ENG-1955 — Page 190

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HONG KONG ANNUAL REPORT

and New Kowloon; instruments affecting land in the New Territories (other than New Kowloon) being registered in the three District Offices. Although the system of registration is legally one of registration of deeds and not of title, the Land Registers show in a clear and accurate manner the devolution of title to each lot, or section of a lot, and details of all incumbrances affecting it. The result is that in practice the system is regarded as virtually equivalent to registration of title. Land tenure is described in the Production Chapter.

Among the other functions of the Land Office are the issue, renewal, variation and termination of title to Crown land, the granting of mining leases, and advising the Government generally on matters relating to land.

As mentioned elsewhere, 1955 was a year of high activity in land and building investment. This is reflected in the Land Office business, which dealt with 11,754 instruments, involv- ing $650,215,599, increases of over 2,500 and $90,000,000 respectively over 1954, which was itself a record year. The total amount advanced on mortgages of land was $200,815,472. The average rate of interest was around 12% per annum, somewhat lower than in recent years, owing to the large amount of capital seeking investment.

Companies

The Companies Registry maintains records of all companies incorporated in the Colony, and all foreign corporations carrying on business in the Colony. Prior to I June 1955, the maximum fee payable by a company on registration in respect of its nominal share capital was $500, but as from that date the fee became $100 plus $2 per $1,000 of capital. At the end of the year there were 2,930 companies on the Register, and 489 foreign corporations.

Foreign corporations establishing places of business in Hong Kong do not have to pay the fee mentioned above : they merely pay the usual $5 fees on filing documents required by Section 318 of the Companies Ordinance (Cap. 32).

Trade Marks and Patents

The Trade Marks Ordinance, No. 47 of 1954, which is based on the Trade Marks Act 1938, came into operation on 1 January 1955. The Ordinance includes new provisions enabling the registration of defensive and certification trade marks, and of registered users. 987 new marks were registered,