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HONG KONG ANNUAL REPORT
Among the other functions of the Land Office are the issue, renewal, variation and termination of Crown leases of all land registered in the Land Office, the granting of mining leases, and advising the Government generally on matters relating to land.
The intense building activity of recent years continued through- out the year, but the emphasis was latterly on completing projects rather than on starting new ones. Many large blocks of flats were completed, and the flats sold off to separate owners in accordance with the practice that has grown up in the past few years. This resulted in the number of land transactions registered in the Land Office during the year rising to 18,148, some 27% more than last year's record total. The total of the amounts involved rose by 21% over the 1957 total to $980,388,000, another record figure. Sums advanced on mortgages of land totalled $329,638,000, over $84,000,000 more than in 1957. The average rate of interest remained steady at about 12% per annum.
Companies. The Companies Registry maintains records of all companies incorporated in Hong Kong, and also of all foreign corporations carrying on business in the Colony. At the end of the year there were 3,251 local companies and 381 foreign cor- porations registered compared with 2,980 and 366 respectively in 1957.
The Companies Ordinance (Chapter 32) is based on the United Kingdom Companies Act, 1929 (now repealed). On incorporation in Hong Kong a company pays a fixed fee of $100 plus $2 per $1,000 of nominal share capital. Foreign corporations establishing a place of business in the Colony do not have to pay this fee: they merely pay $5 fees on filing the documents required by Section 318 of the Companies Ordinance.
Trade Marks and Patents Registries. The Trade Marks Ordin- ance, 1954, is based on the Trade Marks Act, 1938, but there are some variations.
During the year 1,263 new trade marks were registered, as against 1,073 in 1957. Registrations are valid for seven years (fourteen years if registered prior to 1st January 1955), but may be renewed indefinitely for further periods of fourteen years. There were 14,936 trade marks on the Register on 31st December 1958.