Before putting the accounts to the meeting, 1 will outline briefly matters hat have been before your Committee, "You will remember last year mentioned the question of the Municipality of Greater enforcing a land tax outside the Settlement and Concession limits and informed you that your Committee had already addressed the Consular Body on the matter, who had replied stating that they would bring the matter to the attention of the authorities and communteate further information In due course, Since the' last annual meeting, your Committee have followed this question up ver closely and have placed the whole position not only before the authorl-Wes but fo recognized oficial bodies and asgoclations. The outcome to not what might be considered sat factory, In that som:
[ween the tenant and his individual landlord.
It would be quite impossible for the Association to lay down any rules in this respect, as it obvious that each ease must be cided on its merits.
With regard to the suggestion Municipal rates should be pala Jandlords on all unoccupied. houses, I must remind you that this Municipal rate is essentially a tenant's lability, the landlord has to pay taxes to the Municipal Council in the form of land axes based on the assessed value of the land, and this tax is payable, whether the property is occupied or not cal Eslate Under Cloud The real estate market is, at the present! moment, somewhat under 8 Eloud. This siltation i, to some ex: feat but by mo means entirely, due tothe rise in the value of alyer. It ip 13 la) gical cxsat clu to the fas not entirely recovered rom the (ae property mar SinosJapanese hostilities Jo. 1032. more expecially in the Northern and Enstern Districts and' this hag been aggravated by the present finance ers. Advances having been made Suainit properties at high rates and ttelities for the further financing or refinancing of property "deals are necessary, in mi exercise pressure, which has resulted a certain number of forced sales.
'Shanghai at the moment is overbuilt, a state of affairs which has been' accentuated by. the economic depression through which "we are now going, but nothing can prevent a great and populous "area from cing ahead. and, once' the depres ion. is over, it is probable that vacant' properties will again'
Tenants.
An Optimistic View We have, in the past, from time to lime experienced "setbacks in the properly market and no doubt the present slate will prove to. be only temporary, as it is impossible to lieve that' the city of Shanghai will not continue to grow in. size and importance in "the not too. distant future. For the present, building will almost certainly slow down and so in me' the demand for accommoda-ion. will again catch up with the supply.
The report _a nis were Neve that certain other nationals have fo far refrained from paying the tax. We are afvald, therefore, that the tax of a discriminating nature.
1 wish to make it clear that this Association has never suggested that properties outside the Settlement limits should be held free of all and lax. We do, however, maintain that this potat should be definitely cleared up, that the tax should be non-discriminatory in nature, and that proper and efficient Appeal Committee should be appointed. We maintain that property owners should be entitled to an independent hearing before some impartial tribunal in the matter of values placed on property for taxation purposes, In view of what I have said, we have advised members that they must use their own discretion as to whether they pay the tax or not, but that in any case st should only be paid under protest and without prejudice.
Text read from the printed page and cleaned; old type leaves the occasional error.