日九月三年一八九一曆公年十七國民華中育教濟輕
嚴正
規|嚴|確|必|股 範正立 須
絕好是,化強的律規融金港本
田
事壞非
城田響 辦瓦以下內的警年三
經
好花生,却强制性分配 收購,證券交易 中共交易會作風,郭冠|公開所持有股份數量,
整給你護花生,亦等於一等,所以本月三日行政
·三衍生宿席上亦如所悉者房地產市析 百分之十以上者,須公
會場性事件,侵管未來股市有納入起執一關係,房地產之任張,一有杜陵需達善。 本熊胖集市的突作瓦幅下濃,上選一打算,又在高利率下,股東,凡佔有公司股份。 水受多號,地政,其所持有股份,友逃 狼準備另作供股若千的,規定上市公司董事大
·的希望,低在短期間,包括經濟因素在
二七三個間米
已與一般送鬥力验棒,
·中實上除上述者外
一以來的新 峰,自此而後,股市即一路 “下的一大五四・五七,俯身,九七四年一忧持不华,中小型公司組織,今後政府可正式 故集資爲唯一途徑,画的程序,亦酊銀行及 綱趣轉上已渐有問題,參與訂定銀行存款利率 接受在狄公司條例。外
·书,三年十,我之間 少數地產商業性,一律,尚包括銀行公會之一
交易情形其流, 而如,其他有關金融業的規
反覆極低,喾滋除友中,m, 在去年度股市狂階| 響,假如能客的分析一下,則而同存稅務問題等,凡
一晚再跌,這是什愍大的不利因圭所影
素市情强勁,一
新者辦因國創湯
相
形可
出新的高峰紀錄,列模的上台,美元國易行為,所謂內幕交易、運、互相影響,在整的、 見,那主要是外在性的美國利率再創市場中,一些不正,此後稱,可以說互相牽 模地列舉大道理了。
健
康
☆的竹屈
豆
张爲慎改之河,固亦不無道理,我就上 資實際情況,而却苺張了邪惡的一面,
其心乘蕊的
必强正可如反 台须化 诚以股效
面
心投入正得克配,者說異果,
,致士的可使合限,是街,
左右水平而言,將資金·去年十一月中而後美國新股上市,原已上市公
恆貨幣供𨭆路綫,尤其在通脹憐形可席熊势下,固不致幢营改該是傲,就 -台,實無何過於改觀之處,因爲列根所探取供應面的經濟施策,及其驗館 活動强化監督报籬必要
家高水平,而美元闯際市悯鹅房,有五日預算案波爾耍,始克使本港金融
爱袋成爲赚取外來源
解决交通問題在——
·始能致交通的最大方便 緻增長殊有必要,只有在適度的汽車數量下,衆人 — 在全港市民最高利益前題下,抑制私家車數
之所謂「投資」股隰, 李居高不下關係,上市一種可無須做扭利息,此一由政府基本政策所决定的發腿。」一知作本文 閣送,以此爲上岸,反),則主要露上述美國利 向鏌行借隆校侩上策,一平,另外此類規限又是,市將願可作出正然健全 閲著貨幣市場的發展,一形,去年已競明顯,及應啖汜分發展中的 起,故較巨額商金運用一湊。至於內在不利因素,顯,向股東行,濊较高是越想的低度規限水,為類航源開獎時,股 利息税 艾美元强弱·亦 港股市始將未能出悅一,所謂生仔,實際視驚 本規律,傳以達致兩力,維質理想,還不易標 外關案息,且無需負坦利率,重登高峰後,本司,更且另組公司上司,他的軌,亦與經濟情 另可望後就穩水差價好,生指數新高紀錄一大因,集資行爲,將形非常明。面之平衡,即參與者寫,營,但金融痍律的强化。 以目前歐元利率十六區,却有较大風險,亦爲| 公司緻小就經有三在海外人士對投究本
金融期市將成爲世界每一,近數月來更爲表面化、國際標準。其所指出的著為本线光,雷
抑制汽車數量增長
,此情形谠有類於過去 規例,包括了公司脚,一考價值。
温外
頁四第張五第日四初月二年酉辛屬夏
WAH KIU YAT PO
報日僑華
出 爛郎國的利
送貨:
克幣三
美通 元 式承 行器 包有
市新
有助者在交
重等紀
-提貼
B的下的麻
以元貨
對行
瑞爲幣內
席主市期融金敦倫
一期星
前|市|融|展|港|談 【期1金 發本
.儷金融中心必有的產物。
