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in the United Kingdom and other parts of the sterling area, with modifications necessitated by the position of Hong Kong as entrepot. Twenty-five banks, including the three note-issuing banks mentioned above, are authorized to deal in foreign exchange. Some of these banks have branches or correspondents throughout the world and are thus able to offer world-wide comprehensive banking facilities to the public.
In addition to these incorporated banks, there are in the Colony many Chinese banks which handle a considerable volume of remit- tances from Chinese living overseas to their relatives in China.
Under the provisions of the Banking Ordinance, 1948, no company may carry on banking business without being licensed. 133 licences have been issued, most of them to small Chinese banks.
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