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which has fallen very much below what it was said to have been

when it first fell under the management of the company。 The

servants of the company may; perhaps; have profited by this

change; but at the expense; it is probable; both of their masters

and of the country。 

                Taxes upon the Rent of House。 

     The rent of a house may be distinguished into two parts; of

which the one may very properly be called the Building…rent; the

other is commonly called the Ground…rent。

     The building…rent is the interest or profit of the capital

expended in building the house。 In order to put the trade of a

builder upon a level with other trades; it is necessary that this

rent should be sufficient; first; to pay him the same interest

which he would have got for his capital if he had lent it upon

good security; and; secondly; to keep the house in constant

repair; or; what comes to the same thing; to replace; within a

certain term of years; the capital which had been employed in

building it。 The building…rent; or the ordinary profit of

building; is; therefore; everywhere regulated by the ordinary

interest of money。 Where the market rate of interest is four per

cent the rent of a house which; over and above paying the

ground…rent; affords six or six and a half per cent upon the

whole expense of building; may perhaps afford a sufficient profit

to the builder。 Where the market rate of interest is five per

cent; it may perhaps require seven or seven and a half per cent。

If; in proportion to the interest of money; the trade of the

builder affords at any time a much greater profit than this; it

will soon draw so much capital from other trades as will reduce

the profit to its proper level。 If it affords at any time much

less than this; other trades will soon draw so much capital from

it as will again raise that profit。

     Whatever part of the whole rent of a house is over and above

what is sufficient for affording this reasonable profit naturally

goes to the ground…rent; and where the owner of the ground and

the owner of the building are two different persons; is; in most

cases; completely paid to the former。 This surplus rent is the

price which the inhabitant of the house pays for some real or

supposed advantage of the situation。 In country houses at a

distance from any great town; where there is plenty of ground to

choose upon; the ground…rent is scarce anything; or no more than

what the ground which the house stands upon would pay if employed

in agriculture。 In country villas in the neighborhood of some

great town; it is sometimes a good deal higher; and the peculiar

conveniency or beauty of situation is there frequently very well

paid for。 Ground…rents are generally highest in the capital; and

in those particular parts of it where there happens to be the

greatest demand for houses; whatever be the reason of that

demand; whether for trade and business; for pleasure and society;

or for mere vanity and fashion。

     A tax upon house…rent; payable by the tenant and

proportioned to the whole rent of each house; could not; for any

considerable time at least; affect the building…rent。 If the

builder did not get his reasonable profit; he would be obliged to

quit the trade; which; by raising the demand for building; would

in a short time bring back his profit to its proper level with

that of other trades。 Neither would such a tax fall altogether

upon the ground…rent; but it would divide itself in such a manner

as to fall partly upon the inhabitant of the house; and partly

upon the owner of the ground。

     Let us suppose; for example; that a particular person judges

that he can afford for house…rent an expense of sixty pounds a

year; and let us suppose; too; that a tax of four shillings in

the pound; or of one…fifth; payable by the inhabitant; is laid

upon house…rent。 A house of sixty pounds rent will in this case

cost him seventy…two pounds a year; which is twelve pounds more

than he thinks he can afford。 He will; therefore; content himself

with a worse house; or a house of fifty pounds rent; which; with

the additional ten pounds that he must pay for the tax; will make

up the sum of sixty pounds a year; the expense which he judges he

can afford; and in order to pay the tax he will give up a part of

the additional conveniency which he might have had from a house

of ten pounds a year more rent。 He will give up; I say; a part of

this additional conveniency; for he will seldom be obliged to

give up the whole; but will; in consequence of the tax; get a

better house for fifty pounds a year than he could have got if

there had been no tax。 For as a tax of this kind by taking away

this particular competitor; must diminish the competition for

houses of sixty pounds rent; so it must likewise diminish it for

those of fifty pounds rent; and in the same manner for those of

all other rents; except the lowest rent; for which it would for

some time increase the competition。 But the rents of every class

of houses for which the competition was diminished would

necessarily be more or less reduced。 As no part of this

reduction; however; could; for any considerable time at least;

affect the building…rent; the whole of it must in the long…run

necessarily fall upon the ground…rent。 The final payment of this

tax; therefore; would fall partly upon the inhabitant of the

house; who; in order to pay his share; would be obliged to give

up a part of his conveniency; and partly upon the owner of the

ground; who; in order to pay his share; would be obliged to give

up a part of his revenue。 In what proportion this final payment

would be divided between them it is not perhaps very easy to

ascertain。 The division would probably be very different in

different circumstances; and a tax of this kind might; according

to those different circumstances; affect very unequally both the

inhabitant of the house and the owner of the ground。

     The inequality with which a tax of this kind might fall upon

the owners of different ground…rents would arise altogether from

the accidental inequality of this division。 But the inequality

with which it might fall upon the inhabitants of different houses

would arise not only from this; but from another cause。 The

proportion of the expense of house…rent to the whole expense of

living is different in the different degrees of fortune。 It is

perhaps highest in the highest degree; and it diminishes

gradually through the inferior degrees; so as in general to be

lowest in the lowest degree。 The necessaries of life occasion the

great expense of the poor。 They find it difficult to get food;

and the greater part of their little revenue is spent in getting

it。 The luxuries and vanities of life occasion the principal

expense of the rich; and a magnificent house embellishes and sets

off to the best advantage all the other luxuries and vanities

which they possess。 A tax upon house…rents; therefore; would in

general fall heaviest upon the rich; and in this sort of

inequality there would not; perhaps; be anything very

unreasonable。 It is not very unreasonable that the rich should

contribute to the public expense; not only in proportion to their

revenue; but something more than in that proportion。

     The rent of houses; though it in some respects resembles the

rent of land; is in one respect essentially different from it。

The rent of land is paid for the use of a productive subject。 The

land which pays it produces it。 The rent of houses is paid for

the use of an unproductive subject。 Neither the house nor the

ground which it stands upon produce anything。 The person who pays

the rent; therefore; must draw it from some other source of

revenue distinct from the independent of this subject。 A tax upon

the rent of houses; so far as it falls upon the inhabitants; must

be drawn from the same source as the rent itself; and must be

paid from their revenue; whether derived from the wages of

labour; the profits of stock; or the rent of land。 So far as it

falls upon the inhabitants; it is one of those taxes which fall;

not upon one only; but indifferently upon all the three different

sources of revenue; and is in every respect of the same nature as

a tax upon any other sort of consumable commodities。 In general

there is not; perhaps; any one article of expense or consumption

by which the liberality or narrowness of a man's whole expense

can be better judged of than by his house…rent。 A proportional

tax upon this particular article of expense might; perhaps;

produce a more considerable revenue than any which has hitherto

been drawn from it in any part of Europe。 If the tax indeed was

very high; the greater part of people would endeavour to evade

it; as much as they could; by contenting themselves with smaller

houses; and by turning the greater part of their expense into

some other channel。

     The rent of houses might easily be ascertained with

sufficient 

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