64
HONG KONG ANNUAL REPORT
modifications necessitated by the position of Hong Kong as an entrepôt.
BANKING
The Banking Ordinance provides that no institution may engage in banking without obtaining a licence from the Governor in Council and that each bank must publish an annual balance sheet. At the end of 1958 there were eighty one licensed banks, of which thirty five were authorized wholly or partially to deal in foreign exchange. A list of these latter is given in Appendix VI. Many 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 fifty three members. Monthly clearings in 1958 averaged $1,309 million.
No licensed banks operate in the New Territories, although there are several towns of a size which in England would have one or more banks. Safe custody for cash is provided by the larger shops; for other banking business it is necessary to travel into Kowloon or Hong Kong.
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