CURRENCY AND BANKING
65
deposit accounts, and the relatively low level of liquidity main- tained by some banks with large investments in property and securities, some supervision of banks in the interest of their deposi- tors was recommended by the Banking Advisory Committee. This body, under the chairmanship of the Financial Secretary, is respon- sible to the Governor in Council for the licensing of banks and the general administration of the 1948 ordinance. As a result Mr H. J. Tomkins of the Bank of England was invited to visit the Colony to advise on legislation for the control of banking opera- tions in Hong Kong. His report on the Hong Kong banking system, published in April, contains a full discussion of the situation together with recommendations for a new banking ordinance. The comments of all interested parties on these recommendations were invited and were later considered by the Banking Advisory Com- mittee; drafting instructions have now been given to the Legal Department. One of the major recommendations of the Tomkins Report was the appointment of a Banking Commissioner and this recommendation is being pursued.