HC Deb 13 November 1917 vol 99 c213
53. Mr. OUTHWAITE

asked the Chancellor of the Exchequer whether his attention has been drawn to the fact that the Government of the Commonwealth of Australia has secured as a war measure a valuation by owners of the freehold land of Australia, which has been disclosed at approximately £500,000,000; and if he will take steps to secure such a valuation of the land of the United Kingdom under the powers of the Defence of the Realm Act, so as to make provision for the growing financial needs, and to give further assurance that there is no danger that of necessity the National Debt will be repudiated in whole or in part?

Mr. BONAR LAW

I am aware of the fact to which reference is made, but I am not prepared to adopt the hon. Member's suggestion.

Mr. OUTHWAITE

In view of the right hon. Gentleman's statement that he will get money in the next Budget wherever he can best get it, would it not be well to have this valuation in readiness for then?

Mr. BONAR LAW

I do not think so. I have no hope of getting money by means of a land valuation.

Mr. OUTHWAITE

May I ask if the right hon. Gentleman's lack of hope is simply due to the opposition of landowners, who see that everybody else is taxed except themselves?

Mr. BONAR LAW

Not at all. It is due to the lack of belief that money can be got from that source.

Mr. G. FABER

Is not that belief strengthened by the Budget of 1909?

Commander WEDGWOOD

Does my right hon. Friend mean that there is no money in land values in this country?

Mr. BONAR LAW

I think I have made myself quite clear.