CURRENCY AND BANKING
were authorized to deal in foreign exchange. Some of these banks have branches or correspondents throughout the world and are thus able to offer comprehensive banking facilities to the public. Interbank transactions are facilitated by a clearing house association with 51 members. Monthly clearings in 1954 averaged $1,115,442,488. A list of the banks operating in Hong Kong is given in Appendix X.
There is no licensed bank in the New Territories, although there are several townships of a size which in England would have one or more banks. Safe custody for cash is provided by shops, especially money- changers, and for other banking business it is necessary to travel into Kowloon or Hong Kong.
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