The Wealth of Nations by Part 5 Chapter 2 Page 17

the interest of capital stock. The land-tax of the city of London, for example, at four shillings in the pound, amounts to L123,399 6s. 7d.

That of the city of Westminster, to L63,092 1s. 5d. That of the palaces of Whitehall and St. James’s, to L30,754 6s. 3d. A certain proportion of the land-tax is in the same manner assessed upon all the other cities and towns corporate in the kingdom, and arises almost altogether, either from the rent of houses, or from what is supposed to be the interest of trading and capital stock. According to the estimation, therefore, by which Great Britain is rated to the land-tax, the whole mass of revenue arising from the rent of all the lands, from that of all the houses, and from the interest of all the capital stock, that part of it only excepted which is either lent to the public, or