刊週文藝育教 頁一第張七第日三初月十年亥癸展夏
1984
中學會考試題預習專欄
經濟及公共事務
明德出版社啓光提供資料
·陳勵德
-ECONOMIC AND PUBLIC
AFFAIRS (7)
K.K. WONG & L.T
CHAN.
SHARES DEBENTURES AND THE STOCK EXCHANGE-
Types of Shares
The capital of a limited company. is: divided into shares, in $1 unit. There are number of different types of shares, and a single company may issue more than one typeof shares in order to appeal to the different classes of investors some; of whom are more willing to undertake greater risks. than others. Shares are
not always fully paid up. For instance, to
conly $0.80 may have been paid for the $1 share, but the company has the right to call up the balance if necessary!
(1)Ordinary Sh
Shares
(Conimoi Stocks) -- generally these n. shares carry no fixed rate of dividend and the holder can receive a share of the profit only after all other claims: have been met. Each share entitles its holder to participate in the earnings of the firm in common with. other shares, and each share also gives the right to the owner.
to one vote
in the o
aneual stockholders meeting. As owners
of the firm, orditiary
stockholders stand to
make good profits.
when the firm is
successful, but will
sustain losses when
business is poorw
Clearly lipse.people.
who invest in
ordinary shares are
bearing the hope of getting a comparable reward.
(2)Preference Shares
Preferred Stocks these, like:ordinary shares, are shares in ownership of the company. But instead of equal participation in the, profits,
reference shares, carry fixed annual dividends that must be paid before dividends can be declared on ordinary shares.
There are many. different types of preference shares and some examples are included here: (a)Cumulative prefer-
ence:siares. if thie:fixed prefere ence dividends. ave not paid in a given year, they accumu- late, and all
arrears must be paid before any dividends can be declared on.. ordinary shares. (b)Non-cumulative
preference shares家 if preference
shares -are non-
they: are not necessary to provide for dividends that were passed. A
cumulative10
dividend omission
WAH KIU YAT PO 報日僑
un preterence
shares in any one year means that it is lost and: dividends may be declared on ordinary shares as Tong as the.
preference shares receive the preferred rate for current period. (c)Participating
preference shares➡ apart from the priviledge of fixed dividends, the: participating preference shares can enjoy: ahorius (extra profit shares) depending on the amount of profits exceeding a certain level, (d)Non-participating
preference shares- when.preference shares are non- participating, dividends: class are limited to the preferred rate of amount.
Debentures (Bonds)
this
In addition to the various.classes of owner一 ship, some companies. borrow money for long: periods by issuing debentures. pebentures are not shares, and the holders are creditors, and not members of the company, like the: shareholders. The company. promises to pay a
specified annual rate of interest and to repay the horrowed principal on a specified date. Bond interest and principal are.contractual claims against the firm and: must be raid whether the
or
firm makes profits
-期星
not. If payments are not made un time the debenture holders can sue the firm to collect.m
The use of debentures makes it possible for a firm to borrow large amounts.of money. from a number of small creditor, by breaking the debt into small units, just is issuing shares breaks.up the ownership equity.
Certain kinds of firms most notably public utilities, eg. the government, raise more of their capital hy debentures than by: shares:
The Stock Exchange
A stock exchange forms 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 exiated securities are brought into coitact 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 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 regulations regarding stock exchanges include The Stock Exchange. Contral Ordinance 1973, Securities Ordinance 1974 and the Protection of Investors rdinance 1974.
permanent Securities
Commission, with the
日七月一十年三八九一曆公年二十七國民中
Commissioner
for
Securities as its lead, was set up. In 1976, the Securities (Amendment) Ordinance was passed, and likewise the
- (Stock Exchange
Rules 1976, under the. Securities Ordinance, were.put irita effect, These rules ensure that a well run and regulated stock exchange will perform its functions smoothly
QUESTIONS
Describe the econom Tunctions of stock exchanges.
Stock exchanges provide chances of investment for the general public. They help to mobilize the "idle" savings of the community to those firms which seek to
Ote productive:
'Through the facilities of the exchange numerous. small'sums of money. can be pooled together to finance big projects which are beneficat to the community, for example, offer more employment opportunities. Stock exchanges make it possible for an owne
of securities to if he
so desires or he may convert his securities into Cash when necess- ary Stock exchanges assist the capital market-by making. securities more liquid
and this in a way
to invest in them.
