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34 willing to pay a rent equal to that offered by any would-be occupier, less, say, 10 per cent. in favour of the occupying tenant—the incoming tenant having also to compensate the outgoing tenant for all unexhausted improvements. Under this system, while it would be impossible for the tenant to secure to himself any undue share of that natural increment of land-value which would be brought about by the general growth in well-being of the town, he would yet have, as all tenants in possession probably should have, a preference over any new-comer, and would know that he would not lose those fruits of his past industry which were not yet ingathered but were still adding their value to the soil. Surely no one can doubt that such a tenure would, of itself, tend greatly to increase at once the activity and industry of the tenant, the productivity of the soil, and the rent which the tenant would be willing to pay.

That there would be this increased offer of rent will become yet more obvious if we consider for a moment the nature of the rent paid by a tenant of Garden City. Part of what he pays would be in respect of interest on the debentures on which the money to purchase the estate was raised, or in the redemption of those debentures, and would thus, except so far as the debentures were held by residents on the estate, pass away from the community altogether; but the whole of the remaining sum paid would be expended locally, and the farmer would have a share equal to that of every adult in the administration of such money. The term "rent," therefore, has, in Garden City, acquired a new meaning, and, for the sake of clearness, it will be necessary in future to use terms which will not be ambiguous. That part of the rent