ENG-1972 — Page 66

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FINANCIAL STRUCTURE

At the end of 1972 there were 74 licensed banks in Hong Kong with a total of 478 banking offices, an increase of 47 banking offices during the year. In addition, four representative offices of foreign banks were given approval to open during the year, making a total of 44 at the end of the year. Banks in Hong Kong have branches and correspondents throughout the world and offer a comprehensive banking service of the highest order.

Monthly bank clearings during the year averaged $27,422 million. The tables at Appendix 10 give details of banking statistics during the past three years.

Stock Exchanges

At the end of 1972 there were seven stock exchanges incorporated in Hong Kong under the provisions of the Companies Ordinance, but only four of these were engaged in active trading. During the year, the total turnover reported by the stock exchanges was valued at $42,935 million, an increase of 190 per cent over the previous year's figure.

The Companies Ordinance empowers the Governor in Council to recognise stock exchanges for certain limited purposes connected with the offering in writing of shares to any member of the public. Conditions for recognition have been stipulated by the Governor in Council, and by the end of the year all of the four active ex- changes had been recognised.

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