Question: Describe the type of banking in Hong Kong prior to 1964

Context paragraphs:
Supreme Court (Hong Kong): The Supreme Court of Hong Kong () was the highest court in Hong Kong prior to the transfer of sovereignty of Hong Kong from the United Kingdom to the People's Republic of China in 1997 and heard cases of first instance and appeals from the District and Magisrates Courts as well as certain tribunals.  The Supreme Court was made up of the High Court of Justice (High Court) and the Court of Appeal.

British Forces Overseas Hong Kong: British Forces Overseas Hong Kong comprised the elements of the British Army, Royal Navy (including Royal Marines) and Royal Air Force.  Much of the British military left Hong Kong prior to the handover in 1997.  The present article focuses mainly on the British garrison in Hong Kong in the post Second World War era.  For more information concerning the British garrison during the Second World War see the Battle of Hong Kong.

Chan Chun-ying: Ronick Chan Chun-ying (; born 1961) is a Hong Kong banker.  He was the board secretary and is now an advisor at Bank of China (Hong Kong) and the vice-chairman as well as Secretary General of the Chinese Banking Association of Hong Kong.  In the 2016 Hong Kong Legislative Council election, he was elected uncontestedly in the Finance functional constituency for the Legislative Council of Hong Kong, representing the banking sector.

Laissez-faire: Laissez-faire ( ; ] ; from French: "laissez faire" , 'let do' ) is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.  The phrase "laissez-faire" is part of a larger French phrase and basically translates to "let (it/them) do", but in this context usually means to "let go".

People's Liberation Army Hong Kong Garrison: The People's Liberation Army Hong Kong Garrison is a garrison of the Chinese People's Liberation Army (PLA), responsible for defense duties in the Hong Kong Special Administrative Region since the sovereignty of Hong Kong was transferred to the PRC in 1997.  Prior to the handover, Hong Kong was under British rule, and the defense of Hong Kong was the responsibility of the British Forces Overseas Hong Kong, with auxiliary help from the Royal Hong Kong Regiment.

John Estmond Strickland: Hon. John Estmond Strickland, GBS, JP, the former Chairman of the Hongkong and Shanghai Banking Corporation Ltd. (1996–1998) with responsibility for HSBC's operations in Asia Pacific, is a Hong Kong-based businessman and philanthropist.  He has honorary fellowships with the University of Hong Kong, the Hong Kong Computer Society, the Hong Kong Institute of Bankers and the Hong Kong Management Association as well as honorary doctorates from City University of Hong Kong and Hong Kong Polytechnic University.

Right of abode in Hong Kong: The right of abode in Hong Kong is the right to legally reside in Hong Kong without any limit or condition of stay being imposed by the Hong Kong Immigration Department.  As the People's Republic of China stood to resume sovereignty over Hong Kong from the United Kingdom, the nationality of Hong Kong people as well as their right of abode in the territory was formalised prior to the 1997 handover.  Since Hong Kong has never been an independent country, there is no provision for its own citizenship status.  Hong Kong Permanent Resident is the legal status for those who have the right of abode in Hong Kong, which is the "de-facto" citizenship status in Hong Kong.  Most citizen rights in Hong Kong (such as the right to vote) are granted to all permanent residents, while some (such as the right to hold a HKSAR passport, or becoming a high-rank public officer such as the Chief Executive) are restricted to permanent residents who are also Chinese citizens.

Industrial and Commercial Bank of China (Canada): Industrial and Commercial Bank of China (Canada), formerly The Bank of East Asia (Canada), was founded in 1991; it was the Canadian unit of the Bank of East Asia Group (BEA) in Hong Kong.  The bank operates five branches in Canada and offers retail banking products catering to expatriate Hong Kong Chinese in Canada.  The bank operated at Hong Kong Chinese themed malls or areas with large Hong Kong Chinese population.  A 70% stake of the bank was sold by former parent Bank of East Asia in January 2010 to Industrial and Commercial Bank of China and on July 2 the bank changed its name to the current name.  BEA retains a 30% stake as BEA focuses business in Hong Kong.  Signage at all Canadian branches were changed to reflect the new ownership.  BEA Canada is the second Hong Kong based bank to pull its Canadian operations.  Standard Chartered Bank (Hong Kong) sold its Canadian branches and operations to Bank of Montreal and Scotiabank respectively in the 1990s.

Economy of Hong Kong: As one of the world's leading international financial centres, Hong Kong's service-oriented economy is characterized by its low taxation, almost free port trade and well established international financial market.  Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, and pegged to the US dollar.  Interest rates are determined by the individual banks in Hong Kong to ensure it is fully market-driven.  There is no officially recognised central banking system, although Hong Kong Monetary Authority functions as a financial regulatory authority.  When destabilising factors are hitting the financial market of Hong Kong, they will be monitored and inspected by the Hong Kong Monetary Authority, the financial regulatory agency in Hong Kong.  Electronic finance trading is evolutionarily impacting the financial market of Hong Kong.

Banking Ordinance: The Banking Ordinance is a set of laws passed by the Legislative Council of Hong Kong to tighten restrictions for opening up or licensing a bank.  Prior to the 1964 re-regulations, the government had no way to control bank's monetary effect on the economy.  It also had no way of protecting the people utilizing the institutions.  Banking was considered a Laissez-faire network, and was also described as "Free Banking" or "Wildcat Banking" filled with much uncertainty.

Supporting paragraphs: Banking Ordinance Laissez-faire
Answer: transactions between private parties are free from government intervention