营教備章,乌三第張四第日七廿月二十年申庚播要
WAH KIU YAT PO
any financial crisis
1981
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Economic (17)
K. K. Wong & L. T. Chan
MILL & DALE PRESS LTD.
Money and banking
Čentral banks and Commercial banks
their functions and facities.
The functions of a central bank
A central bank is a bank of government. It is set up by the government and is not profit-making. The implementation of policies in. a central bank is directly controlled by the government. Usually, a central bank is the nationalized institution which work with the
AVOIR-
vernment to carry out the monetary policy and to promote the economic
development of the country
Es, functions can be
Summarized as follows:
to issue legal tender
Currencies, including banknotes and coins, are issue by the central bank under the supervision of government. Since the amount of circulating currencies can influence the purchasing power of the economy, government is responsible for adjusting the amount of legal tender issued by the central bank.
In a complex monetary economy,, mogßey serves as a dynamic role in addition. to being a medium of
reg
hauger Government may ulate the level or money and liquidity in the economy so as to achieve some desired policy objectives such as the control of inflation, the growth in the Gross National Product and the improvement of balance of payments.
2. to be the bank of
government
Government revenue are usually stored in the central bank and the public expenditure and payments are done through it. A central bank usually keeps the accounts of the government deparments. 3,to be he advisor of
gove cament on financial and monetary policies.
e central bank acts
as the advisor of government in all the
matters about monetary and banking policies. The central bank
may has a
effective management team. giving relevant information and suggestions to government so as to solve any economic problems and to help the economic development.
to keep the cash reserves of private banks"
It is a law that all the private banking institutions must deposit a part of their cash reserves in the
cential bank. Accordingly, the central bank centralizes the cash reserves to protect the security and control the liquidity of the whole Banking system.
Whenever there is necessary for the private banksto borrow some money, the central Bank will back then up lending them cash funds. If there
occurred in a private bank, the central bank is > ____
responsible for supporting it as far as possible in order that national
economic stability can be maintained.
5. to be a bank of central
clearance, settlement and transfer entst
The central bank is the banker's bank. It provides. the facilities of clearance of cheques and the transfer of funds between banks. It is the place for the banks to clear their cheques received from their customers and drawn upon other banks, In such a case, mutual indebtedness between the member banks, may be cancelled and the amount owned to any banks would be calculated.
6, to supervise the operations
of private banks
A central bank takes the responsibility to help the government to carry out the banking laws and to watch and direct the work done by private banks. 7, to
carry out monetary policy
The central bank
controls the note issue, accepts deposite from and makes loans to the commercial banks and money market in such a way that it handles the main tool of monetary policy in a country. For instances, inflation can be tackled by the monetary authority. through control of the quantity of money which is circulating. In addition, government can change the reserve ratio of the private banks or change the discount rate and the rate of interest by adjusting and banking ordinances so as to achieve the goals of monetary policy
8. to keep gold reserve's land
foreign exchange reserves of the country
In order to maintain the stability of the external of the external value of the national currency system, the central bank keeps the gold reserves and foreign. exchange reserves to " undertake the open market operation-by law of exchange control.
to offer facilities to customers as a commercial bank does
The central bank also provides the general banking services to the customers such as acceptance of deposits, loans and advances, remittance and other services.
II. The function and facilities
provided to commercial banks
A commercial bank is a profit-making firm operated by private individuals. It is established for the purpose of seeking profits by way of offering various banking services. Banking laws and ordinances are set up to regulate the working targets of all commercial banks.
The commercial banks operate branches and directly deal with individual customers. They are operated under the supervision of government or central bank and play an. active economic role. Their functions can be summarized as follows:
31019 #
1. to keep money for
customers.
Commercial banks provide the services that saving deposits, fixed deposits and demand. deposits are accepted. Different rates of interest are applied to various deposits together with the different ways of withdrawing money..
2, to lend money to customers.
Loans and advances are granted to commerce and industry in order to earn the reward of interest on one hand, and promote the industrial and commercial development on the other. The loans and advances include short-term and long-term loans, advances, overdrafts and discount bill of exchange. Government play the supervisory role to cover all deposit taking institutions.
3.to create bank credit
or
a
Either a central bank
commercial bank can bring about an increase of equal amount in bank
deposits. In order words, when a bank makes an advance to a customer, whether by overdraft or loan account the result is an increase in total punchasing power.
For example, if a borrower has only a small balance to the credit of his account and he obtains an overdraft of $500. He can draw a cheque for this account and pay it to the creditor. If the creditor. deposit it into his own account, the creditor's account will have increased by $500. In this case, the borrower's account can only show a debit for this account. In the combined. banks' balance sheet, advances and deposits will both have increased by $50. If there is any monetary, discrepancy happened; the central bank should have the power to control the expansion of bank credit.
to offer the service of remittance
Remittance means that the money is transferred from one place to another. Imagine that you want to sent HK$100 to your friend living in United States, you can ask for the help of the Remittance Department in any commercial bank.