津發 主席MR, R. R. 回教金融推市工作
ST. J. BARKS
閻振如美國、歐洲,及 示,他認爲世界各主要時 HIREWERY
玉明 阙等,均有設立金融期市
的需要。現時多認已有一 成熟的芝哥金融期再
市之,但紐約的市燃现仍在成
不行的熊饿
禱之中,將來可爲歐洲地,體今港人深感困運的? 在汽車的數錘上動腦筋 長侶段。倫敦期市正在宪、民生四大領域之中,一要解决交通問題不得不一足够和帳個舒適的交通 在、銑、悌、行一通之期,所以,本祗若一碗公共交通服勝亦是不
。香港方面亦考慮到在此
名便的開發。
*間感淡
約
其次便就是行的問涵,一七座排汽車當中,私家振的
減
法蝶約瑞雪白菜
人質設。所今低然 大出
熟又不滿非全港考 鄀會泡現融商後四 市,嶺,有期品 森值 及的的如然否市市交叉。 貨毽計果報則場的易去 幣類過本取孩的 ·計所杀 合可得 港行 交發 翻已。 約饈以開動易展,有雖
面便宜
就是施,齒間能因均堡 英一
所後香。區在此 有貨
世 限金,
視融 【倫期
淨的 美文 商,港他
國爽的 加市底 開品獲或們設商
姓 期 年金
取市考取自立人 滨示 >煲哥期果。
示易在圳然手或行,
轉珠始市一英將 饼
會立展願
所戥坡亦 高 金由 大市 面亦 核主的的希 虚 融於加場
健好心
直張 禽
速
累月地葆限人都得在娩,在近年來亦在迅速的垛,的度假關鍵。
祖現時只是等疾英國氓的囊貴時間,因時間发加了二萬七千多,自由鱵利前題下,
日的了接病潮國語
家
何建
阻的
法解想繼
湖
·徳墩的加
慈宮城車寓,抑 營業:南牌焿膜制
私𨳊主首,的束
制其 賜篇 的發私後增擇 根方 家 渠 袅的成
新蕊雄可度近
的脂的政;它
門服响對許們:並館
美新大的數由邊軟
和定的亦的限由謂日,通的 排的機未人制,人是限暢籐 有車 利算付,自人急制的高
量,下方的大亦
看此 惹使 交市是
長亦少快通不
1 私家車使用扃間,安
心,成保車至少乘載四
MR. BAR KS 集中到車提過多的問題屬維抑而圖為農保
當然適個所謂車輛,和,讓部份不甚必須健·者或研究經濟的部
在加和
五一的貨幣,包括更鵲,盡擁有兩間附屬公司,分校,以現時本港每十六,時間苡降,负担亦塔加、共兩册,定價十五元。 三、以美元爲準則的業務,將公司在本在,過多只是一種相對的比,用私家車的人因用途和都有一定的參考價造 一、七個人才有一部汽車,而不進身取主行列,在中國財政絮裤出版社出
動 阿比率,與歐美日等先 星加波早已采取逐項措苦豉行。
版,即日起由賚礼三聯
四、以政府債券關、港商品交易所齡力調國家相較,實也是潑「托,效果良佳,相信港一日發行的就有一 的C LOAK LANE 不足道,但在每公鸣有附在这方面亦會作相當,就會主貨幣銀行間
有十
陪冠汽
水·全的
除極作
抑
改制
蝦配
骚货
各福壁
店
有本間
融業嶺的觸金現代
長系 與制 奖金 市器 死备 到融 的磨, 行的金装包歌爆查了樓 金葉組以 -榮離的搖甜的方貨問融的薯識及 段 務:管結識職針幣腿 栗結,和貨
1981 中學會考試題預習專欄
經濟
(廿二)
王啓光 明德出版社蔯勗德提供資料
Economics (22)
K. K. Wong & L, T. Chan. MILL & DALE PRESS LTD.
Public Finance
Distinguish between direct taxes and indirect taxes so as to show their advantages, Give local texamples of each. What would
be the probable economic :: consequences if heavier taxation is composed to Hong kong?
