they go on to state, is one which 
 involves the same principle, and which has for its object the 
 raising of money by means of a tax upon the capital value of 
 bare land ; a " further modification being the more recent sug- 
 gestion that what are usually known as the national services, 
 such as education, police, poor relief, and the maintenance of 
 main roads, should be provided for out of an Imperial tax of 
 that description, local authorities being given the option of 
 obtaining what is required for local purposes, either in a similar 
 manner or by levying rates on annual values as now calculated." 
 
 The Report rightly draws attention to the fact that at the 
 present time a sum of upwards of 25 millions sterling is annually 
 contributed out of Imperial taxation towards the cost of the 
 national services administered by local authorities. 
 
 The Council next proceeds to analyse the real incidence of 
 the Single Tax, as contrasted with the nominal incidence of that 
 tax, a distinction not yet sufHciently appreciated by the public 
 at large, or otherwise the Land Tax proposals as at present 
 administered would receive but short shrift. 
 
 " It is evident that no labelling of a tax," states the Report, 
 "will aflfect the question upon whom it will ultimately fall. 
 As has been truly said, 'A foreseen impost levied from the 
 owner does not lose the property of transference to the occupier, 
 because it is called <i rate on site value.' Disregarding existing 
 contracts, it may safely be said that no modification of our 
 rating or taxing system will materially aflfect the final 
 allocation of the burden as between landlords and tenants." 
 
 The Council emphasises the important fact that " The prin- 
 cipal effect of the Single Taxers' proposed alteration in our 
 rating system would be to alter the proportion of the total 
 
bui-den payable in respect of diiferent desariptions of property. 
 It would not affect the division of the payment between 
 persons having different interests in the same piece of 
 land." 
 
 They next enter upon the intricate question of an estimate 
 as to the value of unimproved sites. As to this, they say : " An 
 attempt to arrive at the value of the whole of the land in 
 the United Kingdom must clearly be merely an estimate, 
 but for the purpose of the above calculation it has been neces- 
 sary to make such an estimate, and the unimproved site value 
 of the whole of the land in the United Kingdom has 
 been calculated to be approximately three thousand 
 millions sterling. 
 
 Were the whole of the national local expenses of this country, 
 amounting approximately to £:250, 000,000, annually raised by 
 means of the Single Tax, a yearly rate of about Is. 8d. in the 
 £ on capital value would, they calculate, be required — equal to 
 an income tax of £2 Is. 8d. in the £ on the annual value of the 
 land estimated at 4 per cent, on the capital value. 
 
 " A study of the schedule will, they observe, " show the 
 absurdity of measuring either ' ability to pay ' or ' benefit 
 received ' — the only equitable measures of liability to taxation 
 — by the site value of the land occupied. For instance, it is 
 -clear that no definite rule could be laid down as to the probable 
 efi'ect of the tax upon any particular class of property, except 
 in the case of agricultural land, on which the burden would 
 be uniformly increased." 
 
 They next proceed to analyse the alleged advantages which 
 the advocates of these land proposals claim on their behalf. 
 
 First, as to the suggestion that a ii,ew source of revenue would be 
 provided. 
 
 " This," they state, " can be true only so far as it applies 
 to land which is undeveloped, although even this is already 
 liable to Undeveloped Land Duty, Increment Value Duty, and 
 Death Duties. It is also liable to Land Tax, unless that tax has 
 been redeemed at the expense of the owner. It is true that such 
 land, if unoccupied, at present makes no contribution to local 
 rates, while, even if occupied, the annual value upon which the 
 rates are assessed may bear no proportion to the capital value, 
 and it is doubtless to this apparent exemption of undeveloped 
 
