Registrar-Generals-Department-Annual-report-1960-1961 — Page 14

tion Demand Notes for rents of less than $5 per annum are now issued every five years instead of annually.

23. The Crown rents of 327 sections of lots were determined under the Crown Rents (Apportionment) Ordinance (Cap. 125). Applications under this Ordinance may be made either by the owner of the Remain- ing Portion of a lot, in which case the rents of all the sections are determined, or by a section owner, in which case the rent of his section only is determined, the rent of the remainder of the lot being reduced correspondingly. Upon determination of the rent of a section, the owner is deemed to hold the section as if a separate Crown lease for it had been granted to him at the determined rent.

Fees

24. Land Office fees collected during the year amounted to $713,320 as follows:

Deeds registration and Miscellaneous Crown leases

Apportionment of Crown Rents

J

$697,222

11,743

4,355

$713,320

This total, the highest ever, exceeds the previous year's total by $105,000.

PART III

COMPANIES REGISTRY

Companies Registration

25. The Companies Ordinance (Cap. 32) is based on the Companies Act, 1929, formerly in force in Great Britain but now replaced by the Companies Act, 1948.

26. Although there was a marked slackening of activity in several industries towards the end of the year, notably in the textile and plastics industries, Hong Kong had in general a prosperous year, and numerous new businesses were set up and enterprises undertaken. The great majority of these are started and run either by individuals or by Chinese partnerships, but Hong Kong businessmen are gradually be- coming 'company-minded', and it is probably now true to say that there are few new enterprises of any magnitude that are not launched as limited companies. This is especially true of the building industry where it has become almost the standard practice to form a new company for

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