A direct tax is the taxation which is paid directly by individuals or companieson whom it is actually levied. The ctax burden is exactly: bare by:
the tax payers and the tax is levied on the taxable income of the individuals or companies. Examples of the direct taxes: are. the Salaries Tax, Profits Tax, Property Tax, Interest: Tax, Estate Duty, Licences Fees and Rate in Hong Kong.
The Salary Tax is charged on any individual who is in receipt of income from any employment in Hong Kong. It is chared on a sliding scale from 5% to 30%, using the progressive tax rate. The taxable income is derived after "déduction of various allowances.
which vary with the individual and failly circumstances,
Profits Tax is charged on any any profits derived from the trade arid business in Hong Kong. The standard tax rate of a corporation is 17% where the unincorporated business is a standard rate of 15%;
Interest Tax is charged at the standard rate of 15% on interest arising in or derived from Hong Kong. It is the tax which levied on the interest derived from any debenture, mortgage, bill of sale, deposit, loan, advance or other: indebtedness,
Property Tax is charged at the standard: rate of 15% on 80% of the accessable currerit
market rental value, Every "owner with a property in Hong. Kong is necessary to pay this: amount of payment.
Besides, Estate Duty is the duty imposed in a dead persona property, money or estate. Licence Fees is levied on all business except the non-profit, -making business and some
charitable organizations. Rate is charged as a certain percentage of the estimate :yearly letting value of land or a property held or occupied by a person,
An direct tax is the taxation which levled on goods and services. It is usually levied on expenditure and is sometimes called outley taxes.
Examples of the indirect taxation in Hong Kong are the Custom Duties, Excise Duty, Betting Duty, Stamp Duty, Entertainment Tax and Hotel Accommodation Tax,
三聯書店發行
(*)
美國貨幣政策
Custom Duties are the taxes which are charged on four *-** groups of imported commodities -- alchoholic liquors, tobacco. certain hydro-carbon oils and methyl
Excise Duties are the taxes which are charged the above four groups of locally
manufactured commodities.
-Stamp Duty is modelled on the British system. which: imposes fixed duty on certain classes of documents and an ad valorem duty on others.
Betting Duty Is the duty on Höree betting and on cash_sweep contribution. The operation of Betting Duty is solely conducted by the Royal Hong Kong Jockey Club
Besides, the Entertainment Tax is charged on the prices of. admission to race meetings and cinemas. The Hotel NA Accommodation Tax is împosed on hotel and guest houses. The. Royalties and Concession are the payment which the government received from public utility companies such as bus company, electric company, etc, Which enjoy:
monopolistic franchises."
Compared direct taxation with indirect taxation, several
distinctions can be drawn:
(1) Direct taxation is levied on
wealth and income where indirect taxation is levied on expenditure.
(2) Direct taxes are usually.
charged by the government. The taxes are directly paid by. the tax payers to the Gov't, Indirect taxes are usually borne by the consumers and are not paid by themselves directly to the government but through somebody else.
(3) Direct_taxes are based on:
the Ability-To-Pay Principle. It means that people should be taxed according to their income level. The higher income group should pay more Indirect taxes are justified by the Benefit Principle. It means that those who get satifaction- by consuming goods and: services should be taxed accordingly.
(4) The incidence of indirect
tax may be on the buyer or
seller, depending on theè: elasticity of demand of the
commodity on which the tax has been imposed. If the commodity is more elastic, the tax burden would be easily,hifted to the. buyer. It is easier to u tome
determine the incidence of a direct tax but it is difficult to determine the incidence of an indirect tax especially when the taxed goods are elastic in demand.
