Page:Indian Journal of Economics Volume 2.djvu/413

 provinco pride of a ' PUNJAB LAND PBIOEB and illustrate the point that 897 the present is higher than would be justifiable in the ease man buying land solely for the value of the he was expecting to extract from it. The general prosperity of the province already referred to, coupled with a large income from service-in the army, etc., and an appreciable sum from the earnings of emigrants to Australia, America and other places, have brought into the sums of money vestment except times the latter possession o! for which they can the laud and jewels. In was a popular form of the people 'large think of no. in- surplus money, but there is always a loss on rich. In the case of land, the rise in price prime factor in the continued rise o[ price; that is, ootnmon experience is that an investment in will yield a profit on realisatiom former keeping realisa- is & the land If the land is not, st the time of pureh&se, quite worth the price demanded, it will probably become so in a few years. Thsre is thus a tendency to price. Another professional men find a safe and unimportant and factor is the for which suitable investment. joint stock enterprise forestall wealth they the seeruing unable Industries are is moribund. 9,re inere&se in to In 1868 there were 40 pleaders in an area which now finds work for about 100, and these and other profes- sional men evince a natural desire to become owners of proper. ty which will not decline in value. In these cases the direct reurn is of minor importance. It will be seen from what ha been said above tha the continued rise in priee, so far from being & subjee o[ eongr&ul&ion, is really & matter for serious concern. Speculation in land has seldom proved of much help to agriculture whereas it has freque,tly, as in Ireland and the United States, caused considerable harm. As has been pointed out,