First of all, the Outward Remittance. Department would calculate how many US dollars your 100 HK dollars will buy on the foreign exchange market by referring to the day's exchange rate. If the rate is HK$5 for US$1, your HK$ 100 will buy US$20. Therefore the bank will give you a bankdraft for US$20. Next, you can use a mail transfer. That is to say, the bank sends an airmail instruction to its branch in United States to authorize. the branch to pay your friend the sum of the money. If it is very urgent for you to send the amount of money, you can make use of the telegraph transfer although it would be more expensive. 5. to offer import and
export facilities
Commercial banks
offer a special service
called documentary credit
to help the promotion of
business. It is the
guarantee given by a bank
日期星
日一月二年一八九一层公年十七國民肇中
that its customer will pay for a shipment of goods if the correct documents are supplied as evidence that the shipment has been made. Furthermore, the
credit line is the service. provided to allow a company to receive goods before paying for them. 6.to provide other
miscellaneous services · to the customers such as (a) keeping valuables for
stomers;
(b)
business information and guidance; (c) offering monthly
instalment payment loans;
(d) helping clients in
taxation problems;
(e) acting as the under
underwriters for nes Stocks;
(f) acting as the executors
of will on behalf of their clients;
(g) issuing of credit cards;
(h) providing auto-pay
facilities;
(i) selling gift cheques.
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Add. Maths. (17)
Differentiation.
Worked examples;.
Find in the following:
(e) 2x2.
Solution: (a) Let
(b) Let y
taux-1-cOSX.
敬
1-coax
tanx-(1-cos
(t-coax) se
tenx
21-cos
COS X
2(1-соя
Exercise 9
Differentiate the following with respect to x:
(e) (d)
1(3x+1).
ytanpz, (a) express dz in terms of p and y only
(b) Prove that
Epy(1+y") . 1_x“+y^-4a{xy2+x^y)
show that ** - _BV(y+2x)=x_
ax(x+2y)y 4.(1) Find the maximum and
míninum values of
4x-3
(ii) Find the equation of the
tangent to the curve
at the point at
which it crosses the
1
5. Find the equations of the tangent and normal to the ellipse x
2 at the
point (.).
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明德出版社胡應亮提供資料 HISTORY (17).
Philip Y. L. Wes
MILL & DALE PRESS LTD.
in the following, we discuss the international situation of diplomatic relations in East Asia before and during the First World War (1914-1918).
Stable international situation in 1910
1. The great powers' attention
diverted from East Asia to Europe There were a number of crises that brought about the First World War from 1908 to 1913, These crises occurred outside East Asia. The Western great powers had their attention elsewhere.
2. Open-door policy in China -
Britain and Japan
cooperated in advocating and practising the open-door policy in China, i. e. maintaining China's territorial status-quo for free trade. The US
supported such а policy too. Thus the days when the great powers struggled with one another for territorial
interests in China were over.
Factors upsetting the stable
international situation
1. The fall of the Ch'ing
Dynasty in 1911-12 -
Thereafter the Chinese government was unstable, This gave ambitious powers like Japan the chance to fish in troubled waters,
2. Japan taking advantage of the
First World War - When the war broke out in 1914, the Western great powers were occupied with fighting in
Europe or elsewhere, Japan thus had a chance to obtain exclusive interests from China.
3. The fall of the Tsarist
government in Russina in 1917-Soviet Russia rose in power in late 1917. Unlike the previous government, Soviet Russia did not. cooperate with other western great powers to maintain the traditional system of diplomacy.
Steps taken by Japan to strengthen her interests in China in 1914-1918
1. Entry into the First World
War in 1914 - Japan and the Central Powers (Germany and Austria) did not have bad relations but Japan entered war on the side of the Allies so as to obtain German rights in China.
2. Presentation of the 21
Demands to China in 1915 At that time, China was a republic under President Yuan Shih-kai. He wanted to obtain Japanese support so as to re-establish a monarchy. Japan made use of this to force China to accept 21 demands of interests, which were divided into 5 groups, (You will learn about them in detail later)
Participation in the Siberian Expedition in 1918 - Russia became a communist country. in late 1917, The Allies wished to check communism and bring Russia back into greater war-efforts (Soviet. Russia withdrew from the First World War). An expedition was sent to
Siberia against Soviet forces. Japan joined the expedition
so as to gain more interests. (You will learn about the expedition in greater detail later)
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