REAL ESTATE INSTITUTE

Evening Star, Issue 22463, 7 October 1936, Page 9

REAL ESTATE INSTITUTE

ANNUAL MEETING OF OTAGO BRANCH The president (Mr D. M. Spedding) was in the chair to a large attendance of members at the sixth annual general meeting of the Real Estate Institute (Otago Branch) yesterday afternoon. v ANNUAL REPORT AND BALANCE SHEET. In moving the adoption of the annual report and balance sheet, the President stated that the past year had been rather difficult and disturbed as regarded the land agency business. This -was accounted for by several reasons, the chief of ■which perhaps was tho unsettled state of international affairs, which had undoubtedly had a most unsettling effect on business generally. In nearly every year when a General Election was held in the Dominion, business quietened down considerably, and the past year had been no exception. When an election resulted in a change of Government the slackening was perhaps more marked, and this was perhaps more noticeable on this occasion, as the oolicy of the new Government differed so drastically from that of its predecessors. Much new legislation had recently been passed, which had a more or less direct bearing on the business of a land agent and that of his clients. It was not his intention, he said, to criticise unduly any of these measures, as the time was yet too short to notice the full effect of their operation, and it was perhaps only fair to give them a fair trial before making any adverse criticism. It might not be out of place, ho continued? - to make a tew comments on some of the measures which had a direct hearing on their business. Although the J? air Rents Bill may have had many good points to commend it, some of the provisions were undoubtedly a great hardship to landlords and very much in favour of the tenants With few exceptions, he thought all would agree that most of tho landlords in Dunedin were fairminded citizens, as proved by the manner in which they had met the conditions during tho slump period. Many landlords had voluntarily reduced their rents to a figure much lower than that required by Jaw, more especially when their tenants had been temporarily unemployed, and it was on these landlords that the provisions of the Fair Rents Bill were unduly harsh, owing to the fixing of the standard rent without the circumstances of tho case being fully investigated.

If the proposed legislation with regard to mortgages Became law the same hardship would apply in the case of mortgagees, many of whom, in an endeavour to assist the mortgagor, had advanced a greater sum on mortgage than was perhaps prudent, and now were in danger of losing part of their capital through a compulsory system or mortgage reduction. This, in his opinionj was introducing a system of repudiation which was neither equitable nor just, and was a very undesirable practice to introduce either into business or politics. Another measure that had recently become law, the Shops and Offices Act and its Amendments, was one that was of vital interest, and was causing much concern to members. The business of a land agent was one that ■Tered in many "respects from other businesses, and the curtailment of office hours was bound to have serious and far-reacliing effects, and prove of great inconvenience to clients. If the full provisions of this Act were put into effect there was grave danger of many of the smaller firms being eventually forced out of business. During the past session there had been much talk of a Housing Bill being introduced in order to relieve the present shortage of houses, but the full details of this were not yet available. It was satisfactory, however, to have the assurance of the Prime Minister L.'-at the localities of any housing scheme would be carefully selected, instead of repeating the mistakes of the past by selecting unsuitable localities. There was undoubtedly a great shortage of houses at the present time, and very few places were available for renting. It was still pleasing to note, he concluded, that candidates were still coming forward for the examination held lv" the institute, and it was hoped that, as tlu» improved times became more apparent, the number would gradually increase. The institute aimed at serving the public, educating its members, and inculcating the principles cf morality among them, so that they might give better service to the public, as Mr S. L. Paterson had said recently. In seconding the president’s motion, Mr P. W. Stabb concurred with him in that it had been a very strenuous vear. He did not know what difficulties would be created by the new legislation. It would cause a great deal of worry until it was completed. The mortgagor and mortgagee dispute was in evidence all.the time. Grave injustice was going to be done the mortgagee who had undertaken a contract. Ho might find himself in a very precarious position. The Shops and Offices Act also placed a great burden upon the land agent’s shoulders, rendering it very difficult at times to fulfil obligations to clients. Upon a citation from the clerical union, the matter

bad been discussed, but no agreement reached, and it was now under adjudication by the Arbitration Court. The decision would be looked forward to with interest, he said. In conclusion, he assured the members that the institute bad given every consideration to their welfare during the past year. The annual report and balance sheet were adopted. MOTION OF THANKS. Proposed by Mr L. D. Ritchie and seconded by Mr A. F. Quelch, a motion of thanks to the retiring president (Mr Spedding) for bis excellent and assiduous attention to the affairs of the institute during his term , of office was carried amid acclamation. ELECTION OF OFFICE-BEARERS. An election of officers for the ensuing year resulted - as follows:—President, Mr P. W. Stabb; vice-presi-dents, Messrs T. F. Basire and L. J, T. Ireland: committee—Messrs H. L. Young, J. B Waters, J. W. H, Clarke, and L. D. Ritchie; auditor, Air C. R. Smith.