found that they had to offer attractive instalment terms to induce pur- chasers to buy. Indeed, to such an extent had the pendulum swung to a sellers' market that one company was reported as offering purchasers as a bonus for a lump-sum sale a 15% discount, a second-hand car, and a free orgy at the nearest night club!
10. Even before the banking crisis in February 1965 real estate operators had begun to experience difficulties in borrowing from banks. This was due to the passing of the new Banking Ordinance in October 1964, which required banks within six months of the ordinance coming into operation on 1st December, 1964, to maintain a minimum holding of specified liquid assets, and within two years, to limit the total of advances to one person, firm or company, and, the amount of land held by a bank otherwise than by way of mortgage. After the banking crisis, during which large sums were withdrawn from many of the banks which had been financing real estate developments, borrowing from banks for this purpose became extremely difficult except where banks were already committed to such loans.
11. In spite of all these difficulties, however, the number of land transactions registered in the Land Office rose by the unprecedented figure of 12,221 to the new record total of 49,775. These included 20,191 assignments, 9,473 mortgages, and 7,581 agreements for sale and pur- chase. The grand total of considerations expressed in all instruments rose by over $900,000,000 to the prodigious total of $3,816,010,000, with the total for mortgages jumping by $396,000,000 to $1,289,701,000, due in part to the effects of the banking crisis. There were drops in the numbers of sales of Crown land from 255 to 153 and of regrants of land held on expiring or expired 75-year leases from 217 to 165, but increases in the numbers of extension of lots, exchanges, and grants by private treaty left the total of 434 sales and grants of land put through only 114 down on the previous year's total of 548.
Companies, Trade Marks and Patents
12. For the fifth successive year a record number of companies was incorporated, the total rising by 169 to 1,420, with a much more than proportionate jump in the total of nominal capitals from $782,000,000 to $1,366,000,000. Once again land and building companies led the list with 394 registrations (capital—$387,000,000) followed by import and export companies with 293 (capital-$173,000,000), hotels and res- taurants with 73 (capital-$39,000,000), and miscellaneous industries
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