Stock markets are also a means to profit. making. They offer constant opportunities for the investors to make profits in the: form of dividends ur price gains. They can also provide capital for the government. By
issuing bonds for sale in the stock exchange, the government icon" raise funds for its projects e.g. for. construction of the mass transit railways.
a
uften, the turnover of the stock exchange indicates to some: exteit the performance of, an economy. In: addition, competition between the many buyers and sellere in free market will. thelp to determine the credit rating which an enterprise deserves, so that the more efficient and promising enterprises. canruise "capital more readily and pay ca lower rate of interest than the léss 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 business which are.
high-yielding。
歐林詞
曰:語云:烏之將死,其略也ㄧ,人之將死,其言也善。 其人,悲其遇,固與收務不同,亦與芝莚輩有别」。茹香 菇香
;梅村絕筵也。悲感萬娟,自怨自艾,千峻下讓其詞,
·事,幾完缺」。台南兩詞話卷三陳廷照,「賀新郎一篇 一絕。皐恩苦,重來千秀。脫審委拏非易事,竟一錢不值何須說。人世 脊館。爲當年,沈吟不斷,草間飛活。艾炙启頭瓶噴畫,今日須難決 却心肝今證地,問華佗,解我脂千結。追往恨,倍谬店。故人慷慨多人 高名難悅。吾病難將醫鋬治,耿耿胸中熱血。待酒向,西風殘月。部
·吳偉業病中武贺新郎洞云:「萬事僮華來,謝龔生,天年竟天,
家詞,有教幣許除一卷。 史交。胲選,名隱獄,江南常系人,詩與吳梅村,龔鼎享稱江左三大 洛蛊,對流餘毒鍳丹青」。殆詠其故事也,然則「挑花園」可稱爲 爲給事者描矣;記憶所及,其爲桃花扇乎。魯齋詩有「奸佞不隨京 活的外有研,認之詩史,能称者莫不能之,風人之智也。近世以史,
茹香詞話
東山,拉溪於一身,而上溯美成者也。 İ面耳」。茹香曰:披擬牛油於管卿,不偷到甚,半斯詞,乃 倚墅之學者,予所心做,僅采尹丈人耳,做己,余啟翁於街道, 一間-方之兩宋,牛塘,荅燜也。酒尹,美成也。翁則白石世,今工 「國向逢」。自蓝云:「要拿頏自負,然磋固住處:持比張尹,將
料,一代病人于古在;溯僭尹仿廬,啟勤共話,给小凄清夜,十年江 品要雲有挽詞人况周類科云:「繼夢窗白石,宿老成家,仙低唱運 與憐高處多風雨,莫上玻核最上層]。是詩戴於其所曹锟記中。 寒而淹孤月,東去踏風籍九城。驹隙留材爭,萬事欲三更 倚症。綠其七律一首云:「乍著微棉强自勝。险向晚未分明。南國 二字」自稱,生平愛好書、畫、金石,有文名,爲其父所
·袁克文,字寒云!袁世凱第二子,故其佩段以「上第
.,先後爲世人共諒,庶!異數矣。
「子曰:過而能改,善莫大焉,則此意乎。梅村詞與怨游
Kimm w w S
【 屈翁山自書詩扇面
去作妥善的布置而已。
惲壽平山水畫幅 賴銘,字高年,更手正泰鐵南田,又以白變外史,雲溪外史,重调客,
