Registrar-Generals-Department-Annual-report-1956-1957 — Page 8

Deeds Registration.

PART II

LAND REGISTRY

3. All instruments affecting land in Hong Kong, Kowloon and New Kowloon are registered in the Land Office, and although under the Land Registration Ordinance the system of registration laid down is one of registration of deeds and not of title, the Registers, which were opened in 1844, have through- out been maintained so as to show in a clear and accurate manner the devolution of title to each lot or section of a lot, and details of all incumbrances thereon,

4. In 1956/57, which was another year of great activity in the property market, a total of 12,609 instruments were registered under the Land Registration Ordinance, or 568 more than last year's record of 12,041.

5. The total amount of the price or consideration appearing in the instruments registered was however slightly less than the figure for last year, namely $681,747,709.87 as against $685,401,655.13. The number of instruments registered yearly since 1946/47, and also the average number registered during the years 1935/39, is shown in Table I, and Table II shows by categories the number of instruments registered in 1956/57, with the total amounts of the consideration stated therein. It will be observed from this that the number of Assignments has risen from 5,251 in 1955/56 to 5,483 and that there has also been an increase from 706 to 768 in the number of Deeds of Mutual Covenant which are common to assignments of flats. As regards mortgages, there were 118 more than last year, but the total amount covered by them was just over $189,000,000, or $20,000,000 less than in the previous year. Stamp Duty paid on instruments registered during the year aggregated $10,427,428.90.

Crown Leases.

6. As shown in Table I, 148 Crown Leases were issued during the year 1956/57 as compared with 204 in 1955/56.

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