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thereon, amount required to be advanced, rates of interest
proposed to be paid therefor and length of time for which the
loan is required. This is usually accompanied by a valuation of
the property made by one or other of our reputable firms of
Architects or Valuers which could, in the case of advances by
the Government have the additional advantage if required of a
further valuation by the Director of Public Works and or the
Land Officer then, if the property offered is deemed satis- -factory a margin of at least 20% to 30% of the valuation
thereof is retained by the Mortgagee - e.g. The amount of an
advance against property valued at $100,000 would be $70,000 to
$76,000 Interest is almost invariably payable monthly and
mortgages are usually made for one year only so that when they
fall due three courses are open to the mortgagee.
lst. To call up the Mortgage in full.
مهر
2nd. To call up more margin, thus reducing the
original amount of the mortgage.
3rd. To renew the mortgage in full for a further term.
I am of opinion that the granting of loans
on Mortgage by the Government at a minimuri rate of 6%, while
affecting but little if at all this class of business now done
by such Companies as the Land Investment Company and the Local Insurande Companies (and it must be borne in mind that the
Banks do not under any circumstances make advances against
land) would inspire confid nce in our Chinese borrowers and
that the Goverment would receive numerous applications for
loans on good and sufficient securities and I have no doubt
that many would take advantage of such cheap money and effect
mortgages on their properties to obtain funds with which to
acquire other properties either here or in what is known as the New Territory, so that are long the Government would find itself in receipt of a considerable monthly income from interest on mortgages and would have principal sums constantly falling due as the mortgages matured thus having its funds
easily