LORD ONSLOW AND THE BUDGET.

Gisborne Times, Volume XXVII, Issue 2592, 28 August 1909, Page 5

LORD ONSLOW AND THE BUDGET.

The Earl of Onslow, Chairman of Committees of the House of Lords, haiii kiudlv given a further explanation of the reasons which lead him to offer for sale a portion of his estate at Guildford, to enable his successor to meet the heavy new charges on landlords proposed in the Budget. “My estate at Guildford,” said Lord Onslow, “produces a gross income of £9OOO. According to the present proposals the annual charge upon it will be : Contribution to sinking fund for estate duty < £llll, income tax and super tax £530, maintenance, repairs, etc. £2340, tithe, land tax, and fates £1427; total, . £5458. That leaves fromrthe gross in- . come a net balance of £3542 a year. I felt compelled to make this sale in the interests of those who may follow me in the possession of the estate. Every prudent man, I think, will find it cessary to establish a sinking funct to enable his follower to pay the very heavy dues proposed to be exacted on succession to tbe property. I see only three alternatives for the propertyowner: (1) Life insurance, (2) the setting apart of an annual sum, to accumulate at compound interest, and (3) the purchase of leasehold reversions. Some eight years ago, owing to the general trend of legislation, I had to sell some of my land. * The new proposals have compelled me to give notice of another sale next month, for it is quite clear that the trend is developing, and that the best policy of the landowner, to use a Stock Exchange phrase, j is to 'get out.’”