"There is also the further question Jot the diMeulties in collecting rent the recent decision of the Courts concerned ordering reduction in rent, without taking into consideration the fact that the tenants were being sued Hor outstanding rents, still further destroy confidence. I have for a long] time been of the opinion that rents will have to be reduced, but this a matter for individual tand-owners, and is surely one that must be studied carefully with each property, fas in many cases landowners who have long been in. possession of property, have not raised rents or taken any advantage of the boom period of 1991/82, they are in a different cate-ory t0 those who have bought ex-[pensive properties and consequently have charged high rents to try and get some return. Ifa tenant is behind hand with his rent, he Is responsible for what he owes, and, because he is sued, it is not right to say rents must be reduced, for the tenant always has the right of gol elsewhere "This, of course, is somewhat beside the point, but, knowing your sound views, I feel certain that you will appreciate that confidence in finance ing real estate cannot be restored unless there is confidence in the security for the advances made in the way of collection of interest and [possession of the land on which you have advanced, when interest is not aid.
Text read from the printed page and cleaned; old type leaves the occasional error.