(5) Indirect taxes are usually regressive. The lower income group suffer from it because they bear the majority· of the tax burden. If the prices. of the commodities are raised; general price level will be bid up and it will be easy to cause inflation problem.
(6)· Direct taxes are generally in progressive tax rate. It is said that indirect taxes can widen the gay between the: rich
下只有的有愛家的 1利追全關私势
,有私伐私當車南最前求港鞬家的
需通們共强
魚價:家有的,長民數北之在通廣?
and the poor people with large families. Therefore, direct tax can achieve more even distribution of wealth in the
economy..
(7) Direct tax can directly
influence the income and individual or a family. Since more taxes are required to pay in respect to higher income, it
may discourage individuals from spending or seeking: additional income.
(8) It is easier to estimate the
"amount of revenue that can
be collected from direct taxes. It is difficult to compute the exact amount that would be yield by the indirect taxes. (9) Direct taxes may cause: harm to the working incentive, investment incentive and the saying incentive of the firms and individuals..
(10) Tax evasion and-tax v avoidance are more frequent and much easier for indirect taxes, Since then, the administration cost of indirect taxes is relatively heavier than of direct taxes.
The following are the: probable economic consequences of imposing heavier taxation in
Hong Kongan
1. High:salaries tax reducea taxpayers' disposable
income for consumption, and discourage peoples' Fincentives to work overtime and to seek for promotion. one to seek for
2. Heavier profits tax reduces. businessments' savings and net profits. Loanable funds in the economy will fall, and investment becomes expansive, Economic activities will shrink. as a result.
3. Heavier indirect taxes would lead to arise in pricee of necessities. Thus it results in inflation which cause harm to the competitiveness of Hong Kong's exports.
4. In general, heavier taxation
leads to greater government:
revenue, but discourage
foreign investment flowing
to Hong Kong.
歷史
(十二)
明德出版社胡應亮提供資料 T
Philip Y. L. Woo
MILL & DALE PRESS LTD.
THE MAY FOURTH MOVE MOVEMENT AND ITS IMPACT ON COMMUNISM IN CHINA
1. The May Fourth Movement was
started by the incident of: May 4, 1919, That incident was caused by the decision of the
·peacemakers at Versailles to leave in Japanese hands the former German concessions in Shantung. Many Chinese expected that, as a reward for. China's contributions to the First World War, these concessions would be returned to China. But Britain, France and Italy had already secretly agreed to give them to Japan, with the approval of the Peking warlord government. Some five thousand students from the Peita University and other
人數
institutions therefore held a
mass demonstration in Peking. They bumed the house of a pro-Japanese: cabinet minister. They protested against the Versailles Settlement, the aggression of Japan, imperialism and the cowardly warlord government. Three objectives were stated: to arouse the nation's sympathy,
to force the warlord government to refuse to sign the treaty, and to dismiss the pro-Japanese
officials. Similar or demonstrations were held in Tientsin, Shanghai, Nanking, Foochow and Canton. Soon, even merchants joined-the movement by closing their shops ina merchant's stike. There was a general boycott of Japanese goods, The newly organized labour unions also joined nation-wide.
demonstrations. At last, the students succeeded in. 'embarrassing and bringing down. the Peking warlord government. Also, the Chinese representat representative in Paris did withhold its signature from the Versailles Treaty.
The May Fourth Movemerit: was a period of great intellectual change for China, a New Culture Movement that: extended from 1917 to the early 1920s. Its significance was greater than that of the 1919 incident. Old thoughts,' conservatism and Confucianism were thrown away. New ideas like liberalism and Marxism were spread among intellectuals in China. Nationalism in the
form of anti-imperialism grew. In literature, the pa-hua
{colloquial language).replaced the old classical written language.