8 
 
 land from local burdens that the proposal to rate land out 
 capital value is largely due. But the false conception that 
 builders, manufacturers, or others, are prepared at any moment 
 to cover land with houses, shops, or trade premises, if the price- 
 be favourable, has evidently had considerable influence on the 
 advocates of the new method of taxation. The fact should not 
 be overlooked that until land is ripe for building, any value 
 which may attach to it, apart from its immediate annual value 
 for other purposes, is problematical, being based upon the proba- 
 bility of its being needed for a particular purpose, e.g., for build- 
 ing. Under our existing system of rating, latent values are 
 assessed as soon as they become available, and to adopt the 
 proposals under consideration would merely be to 
 permit the taxation authorities to appropriate year 
 by year, in the form of a rate or tax, an instal- 
 ment of the capital invested in land, and incapable 
 of producing any present return, or at best one bearing 
 no adequate proportion to its capital value. In the event, there- 
 fore, of an owner having no source of income other than his 
 land, he could meet the tax, as from time to time it became due, 
 only by raising loans on the security of his property, if a lender 
 could be found. With the tax at 8d. in the £, the owner would 
 pay in taxation in 30 years, which is not a long period in the 
 development of a building estate, the whole value of his land,, 
 and no increase in its value would enable him to meet the charge,, 
 because the assessment would presumably increase pro rata with 
 the increase in the value of the land. 
 
 (2) — As to the suggestion that industry would he freed from the burdens- 
 of taxation. 
 
 " Whether this contention is or is not true,' states the- 
 Eeport, " in any particular case must depend upon the propor- 
 tion which the value of the site alone bears to the value of the 
 site and buildings taken together. When the value of the 
 site is high in proportion to the total value, the burden 
 would usually be increased if rates were assessed upon 
 the unimproved site value, and the converse would also apply. 
 The amount of land required for carrying on any particular 
 industry could not in any case be accepted as a reasonable 
 criterion of the amount of taxation to which it should be 
 subject, and an examination of the annexed schedule will show 
 that a tax on site value would fall unequally, and certainly 
 would not in all instances prove beneficial to industry." 
 
9 
 
 (3) — As to the suggestion that land for building would be cheapened 
 by hehig forced into the market and house rents thereby 
 cheapened. 
 
 " This argument is based upon the supposition that land is 
 held up in order to secure unreasonble prices, and thus kept out 
 of the market to the detriment of building development. But 
 the evidence before the Select Committee on Town Holdings 
 was directly opposed to this view. Nor was their Report more 
 favourable, for it contains among the conclusions a definite 
 statement that, while the rating of vacant land would, no doubt, 
 add to the inducements already operating upon owners to 
 dispose of their land as quickly as possible, it would also 
 promote the accumulation of land In the hands of rich 
 proprietors or syndicates ; and as regards the smaller 
 class of builders, it would tend either to keep them out 
 of the trade or to hamper their transactions. By a 
 natural sequence the duty of providing small houses would be 
 thrown upon either the Imperial or local authorities. It is 
 hardly necessary to point out that the result must be a great 
 increase in the cost of production, which would injure the 
 occupier by an addition either to his rent or rates. It is 
 impossible to contemplate with equanimity the increase to the 
 national burdens which would be caused were the State to 
 engage in speculative building on any large scale. 
 
 " Land is seldom kept out of the market for the purpose 
 of raising the price, because that course would rarely 
 prove profitable to the owner, for the loss in interest 
 would usually prove greater than the gain in price. . . . 
 In the vast majority of districts where land has a building 
 value, there is far more on the market than there is a 
 demand for. 
 
 " If land is taxed as suggested, it does not necessarily follow 
 that it will be cheapened. No doubt, as indicated in the Report 
 of the Select Committee, the small man might be forced to 
 realise and thus be a heavy loser, but it is a fallacy to suppose 
 that development of land is a mere matter of willingness on the 
 part of the owner. No manipulation of taxation can increase 
 that demand, and consequently land taxation cannot encourage 
 building enterprise, for builders will not buy or take more 
 land than, when covered, will meet what they consider 
 likely to be the immediate demand for houses. Generally 
 
io 
 
 speaking, the supply of houses in urban districts has hitherto 
 been ahead of the demand, but under the proposed system 
 the evidence before the Select Committee shows that the 
 demand might be expected to be slightly ahead of the 
 supply, and the tendency, therefore, would be for rents 
 to increase. 
 
