BRIGHTER TONE.

Auckland Star, Volume LXIII, Issue 226, 23 September 1932, Page 3

BRIGHTER TONE.

CITY PROPERTY MARKET. RETURNING CONFIDENCE. VIEWS OF LAND AGENTS.

"At our annual meeting at this time laet year, we were in the throes of the depression and the outlook was anything but hopeful. To-day, however, I believe the lowest ebb of that depression has passed." These encouraging words were spoken by Mr. S. E. Bennett, retiring president of the Auckland branch of the Real Estate Institute of' New Zealand at the annual meeting held in Milne and Choyce's reception hall last evening. That he was not alone in this belief was definitely evidenced by the upward tendency of the stock and share market, said Mr. Bennett. All primary produce —butter, cheese, wool and meat —was selling at higher levels. The results achieved at Ottawa had not had time to be fully appreciated, but undoubtedly they would be in the near future. ''Of more direct in tercet to us is the greater movement in the property market," continued Mr, Bennett. "Quite recently several large city property salas have been reported, and there is more inquiry to-day than has been the case for some considerable time, which is unquestionably a sure sign of returning confidence. There is a more buoyant tone pervading the whole community, and I am confident that we can look to the future with cautious and reasoned optimism." The incoming president, Mr. H. E. Vaile, said the improved prices for wool should have a helpful influence on the property market, as millions of acres in New Zealand could be put to no other purpose than sheep farming. All the indications were that business in the near future would be better. It was essential, however, that politicians should stop interfering with business, for taxpayers were rapidly being forced into the position of being unable to pay taxes at all. The position had arrived when it would pay handsomely to give the politicians double their present salaries conditional on their taking- a two years' holiday. (Laughter.) That would effectively etop their passion for passing Acts of Parliament which were not only undesirable, but were positively detrimental to the country.

A suggestion that the institute should use its influence in restoring public confidence in veal estate by publishing a weekly barometer of the gross results of property sales was made by Mr. J. H. de jSlarr. As the country was rapidly turning the corner, <&o figures would do much to spread an optimistic spirit and hearten investors and home-buyers. The people still had the money, but were awaiting a lead, which the institute could well give them.

Mr. Bennett eaid the matter had already had the attention of the executive, and notes of sales had been published from time to time.