CO129-357 - Governor Sir Lugard - 1909 [7-9] — Page 618

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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.

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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