1929-12-05 — Page 2

"On The Top"

GENERAL ELECTRIC

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THE HONGKONG TELEGRAPH,

"MONEY LOAN "CASE.

ACTION TO RECOVER $1,000

FROM MEMBER,

THURSDAY, DECEMBER 5, 1920.

LOCAL RENTS:

PROPERTY OWNERS

"MEETING...

Money alleged to be due to the The Committee of the Property kuad of a former Money Loan As Owners' Association held a meet sociation by one of the membersing on Tuesday at their head formed the subject of an action, quarters, No. 8. Queen's Road, which was commoncod in the Bum Central, in response to letters mary Court yesterday afternoon be received from several members fore the Puiane Judge (Mr. Justice regarding the ngitation of a cor- Wood). The plaintiff, Ng Bee-chan,tain section of the Chinese com- No. 110, Wing Lok Street.. med munity against high rents in this Wong Ming-cheung, No 20. Wolling Colony, a

Mr. T. N. Chau presided, and Sai Street Previously the claim was for 81,200 and the case was he others present were Messrs. Li Ho ing prepared for presentation before tung, Li Koon-chun, D. Jackman, the Chief Justion in Original Jurisp Lan-chuen, Tang Shiu-kin, Lo fiction, but it was transferred to Yuk-tong, nud Taol Ki-nom, Summary Jurisdiction for which purpose plaintiff waived 8809, lens ing the amount claimed 81,000

Mr. 3. M. Watson was for plaintiff and Mr. F. X., D'Almada, senior, wing for the defence.

KOCHOW SOLD AGAIN,

$40,000 PAID FOR RIVER

STEAMER. Ph

The as. Kochow, which was sold to Mrs, Chan Yuk-hing last week by public auction for $60,000, was ngain put up for sale yesterday at the China Auction Rooms, owing to the fact that the purchaser, could not pay 20 per cent of the price at the fall

conditions of sale. of the hammer as required by the

Mr. Li Wong-wo. offered $40,000 for the vessel and there being no other offer, the vessel was knocked) down to him for that sum.

At the sale last week, Mr. E. V. M R. de Sousa, the auctioneer said that as the Kochow had just left the dock, The Chairman stated that repre- she was in excellent condition. For

European officers had been retained." sentations had been made to the the convenience of the purchaser, the Association to take some action-The Kochow now lies at Shamshub that would in a mensure counter. set a totally wrong impression pa rendy for sea." which might be spread abroad through the Incorrect and uncalled Plaintiff stated in ovidance that ho for assertion that rents generally was the bend of the Association throughout the Colony at the which consisted of 12 nomlara, roh.present time are excessiva. tributions at each monthly meeting being 8200, less the amount tender ed, Defendant draw the highest tender at the third meeting but went to Wuchow afterwards and did not attend other meetings. Threo meetings later plaintiff Ba delen- dant and asked him for his con tributions but defendant said his alep was closing and he had na money. He asked plaintiff to pay for him, saying he would repay Inter Plaintiff alleged that he palli six sums of 8 gach for defendant for six meetings, making $1.200

altogether

Loan Refused. Plaintiff, continued that he later met defendant in a shop belonging to So Snipiu when defendant. said lie had no money and asked plaintiff to raise a loan to pay. This' plaintif did but defendant refused to accept it because he would have to pay interest. This evidence was Porrs. horated by So Sai-piu who said that defendant, offered $100 on "Recount which plaintiff refused.

the

According to the defence, defen- dant ghould have recrived $2.15450 on his drawing but he only received $1,800. Plaintiff did not pay the baluce of $54.50 but retained that sum to pay defendant's further monthly contributions until seventh meeting. From the eighth meeting until the eleventh meeting. (that being the inst) defendant alleges that he had paid $200 .re gularly each month and denies that he asked plaintiff to pay for him..

The hearing will is continued this morning.

The arguments contained in the several letters received were dis cussed and a brief summary is given hereunder.

dwelling house is on à less favour. able footing than the Chinese type of dwelling house; the former the coating practically double latter to build over the same ares. and until some cheaper method of construction can be devised, the rent of a European type.dwelling house must be high when com- pared with that of a Chinese type structure.

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The rise or fall of rentals can never have any effect whatever on the state of trade in general in Hongkong, which has admittedly

Supply and Demand. been bad since the emergency of 1325; on the other hand the de-

The regulating of house rentals pressed condition of business has been responsible for steady dels indisputably beyond the power erenuo in renta. During the past of landlorda or any other body of four or five years office and shop inen and is entirely governed by rentals have fallen considerably. the natural law of supply and and even in the Central part of the demand. If the supply execeds City to-day, there is no lack of the demand, rents go down; if the offices or shops to lat. However demand exceeds the supply, rents low office and shop rent may be go up. The only apparent salu- this will not tend to make comtion of the problem then is to merge any more prosperous or increase, the supply.

