REVIEW
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the upset price being payable on the fall of the hammer. Recently the period for the payment of the balance was increased to one month and in certain transactions payment is accepted by instal- ments over a period of years. Thus the balance of the premium of industrial lots at Kwun Tong and Tsuen Wan after payment of 10 per cent of the realized price within three days, is payable by instalments over a maximum period of 20 years at five per cent interest. The purpose of this concession is to reduce the sum required to obtain entry to land, thus leaving more capital for investment in buildings, plant and equipment. Similarly payment of regrant premium in respect of 75 year non-renewable leases is, in certain circumstances, accepted by instalments over 21 years at 10 per cent. A new development in 1963 has been the giving of permission for the premium payable for industrial land, other than at Kwun Tong and Tsuen Wan, to be paid in four equal instal- ments spread over two years from the date of sale.
In the case of non-commercial transactions greater concessions are sometimes made; sites for non-profit-making schools are granted free of premium, for Government-aided housing at one- third of market value less cost of site formation, and for employees' housing schemes and housing co-operatives at one-third market value. In all these cases payment in a lump sum is required.
Registration of documents concerning land takes place in the Land Office, a division of the Registrar General's Department, and in the district land offices. The first reference to the post of land officer appears in a Government notification of 15th October 1841 and he was in attendance on the land committee appointed in March 1842 to consider claims. At this time, holders had begun to make private sales of lots and difficulties had arisen as to the liabilities of the purchasers to the Crown since, as there was no system of registration, the purchasers were known only to the sellers. On 2nd May a notice was issued requiring all such sales to be brought to the attention of the land officer. On 27th May the post was temporarily abolished and all further sales prohibited; it was re-established during 1843 and on 28th February 1844 the Land Registration Ordinance become law. It provided that all dealings in land or its disposition by deed or will should be regis- tered in the Land Office-a public office established for that pur- pose. Memorial No 1 was presented by Alexander Matheson in