Importance of Mortgagee's Rights Emphasized: 20
Members Appointed to Committee The annual general meeting, of the Shanghai Properly Owners" Associn" tion took place an June 25 at. 100 Jinkee Road, Mr. LIG, Robison the chair, "After the chater had given a review of the vities, a resolution adopting the report and accounts was passed by the meeting, being proposed by the chairman and seconded by Mr. Prank Smith.
The Chairman:
At the close of the year you will notice that there was a credit balance with Hongkong & Shanghai Bank of $7,804.00 a5 compared with a balance at $0,709.73 at the end of the previous year. Subscriptions collected are '$160 tess than' 1995. Our expenditure was less by $2108 and was kept as Tow as possible. Although the ac~ counts show an increased credit balance this has been considerably reduced since the accounts were losed owing to certain expenses in eonnestion with the preparation of petition pertaining to property law sent in to the Ministers of the Na~ tional Government of the Republic of China and to other work In this Connection of which I will inform you presently.
T will take this opportunity to apologize on behalf of the committee for the delay in holding this meeting Dut your committee have been so occupied with various matters per-Urning to the Association's interests that the delay was unavoidable.
You will perhaps remember that the chairman at the last annual general meeting drew your attention to the unsatisfactory state of the law relating to real property and suggest certain reforms that are necessary confidence in the owner-1 property but Tregret to ay that since that meeting no serious steps have been taken by the authorlties to remedy matter Rights of Although certain Instructions the past have been given tending to more effective enforcement of the vights of mortgagees, these have been' nullified by the permission Granted to the debtor to protest Dqainst such expeditious handling of the mortgagee's claim.
Most of you who have studied the progress of this city or have been here for any length of time realize that the rapid growth of Shanghai has been due in a rear measure to the liquidity of and the excellent security available in the form of real estate to financiers. During a period of prosperity there is seldom if ever the necessity to resort to litigation for the enforcement of the land: lords' or mortgagees' rights but unfortunately the recent depression has made it necessary to test the machinery of the law, and it was then found to be highly unsatistace tory, resulting In serious damay {the status of securities upon Shanghai, Tt cannot be denied that inflated values had a very detrimental effect on the real estate market but matters would have readjusted themselves more fairly had the judicial system not undermined the "confidence of Investors.
Your committee decided, therefore, that it would be serving the best in-forests of the association and the community at large if it concentrated its efforts on bringing about an im= provement, if at all possible, in the Impasse caused by the present application and administration of the Taw. of landlord' and tenant and mortgage law.
Text read from the printed page and cleaned; old type leaves the occasional error.