Houses beyond the limits of the Settlement especially large Foreign houses are not easy to deal with.
Their value has become further complicated by the risk of their coming within the range of fight= ing operations although this is, let us hope only temporary, neverthe-loss it cannot be ignored as " factor influencing value, Estimates of original cost building plus land value is likely to prove fallacious. Tt is easy to spend many thousands of taels on a fore cig house, but is may be found Jextremely difficult to realize the same figure more especially shoald a quick sale be urgent.
"Leal Kuawlolay and: cabeclaned hate often will be the Beat guide In dealing {te <7 oan "war made "under third arts of the value with this type of property.
Liability of the Valuer order to sustain a claim for of course, nat always neces. damages against a valuer it is ary that a private lender should ecessury to prove gross negligence have s two-thirds' margin and many In a judgment delivered some perfectly suto loans can be arrang-years ago in England the valuer fed without such margin was held liable for damages. The fact that he obtained the partic Judgment and Experience tulers of rental, which proved to Apart from the valuation of net, bbe excessive, from a third party to rentals und general inspection of whom the mortgagee himself had the property judgment and loci referred him for details of rents, experience are, of course, of the was held to be no justification and. utmost importance, it was held that ordinary care had A very careful survey as to the not been used, Further the valuer condition of the buildings, and was unable to produce any notes estimate of the sum which must made at the time upon which the be deducted for repairs is essential, valuation was based, there was This is the most dificult outgoing therefore nothing to. shew how to estimate. Rates, taxes, insur-arrived at his figures. nce, and permanent charges are] In Shanghai valuations for mort= easy' to arrive at, but the figure to} gage must be handled with very cover repairs needs very carefull special care; our market is limited consideration. and a forced sale on this market is the placed at any. likely to prove disastrous. sentuge. In various Iccal properties the proportion th Mortgages and Rent repairs bear to Ube gross rental will Mortgages subsequent to a lease be fount to vary from 1 per cent. operate as grants of the reversion, to 25 per cent. recording to the and carry with them ay incidental feondition and lass of buildings, ty such reversion a right to the In the case of foreign houses rent and the benefit of the Iand-numerous changes of tenancy" will lords remedies for its recovery. affect the Dill for repairs, because The mortgagee, therefore, may en-every new tenant will probably reforce the payment of the rent from fauire some work done the lessee either by distress or (Of course the customs of land. faction, and the lessee will be ex-lords vary groutly' in regard to the operated by such payment from any amount of work, more especially Jdemand on the part of the mortgagor internat decoration which they" will cor those claiming under him, even undertake for the tenant and this though actual compulsion on the point will need consideration by the part of the mortgagee has not been Repairs are obvivu: ly, mainly re-colated by the character of "the buildings if modern well built and substantial they will be greatly re-resorted to, but the lessee has the cent weinntariy (Mose, Ga
Text read from the printed page and cleaned; old type leaves the occasional error.