 " The fact is often overlooked that the erection of moderate 
 sized and small houses is undertaken almost entirely by the 
 speculative builder, a person not uncommonly held up to odium, 
 but one who in reality is an important and useful agent in the 
 housing problem. Before the supply of houses runs short, the 
 speculative builder buys land and proceeds to cover it with 
 houses, an undertaking necessitating the employment of con- 
 siderable capital, which, up till recently, he has had no difficulty 
 in commanding on payment of reasonable interest. It is clear 
 that anything tending to destroy the confidence of investors 
 in land and buildings as a security must have the effect of 
 making it more difficult for the builder to borrows, and of 
 raising the rate of interest which he would be called upon 
 to pay. His operations would thus be severely hampered and in 
 time the trade, through lack of inducement, would cease to be 
 carried on. Such a result would necessarily have a prejudicial 
 effect upon tlie number of houses erected and the rents at which 
 they could be let." 
 
 Here one encounters a critical examination of the cliief argu- 
 ment advanced by the land-taxers, put forward by men whose 
 lives are spent in the practical study of the housing question. 
 The result is to disclose how widely the theories of the land- 
 taxers differ from the conditions which prevail in practice. 
 
 The Council next briefly analyses the suggestion that agri- 
 culture would benefit by the value of buildings and improvements 
 being kept out of assessment and the burden transferred to land 
 ripe for building. As to this, they state, the schedule to the 
 Report supports the conclusions of all who have tested by actual 
 results the effect of the Single Tax proposals upon agricultural 
 land, viz. ; — " That the burden upon agricultural holdings, as 
 compared with urban property, must be heavily increased by 
 any system for the general taxation of land values." 
 
 The Report concludes with some further conclusions of far- 
 
11 
 
 reaching importance. These proposals, in their opinion, must 
 substantially affect the question of the density of population in 
 towns. 
 
 " The present trend of opinion is," states the Report, " in 
 favour of limiting the number of houses per acre, and increas- 
 ing the area allotted to each house. But the adoption of the 
 Single Tax proposals would introduce an opposing factor, 
 forthe tax per acre of land would remain the same whether 
 one or fifty houses were erected upon it, and the induce- 
 ment to builders to crowd the maximum number of 
 houses upon any particular area would, therefore, be 
 strong." 
 
 The next question discussed is as to whether the nationalisa- 
 tion of the land will be in the interests of the community at 
 large. As to this, they state: — "In the opinion of most 
 persons competent from their practical knowledge of the 
 subject to judge, the private ownership of land is essential 
 to the prosperity of the country, not only because, as has 
 been proved by actual experience, it is by private enterprise 
 and personal responsibility that land is developed and made 
 productive to the best advatage of the community, but because 
 ownership gives an inducement to thrift, an incentive to im- 
 provement, and an interest in the prosperity of the parish, the 
 county, and the State, which holdings for comparatively short 
 periods at rack rentals cannot produce. Moreover, taxes are 
 paid not by things, but by people ; it is not land which is taxed, 
 but those persons whose savings or other capital are invested in 
 land; and it would be intolerably unjust to confiscate by 
 special taxation either the whole or part of the invest- 
 ments of many thousands of thrifty persons who have, 
 either directly or indirectly, through Building Societies, 
 Insurance Companies, Friendly Societies, or other organi- 
 sations, invested their savings in land." 
 
 The' Report, as referred to previously, concludes with a 
 schedule which contains upwards of 76 concrete examples taken 
 both from the Metropolis and from the Provinces. In this 
 schedule a comparison is made between the actual rates paid on 
 a given property and the rates which would be payable were a 
 site rate at 8d. in the £ to be imposed. 
 
wharf 
 Electrici 
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 Warehou 
 Tannery 
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 Issued by the London Municipal Socibtt, Department of Social 
 Economics, 33, Tothill Street, Westminster, S.W., and printed 
 by Wilkinson & Co., Printers, 5, Bast Harding 
 Street, Fetter Lane, E.G. 
 
Department of Social Economiosy 
 
 LONDON MUNICIPAL SOCIETY, 
 
 33, TOTHILL STREET, WESTMINSTER, S.W. 
 
 FIRST SERIES OF MONOGRAPHS. 
 
