Registrar-Generals-Department-Annual-report-1961-1962 — Page 19

some very big contractors) and 24 companies. The registration of limited companies is especially in favour in the real estate business, where it is now the normal practice to form a new company for each new venture. In these circumstances it was not surprising that the total number of companies registered during the year once again reached a new record figure, namely 910.

33. Of these 910 new companies, 36 were public companies and 874 private, and 875 were incorporated with a share capital and 35 without. Part I of Table VIII gives an analysis of the 875 companies with a share capital according to the nature of their business and amount of nominal capital. As compared with 1960-61 there has been an overall increase of 216 companies principally due to the number of land and building companies having nearly doubled from 166 to 326, which is only two short of the total of all companies with a share capital regis- tered in 1958-59. This phenomenal increase is of course due to the current building boom, and the dominance of limited companies in the real estate business is demonstrated by the fact that out of 115 lots of Crown land sold by public auction during the year 70 were bought by companies. There was also a marked increase in the number of new import and export companies (189 against 131), evidencing active trade conditions. On the other hand, signs of the times, registrations of garment manufacturing companies declined from 17 to 7, of textile com- panies from 52 to 27, and of shipping and shipbuilding companies from 53 to 36. That travel and tourist businesses were doing well is indicated by the figures of registrations for carriers (16 against 6), hotels and restaurants (31 against 33), and tourist agents (15 against 10).

34. Part II of the same Table (VIII) gives an analysis of the 35 companies registered without a share capital according to the nature of their objects. All of these were limited by guarantee. In exercise of powers delegated from the Governor 15 were granted licences to dis- pense with the word 'Limited' in their name under section 21 of the Ordinance, which provides that where it is proved to the satisfaction of the Governor that an association about to be formed as a limited company is to be formed for promoting commerce, art, science, religion, charity, or any other useful object, and intends to apply its income in promoting its objects, and to prohibit the payment of any dividend to its members, the Governor may by licence direct that the association may be registered as a company with limited liability, without the addition of the word 'Limited' to its name.

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