INVESTORS HOLDING BACK

Hawke's Bay Herald-Tribune, Volume 81, Issue 8, 2 October 1937, Page 4

INVESTORS HOLDING BACK

Effect of Government's . Housing Scheme FEW PROPERTY SALES "Legislation affecting Teal-estate business is causing many people to hold back from investing in projferty, and I think I am right in saying that the Mortgage Eelief legislation and the Fair Eents Act have retarded sale activities in both farm and town propertv," said the president of the Hawke's Bay Branch of the Real Estate lnstitute of New Zealand, Mr F. C. Wilkinson, in his report to the annual ineeting of the branch held in the Chamber of Commerce rooms, Hastings, on Tkursday night. "Up till now," Mr Wilkinson added, "the effect of the Government's housing scheme in the Hawke's Bay province has not been developed, but it is already apparent that private building has been curtailed as a result of its operation. While it is admitted that the scheme will alford some relief, it is doubtful if the object uimed at will be achieved to any great measure. Government aid in encouraging individual citizens to build their own houses would have gone further and would have mct wth more general approval. "Under the present control of thp &ale of Government leaseholds, the Lands' Department will allow a transfer for improvements only at present-day values. No consideration is allowed for values created by attention givcu (often tnrough long years) to farming, and which irequently has made farms what they are to-day. This valuable work is lgnored, for it is only by way of goodwiil that such improvements can be recognised. In such conditions no encouragement is given farmers to go into the backblacks. Buch men should reap the reward that their ingenuity, Uard work and sacrilice have earned. The pioneeriug spirit of our young life xs being crusked. "It is unfortunate, and it is to bo regretted ihat the settlement of Crown tands has1 not been made a greater feacure in the policy of the Government, for the reason that hundreds of our promising young men could, with State assistauce, he made valuable settlers. A policy in this direetion would assist materially to rednce the present army of unemployed young men. This institute, I feel sure, will join with mo in strongly recommending the matter for oarnest consideration. "The Parliamentary committee set up at the last Dominion conference has urafted aud has had submitted to t'he Government a new and approved Bill, asking that it be placed on the Statute Book. The Government is still csnsidering the matter." ' Sale Activities Retarded "During the year," continued Mr Wilkinson, "the Dominion has enjoyed good prices for its expofts. This is being reflected in the prosperity shown on all sides and, although in a certain degree properties have, and are, ehangmg hands, the legislation referred to in last year's annual report as affecting real estate business ?s causing many people to hold back from investing in property. The Mortgage Kelief legislation and the Fair Rents Act have retarded sale activities in both farm and town property. It is to be hoped that, as the atmosphere is cleared so far as the Rehabilitation Commission's work is concerned, the business of real-estate agency will improve." The annual Dominion conference will be held this year in Wellington on October 21 and 22. Mr C. D. Cox, who was again elected unapposed, will represent the Hawke's Bay branch at the conference.