 The following Monographs and Memoranda on the problems of the 
 day were issued in the year ending April, 1912 : — 
 
 1. Distribution of Landed Property. 
 
 2. Unearned Increment. 
 
 3. The Fallacy of Henry George. 
 ^. The Distribution of Wealth. 
 
 5. Eatio of Profits to Wages. 
 
 6. The Primary; Text of the 
 
 Socialist Agitator. 
 
 7. Profits and Wages in Mines. 
 
 8. Net Incomes over £160 a year. 
 
 9. Socialists and Income Ta.K 
 
 Statistics. 
 
 10. Co-operation, Distributive and 
 
 Productive. 
 
 11. The Statistics of the Labour Party 
 
 Distribution ami number of 
 
 Assessed luoomes. 
 The Growth of Wages. 
 Comparison of Assessed Incomes, 
 
 1901 and 1908. 
 Conspectus of the iNatlonal 
 
 Income. 
 
 16. Distribution of Wages. 
 
 17. Taxes paid by Rich and Poor. 
 
 18. Comparison of Income lax 
 
 Eeturns, 1909-10 and 1908-9. 
 
 19. Earnings of Adult Males lu 
 
 certain Industries. 
 
 20. Gross Profits of Coal Mines. 
 
 Sets of the above Memoranda can be obtained at tlie price of los. 
 Single copies of any Memorandum, One Shilling each. 
 
 SECOND SERIES OF STATISTICAL AND OTHER 
 MEMORANDA. 
 
 1. Wages in the Building and Woodworking Trades. (May, 19i^') 
 
 2. The Rise and Fall of Wages and the Cost of Living. (May, 19 i^.) 
 ;j. Earnings and Hours of Labour in Railway Service. (June, lyi^.) 
 4, Railway Statistics for the United Kingdom, 1910. (July, 191f ) 
 
 .3. Numbers and Values of Houses in the United kingdom, 1900-1 to 
 1909-10 (August, 1912.) 
 
 ANNUAL SUBSCRIPTION FOR INDIVIDUALS. 
 
 The annual subscription (or individuals will be one guinea T^^ 
 
 ^fa^pSion?^^rul;:^rv^=^s^ofln^^ 
 
 ANNUAL SUBSCRIPTION FOB ASSOCIATES 
 
 (or for persons desiring the right to more than t^^^ ««t^°f 'f/g'^^^- 
 
 Six lets of copies annually FrveShiUings 
 
 Special arrangement "^^h'rlgard tothis matter can be made with the Associations. 
 
 DEPARTMENT OF SOCIAL ECONOMICS, 
 LONDON MUNICIPAL SOCIETY, 
 
 33, TOTHIUL STREET. WESTMINSTER. S.W. 
 
Department of Social Economics-London Municipal Societyj 
 
 BOOKS AND PAMPHLETS UPON 
 SOCIALISM. 
 
 TITLE. 
 
 Tiie Case against Socialism . . . . . . . . Post Fr 
 
 Socialism in Local Government, by W. G. Towler . . , 
 
 The Nationalisation of British Railways 
 Why Socialism does not mean Social Reform, by G. R. Sims . . 
 Socialism and the Progress of the Working ('lasses (;Jrd Edition) 
 The Case Against the Labour-Socialist Party (2nd Edition) . . 
 Socialism : Its Theories and Facts Examined, by Will Dyson 
 Municipal Socialism, by W. G. Towler . . . . . . 
 
 PRICE. 
 
 ■ee 3/- 
 3/- 
 Id. 
 
 U.'i 
 3d.| 
 Id.! 
 Id.j 
 
 LEAFLETS UPON SOCIALISM. 
 
 Reference Per Per 
 
 No. 100 1,000 
 
 What is Socialism ? 
 Is Socialism opposed to Morality ? 
 The Great Socialist Lie . . 
 Does Capital Rob Labour ? 
 
 The Idle Rich 
 
 How Socialists Cheat the Starving ! 
 They Don't Know How to Work It 
 Britons ! Hold Your Own ! 
 Where Do You Come In ? 
 Are You a Socialist P 
 Socialism and Taxation . . 
 
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 To be obtained from The Deparhnmd of Social Ecorimtiics, 
 Londan Municipal Society, 
 
 SANCTUARY HOUSE, 33. TOTHIU STREET, WESTMINSTER, S.W. 
 
i