郭日僑華
vt
Banking Advisory
Committee with the
Financial Secretary as
三期星
1(a) Let y
22
= X'/8 -
日三十月二年〇八九一麼公年九十六國民華中
= x(2-x2)
2212
=
2
... dy = (a2x2)+(x) +
..(ky-Haxy-kax)
dx
3
24
4ay+8axy-4x
dy - h[ny + Zaxy-x
頁四第張九第
日七廿月二十年未已靨夏
WAH KIU YAT PO
1980
opportunities for the investors to make profits in the form of dividends or price gains. They can
chairman to advise the
中學會考試題預習專欄
also provide capital for
Governor on matters
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the governement. By issuing bonds for sale in the stick exchange, the
(2)
government can raise funds
relevant to banking. Every bank must have a minimum paid-up capital of HK$10 million and build
Economics (18)
K.K.Wong & L.T.Chan
MILL & DALE PRESS LTD.
The Stock Exchange
A stock exchange fores a part of the financial market. It is a place where . dealings in Securities take place, that is, a market where those desiring to buy existed securities are brought into contact with those who want to sell. A stock exchange has a limited membership and the members are permitted to trade securities with each other. Since only
only members are
permitted to conduct business on the exchange, others who' want to buy or sell in this way must' employ members to
act on their behalf.
In Hong
Kong, the four stock exchanges are the Hong Kong
Stock Exchange, the Far East “Stock Exchange, the Kam Ngan
* Stock Exchange, and the
Kowloon Exchange. Regulations regarding stock exchanges include The Stock Exchanges Control Ordinance 1973, Securities Ordinance 1974 and the Protection of Investors Ordinance 1974. A permanent Securities Commision, with the Commisioner for Securities as its head, was set up. In 1976, the Securities (Amendement) Ordinance was passed and likewise The Securities (Stock Exchange Listing) Rules 1976. under the Securities Ordinance,
fre put into effect. These
1 Describe the economic functions of stock exchanges.
Stock exchangea provide chances of investment for the general public. They help to mobilize
the idle"
savings of the community to those firma which seek to put them to productive uses. Through the
30
facilities of the exchange numerous small suns "of money can be pooled together to Truance big project, which are beneficial to the Community. example, offor more employment opportunities. Stock exchanges make it possible for an owner of
curities to dispose of them if he so desires or he may convert hia securities into ĉash when necessary.
exchanges assist the capital market shy making securities more liquid and this in a way, will encourage people to invest, in then,
E
Stück markets øre also
ina. to profit making.
offer
tant
A-1
唯
3-304361-7. 3-3IRHOO
3.335
2253 A4 8 20~279
江問新言
for its projects e.g. for construction of the mass transit railways. Often, the turnover of the stock exchange indicates to some extent the performance of an economy. In addition, competition between Tire many buyers and sellers in a free market will help to determine the credit
rating which an enterprise deserves, so that the more efficient and promising enterprises can raise capital more readily and pay a lower rate of interest than the less efficient enterprises. Furthermore, stock exchanges can ensure the efficient use of loanable funds by those firms which are more competitive and efficient in their business. It is because investors usually put their money capital in those businesses which are high-yielding.
The Currency System
of Hong Kong
In Hong Kong, coins of $1000. (gold coins), $5, $2, $1, 50 cents, 20 cents, 10 cents and 5 cents and currency notes of 1 cent denomination are issued by the government, Even though those coins and the 1 cent note may be used for all types of transactions, the coins are normally used in smaller transactions while the. 1 cent note is rarely employed in common transact- jons. The major part (95%) of the total amount of
in Hong Kong consists öten issued b
the Hong-Kong and Sha cha Banking Corporation, the Chartered Bank, and, the Mercantile Bank. The banknotes (paper money) are of $1000, $500, $100, 850, 810,65, end the value of these banknoteg in fully hacked by the Exchange Fund. Both the coins and the banknotes are legal tender in Hong Kong while the 1 cent
up its reserve until it is equivalent to the paid-up. capital.
(3) Eack bank is required to
maintain a minimum of specified liquid assets equal to 25% of the deposit liabilities of the bank in any calendar month. (4) Every bank must submit an
audited financial report monthly, quarterly and annually to the Commissioner of Banking. Locally incorporated banks' must have their annual balance sheets published in one local English and one local Chinese newspaper.
(5) No banking business can
be conducted by a company without obtaining a valid banking license from the government. Each bank is required to pay an' annual license fee of HK$200,000. To open a . branch, permission must be obtained and an annual license fee of HK$10,000 must be paid for every single brance,
At the end of 1977, there were 74 licensed banks with 803 banking offices.
