The proposals by Mr. J. K. Choy for the improvement of the procedure affecting mortgage deeds ar" Interesting, but it is to be feared that they will not meet with the enthusiastic support of those who are closely concerned with. the trans factions involved. Mr. Choy rightly points out that the chief cause of complaint lies in the defects of the resent legal procedure for the ex-excise of the rights or mortgagees. The remedy is far simpler than Mr. Choy's seems (0. realize. The, mortgages should be given express power of sale and so put on the same footing as mortgagees in some other countries—for example England. It {ig impossible to deal with the matter adequately in the compass of a brief comment, and an opportunity may bbe taken' later to expound more fully the view that Mr. Chey's admirable intentions are likely to be defeated by the proposals which he makes. The registration of all mortgages witt the Land Bureau would be open to. exceedingly strong objections. In-Ged, Instead of simplifying procedure the scheme seems to complicate it unduly. In place of proceedings in the local "District" Court, the mortgagee is to be faced with the Chinese Land Bureau, a Land Tribunal and also the District Court.
Moreover the regulations make provision for a mortgagee furnishing security as a condition for a sale by' hat con-
Introduce such a complicated procedure would still further diminish the value of mortgages as instruments of finance in the Shanghai market.
These preliminary observations are made in order that there should be no misapprehension in regard "to a scheme, the author of which is clear ly animated by the best intentions and is highly esteemed for the usual clarity of his judgment. On this occasion, however, he does not appeal to have thoroughly grasped the essential simplicity on which the mortgage system so greatly depends.
Text read from the printed page and cleaned; old type leaves the occasional error.