ENG-1954 — Page 215

HONG KONG ANNUAL REPORT, 1954

a complete history of the devolution of the title to each particular property and a record of the present registered owner in each case.

During the year under review 9,238 instruments were presented for registration in the Land Office, in which the sum total of the transactions involved as expressed in the deeds themselves amounted to $559,439,045. These figures are greatly in excess of any previously recorded and illustrate the sustained activity of the property market, no doubt largely resulting from pressure of capital remitted here for investment. Building development continues at a record rate, an outstanding feature being the construc- tion of large blocks of offices and shops in the central areas, and of flats.

and of flats. It has now become a common practice for newly built flats to be sold outright to individual owners instead of being let on terms which impose payment of construction or key money.

In addition to maintaining the records of the Registry, the Land Office is responsible also for the issue, renewal, and termination of title to Crown land and for the variation of the terms of Crown Leases. Numerous sales, grants, exchanges and surrenders of land were dealt with during the year and 186 new Crown Leases were issued.

A new Mining Ordinance based on recent mining legislation in other colonial territories, was enacted in August, to codify the law in relation to mining and to provide for the issue of Prospecting and Mining Licences and the grant of long term Mining Leases. The principal minerals found are wolfram, iron, lead, clay, graphite, molybdenum and tin.

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