2. Outline the main effects on the economy of a rise in bank interest rates on loans and deposits.
A rise in, bank interest rates on loans and deposits will probably have the following main effecte: (1) loans will be more expensive, and individuals and business- men will then be eas interested in borrowing money from hanks; thus investment will slow.
fall as they vill borrow lens to purchase" property, car etc; (3) production costs will
he higher because of the higher interests on
Ipans.
(4) expert prices will rise
"and exports will drop as
they become. Lesa competitive in overseas märkets;
notes are legal tender only for (5) foreign capital payment of any amount not exceeding one dollar,
The Banking. Ordinance
› In Hong Kong all. banks are required to act according to the provisions in the Banking Ordinance" which was enacted in 1964 and amended. on many occasions, As it exists today, the ma in features of the
Banking Ordinance
are:
(1) A Cummiesi Louer of
Banking is appointed and
given the power to approve new bank branches, tu exercise control andTM! supervision over the operations of licensed banks, to inspect bank accounts and to wind up any" bank considered to be unsound. Also, there is a
PK319.5)-3
(b) y w
2
dix
4(y-2axy-ax*)
=
2
2
-X
(äy+2nxy-x
ax+2axy-y
ADS.
(a2-x2)
4x-3
(-2x)
|4(a) Let y =
x +1
(1+22)
And.
莊
dy ■ (1+x2) *.3 (1-x2)~3. (-2x)
談
(1+x2)
(1~x2) * [ † ( 1+x2)~* (2x)}
(1+x2)
(1-2) (1422)
(1−x2)*(1+x2)*(1+x2).
-2x
(1-x)*(1+x2)
2
(c) y = x2
x2sin(3x+%) dx = 2xsin(3x+x) +
(a) y
dx
2
x*cos(3x+x) (3) 21sin(3x+x) + x2cos(3x+2).
BiRz+cosx
(sinx-coux)(69∙x-sinx)
(sinx-cosr) (sinx+cosx)(cosx+sinx)
· (sinx-cour)~ →sin”x+2sinxcosx-cos"
sin
<lx
4x2+4=8x+6x
(x-1) -(4x2-6x-4) (x+1)*
For stationary values,
= 0) put
dx 2
7
2x-3x-2 * ()})} (2x+1)(x-2) = 0)
or 2
X 20 y4 or 1
L 季 H L' 2
R
-
◊
+
+
.*. at (-4,-4), y has a minimum value of, −4· and at (2,1), y has
a maximum value of 1. An
4x-3
(b) y =
2 x +1
when this curve crosses the y-axis, x = 0)
and y =
4(0)-3
(0)2+1
= -3
i.e. the curve passes
through the point (0,-3),
Gradient at this point ›
in given by
dy
dx
2
sinz-coax)
Ans.
(sipx-coax) ginx
10081-2xsinx
x
x(xcosx-2sinx)
Be
xcosx-2ainx
rcos-28inx 2
2.inx
and 2y =
induced to Hong Kong while local caputal is attracted to stay, (6) there will be more
deposits in local, bank
banks; (7) the growtli of economy and
transactions will slow down because of declining investment and consumption;
(8) the prices of stocks and shares may fall and
speculation in the
Stock Exchange will be leas.
附加數:
(+4)
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Additional Mathematics (18) C. Y. Shuza
(Mill & Dale Press Ltd
Solutions to Exércine
dy+ 2y
xcosx-2sinx
2sinx
COBX
3. x*+y*-4a{xy2+x*y)
Differentiate with
Ana
0
respect to x:
3dy
}+2xy+x
4a [(1) y2 + x (2012).
dx
0
華僑日報讀者
海天之
七海旅行團
20
EKN
2
REX..
2
-4(0)---6(0)-4
uation
tõ” the curve,
at the point (0, −3) is given by
x-(-3) 4(x=0) y-4x+3 = 0.
Ang
15. x+3y
= 2a
2
To find the gradient, differentiato with respect to x:
2x+by -0
BE
At (a,
---
A). dy
-8
3(73) -/3
3
the equation of the
tangent at (a,
is given by
73
7-7-(x-4)
y/3-a = ~(x~a) i.e. y/3+x-2a 0 The equation of the normal in given by
Y-3-3(x-9)
since the gradient" of
the normal is
Ana.
P
y/3-0
3(x-a)
0
i.e. v/3-3x+2a
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