ACCms hardly enactment of the Reats Restriction, flourishing. It logical for business nien to suggest ordinance would certainly not help rent control as a panacea for the to increase the supply of housen abominable state of trade, as rent in the congested area-the only after all is only one (and not the district where the position is uruta principal one) of the items of over for the simple reason that there head expenses; it would be just as is no more land in that area on reasonable to advocate the control which to build; on the contrary. of other items such as rates of such re-enactment would have a interest, salaries and wages, prices most detrimental effect. The of food and necessities, or even

source of supply is greatly depen- dent upon the capital brought into this Colony by those who seek a safe and profitable Investment; and there is no gainsaying the fact that any restriction of rents Supplied and fixed by:, or undue interference with the ordinary rights. of ownership would deter the investor, parti cularly the Chinese investor, from putting his money into property here. The atmosphere of doubt, unstableness, and insecurity which auch

restriction would ciste would also be fatal in other rešperts to the interests of the Colony.

regulating the cost of merchandiss. It was unanimously agreed that any re-enactment of rent restric- Lion legislation would not only tend to retard the commercial progress of the Colony, but would also greatly diminish the value of Tiongkong as a sound stable centre for the investment of enpital,

Rents Decreased.

16

The complaint of high (not necessarily excessive) rent justified perhaps in respect of the pongested area situated in the cen dral part of Victoria and the LONDON'S TRANSPORT.ga in or adjacent to the princi- European type-of residential build-

THE CO-ORDINATION SCHEME BEING DISCUSSED.

London, Dec. 4. Much interest continues to be taken in the Government scheme to which Mr. Herbert Morrison, the Transport Minister, referred this week, for public ownership and co-ordination of London's pas senger traffic.

Recently a suggestion has been

made that the law should be alter pal business centre." Apart from ed to provide for a longer period these, the rental of domestic dwell than one month when a landlord ing houses in the Colony is low gives his tenant notice to quit at the present time; in fact the This law has been in practice here rents in some districts have de uninterruptedly for nearly ninety creased by from 30 to 50 per cent years, and the suggestion that it since the end of the property should now be altered is a novel

Outside the

Buch one.

alteration woul boom, early in 1924. congested area the number of obviously be of advantage to a empty houses has been gradually tenant over his unreasonable and increasing and landlords are farapacious landlord, but there is, of from having it all their own way.

enurse, another side to the ques During the past year or $0. tion. Would the new law at the Although Mr. Morrison inten- especially at the time of the water same time protect the patient tionally refrained from giving de- shortago, there was a canalderable accommodating landlord from the tails, it is understood that the exodus from Hongkong to the slippery dishonest. tunant who closest existing model for the suburbs of Kowloon, but in all subtly and aflently removes hie acheme he has in mind is the Cen-suburban or rural districts the furniture and belongings without Unfortunately tral Electricity Board, which the supply of houses just now exceeds saying the rent!

this class of tenant is to be found previous Government established the demand, and in many cases the

in increasing numbers of Inte. and which is a national and publicly Property owner is not receiving an outlay. owned undertaking, controlled by The high rentals obtaining in the meeting was that no legislation

adequate return on his

The conclusion arrived at by the an officially appointed body

can over solve the rent of housing Mr. a business concern. run as

problem, that the accusation Morrison's iden is to *place London's traffic in the hands of u

against property owners generally limited number of first class bust-

of demanding an excessive return on their outlay is unfounded, and ness men, employed by the munity and encouraged to run it

that the interests of both landlords with all the vigour of a commercial,

and tenants would be best served if sole attention he devoted to re- enterprise..

dicing the cost of construction aud increasing the housing accommoda- tion in the Colony.—Contributed,

And

com-

Chinese quarter of the Central district in Victorin in not, in most cases, an excessive return on the capital invested, property in this

ren changing, hands so often at increased prices, which prices are governed absolutely by the law of supply and demand, and if tenants insist on residing in this quarter Interests which will have to be instead of the cheaper suburban acquired would be the Underground districts, thus keeping up the and Metropolitan railways, omni- demand, they have only themselves buses and tramways, and obviously to blame. With regard to the negotiations with existing in European type dwelling houses in terests, whose expital is estimated the urban or semi-urban areas the At one hundred millons sterling position as much the same-the will be long and intricate. For demand exceeding the supply. this reason, Mr. Morrison has made Further from the City, European it known that no elaboration of his type houses, are being let at a com- resent statement on the proposals paratively low rentals, and many

is likely to be made for some time.—are stfil vacant. On the whole, British Wireless.

however, the European type of

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