§ 53. Mr. OUTHWAITEasked 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 LAWI am aware of the fact to which reference is made, but I am not prepared to adopt the hon. Member's suggestion.
§ Mr. OUTHWAITEIn 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 LAWI do not think so. I have no hope of getting money by means of a land valuation.
§ Mr. OUTHWAITEMay 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 LAWNot at all. It is due to the lack of belief that money can be got from that source.
§ Mr. G. FABERIs not that belief strengthened by the Budget of 1909?
§ Commander WEDGWOODDoes my right hon. Friend mean that there is no money in land values in this country?
§ Mr. BONAR LAWI think I have made myself quite clear.