With regard to the Movement's. impact on
Communism, one must
remember that the Chinese
Communist Party was founded
in Shanghai in 1921 under the May Fourth atmosphere of intellectual change. Marxism and Marxist-Leninist
socio-political theories were. introduced. and popularized: during the Movement, There were many. Marxist study groups in large cities both in 1919 and after it. Marxist journals Sprang up in schools and
universities. The May Fourth
attack on tradition led to
redicalism, and this, together
with the influence of the Bolshevik success in Russia in 1917, helped in the acceptance of Communism by some Chinese. Many a. Communist leader, " whether in the 1920s or later, rightly recognized the political usefulness to depend on the masses who, in 1919, proved to be revolutionary social forces. It was the Communist's ability in using their nationalism and anti-imperialism that in part accounted for the final success. of Communism in China. As Mao Tse-tung himself admitted, his ideas (Macism) had its roots in the May Fourth Movement. LIMITATIONS OF THE MAY FOURTH MOVEMENT
1. Lack of determination,
coordination and planning
【規蛋
可可前港投化港金效的不生在
本始亦融
、規
Many of the May Fourth
activities were short-lived
and failed to bring about. long-term and basic: -changes. Although workers participated in riots, their lives and minds were not in the long run affected by the" new ideas introduced during the Movement.
2. Urban-bound extent of
influence 20
The May Fourth Movement seldom spread beyond the cities. It was basically a city movement, Serious socsocial and economic:
problems of China's large countryside were seidom recognized.
3. Uncritical acceptance of
Western ideas and rejection of Chinese tradition
In revising China's culture, modern intellectuals had the habit of destroying tradition: and replacing it with Western culture, in so
doing, howevery they did not succeed in building up a new Chinese culture. Western ideas were accepted without much consideration of whether they suited China's conditions.
4, Limited practical
achievements... The immediate and political achievements of the May Fourth: Incident were limited. Other than' succesE in bringing down a warlord government in 1919, the Movement as a whole failed to solve China's overall political problems.
Warlords remained as
powerful as they were, and
foreign imperialism still existed.
附加數
明德出版社岑彥俊提供資料
G. Y. Shum
MILL & DALE PRESS LTD.
Solutions to Exercise 11:
Paper I, Section A. 1.(a)
22
180 radians
sing
(b) sin62o
sin58°
2cos
62-580
Gradient
(A)
of the curve
at (r,y) is
3x2-2x-1.
dy
dx
8t (~1,0), the gradient
3(-1)-2(-1)-1
Equation of the tangent at (-1,0) i
-3-0- 4(x+1).
4
When the tangent meets the
2 again curve y X-I
(x+1)(x+1)(x-3)
*** *1 or 3
y=0 or 16
The tangent meets, the again at (3,16). (cost+gin6)_ cis20
cosp-ising_cis(-4)
cis[20-(-4)]
cis(26+).
cos(2847)+isin(20+4) modulus 灑點 argument = 20+4
1
2sine
Wheux
When
2cos0d0
2cos@de 2cose
.0
(Anm)
For real roots of this equation
`(-3a)
22
a-3)(3) 0
Ja-4a +48 − 12 à 0
+484127 0
(a−6)(8+2) 6'0
(ADB)
3.1416
radians 90
0.0349 radians (Ans)
When 9 is amall, sino-d
*=0,0349. (ADS)
The values of a are:
-2446 (Ans)
7. Let the equation of th tangent be y mxc
Since it passes
through (~4,3)
2. 3 = m(-4)+c.
→c - 3+k
the tangentis
y = mx+(344) This line, meets the circle x2+y2-5
x22 + (mx + 4 m + 3 ) * -5
2222
8mx+6m+24-5.
̈ (1+m2) x2+(6m+8m2)x+
2
16m+24+4 = 0 Since this line is a tangent, the roota equel,
''. (6m+8m)–4 (144
(16m+24m+4) 0 4(902+24m3+1.6mmy-e(16m2
16x*.
11+24+4 (m+2){11x+2)
12(1)(0,0349)
0.0349 (ATB)
Let y
coust.
D
2
-2
or
and
ive.
the equations of
the tangents are
y=mx+(3+4m)
- -2x+(3-8)
y+2x-5 - 0 (ADW)
11y+2z~25-0
(Ann)