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and a section is divided up into ths shares, a flat-holder getting
729,975 17,125 for example
ths of the land on which the block is built. Since 729,975 the selling of individual flats became popular a few years ago the Land Office has had to open forty three special registers to deal with this type of transaction. Notwithstanding the increase in the number of assignments, the total of the considerations therein, i.e. of the purchase prices, was at $418,220,000, $44,000,000 less than the corresponding figure for 1957/58. In consequence there was a sharp decline in the average purchase price from about $64,000 to about $51,500.
6. As in each of the five previous years the total number of instru- ments registered reached a new record figure, the year's total of 18,278 being 2,852 more than in 1957/58. The total of considerations also reached a new record figure of $962,153,000, nearly $60,000,000 more than in 1957/58, but this was so only because of the greatly increased amounts lent and repaid on mortgages which more than made up for the substantial decline in the considerations in assignments.
7. Table I shows the numbers of instruments registered and the total considerations involved for each year since 1949/50; Table II, the numbers of instruments registered by categories for each year since 1954/55; and Table III, the total consideration in the assignments, mortgages, and reassignments registered for each year since 1949/50.
Stamp Duty
8. The total amount of stamp duty paid on instruments registered in the Land Office during the year was $12,231,000, a marked decline from the previous year's total of $14,684,000. This drop was mainly due to the lower total of considerations in assignments and to there being fewer assignments chargeable with the 3% excess duty.
Sales and Grants of Land
9. Altogether 272 Agreements for the sale or grant of Crown land were registered as follows:
Conditions of Sale
Conditions of Extension Conditions of Exchange
Conditions of Grant
Conditions of Renewal
51
11
16
69
125
272
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