中枕字
辛州正
王聚蠢,乃禳之獨步,自寫花卉。清康熙中辛,著有甌香館集。
武進人。幼當剃度杭州鍵隱寺。詩書畫俱佳,所作山水,秀潤天成。見
有寺
甌。由
“香詩,
屈翁山詩與其身世的考證 (1)
蘊
文中心西走大笑,東走甲子一句:大奚,是香港的大嶼山。甲子,是海豐
「東落祐思绪陵,北望虞山宮殿,益低徊脂咽,而不能自持也。先生之生,
了一篇「粵謝翔先生墓髮」,對於「覺」字,敲論恢宏,淋漓盡致。原文 至今,三百餘年,無有爲文以汝之者。大均,旁人也,特爲之漫云。」按媒爆宓妃一句,蓋悅及作客塞上時,獲豪華讌,是由李天生作媒的。 十遺民傅,使其得見華上所書,黨必以先生之冠勉矣。先生之慕,自宋末 李天生出應消廷搏季鴻阿試,所以措辭也頗委娜。至於一作客從飛將,然 大之,罗陀 - 豈非粤人之大幸哉。舊婚間,東莞有袁昌作者,當撰末東莞华野存遺產,華火有大倫。九經知注就,寄我莫逡巡。」翁山此時,已知 首,而與粵人最相等,蓋以忠義之一脈在焉。先生自稱爲粵,而大均益强同心褫非。][腿道微修史,春秋義未中。湿公原否胄,女醛木菇人。 一十遗民者,現先生不啼同生昆弟,亦忘先生之非旁人也,先生偽宋遺民之位。作完從飛將,爲媒得宓妃。她歇價有木,蒸俗重無衣。一宮關河隔, * 皆受知於文山最深,其本既闻,其爲竹亦同,先生不欲以蹲人自異,而少,鏞一月餘。何人潑樊祿,不念俺門間。」「與亞馳稿,趙代去相 地而哭。又盡文逖相像於廳事,朝夕哭拜。蓋必象八左旁從玉)等與先生句云:「來昂台穹隆,投竿别襻洱。乞歸矜有疏,却将很無力。这无千秋, 象八左旁從玉》則遁跡盡塘,時西走大笑,東走甲子,瞻望運山行在,伏人,天各一方,但金山對於老闆,思念切。又有「懷寳平李孔德詩」。 :衆星敦耿逾沉底,恨不同歸一少微。未幾,亦以事被執,痛鹹而終。官。高向難為客,屠沽易感恩,相思若舂早,處處逐王孫。一後來他們兩 一同爲參軍者也。又有香山馬南費者,其悲凉馬區,亦往往兒諸詩歌,有日別產天生」,句云:「萬里求知己,從君客雅鬥。佳期那再得,歧路竟何 ,劉宗者,皆東莞人,所謂東莞十還民也。是拔文山所客珠之,以與先生媽聲。海似變染少,邊啊自擔輕。君憐悠母在,高義附凈生。」又「雁門 左旁從玉),陳央,陳紋,李春筊,翟案,趙東山,何文季,邵續,劉王「答李天生」,词云:「宿柳先秋蒸,河山異代面。飛恩無劍術,乞食有 「脂爾之海,以殉其君若相者,有萬餘人焉。其遺民之僅存者,若超必象门时。即以母病為辭,具疏請節養,奉旨獲准。在翁山聽外,有如下的詩: 斯亦天下之至痛者哉。當术之亡,粤之人,按忠蹈義,其死於湯瓶之山,,朝廷此他大名,戴博學鴻詞,初仍證道。但母命就道,於是趁此,授檢 至今客星之亭,猿吟羲安,海木流泉,猶若曲其哀輪慘怛之聲焉。鳴呼,史,甲申之禍,當與顧炎武開關至京師,絅先帝陵寢。明亡後,康熙己未 一天下,而不能亡宋之人心。宋之人心不可見,而見之於先生輩之面哭矣。上,防求奇才侠士,欲殺報國,但未來願。於是囘家閉戶讀書,沈潛經 不得如子俊復見谈室重興,死而欲與其特爽相依於泉下。以爲天能亡宋之一李因怒,字孔裾,號天生,陝西富平人,明拳譜生。後天下大亂,走塞 。久之,遂間行抵浙,居桐江,每登子醜釣合,設交山木主,招魂而哭。年前壬寅(一六六二),亦即清康熙元年四月的事。 丁同參伍事。未幾,五坡之役,文山被執,先生熱概與訣,亡際於潮隔。 吳三桂從緬甸据网昆明、將全家殺死。大明年代,從此完結。那是遠在四 一夷至尊,隔文山於麗江之浦,文山留諸幕府,與東莞葅必象(左旁從玉心壯志。可惜地北天南,不知道遠在黔闵展嗨播盤的明袿王朱由榔,早已被 文山,以不忘遵耶。宋亡於守,先生不忘導,以不忘笨耶。初,先生從武才。平生一匕首,爲予人秦來。」從詩語以說,他們似尙懷着同仇敵愾的 一,國人也,當杏甘衔。今乃自稱爲守,何居,豈文山敗績於碼,先生不忘,茲陽望,茫茫大野循。鼠威麟人馬,烟台像台。慷慨無衣賦,想處不世 其友方遂吳思齊之所杏也。晓王寅春,大均至藝所,敬拜先生。以爲先生芒誰在君。」又有一首,詩題是「吳門逹京兆杜子賦眙」;句云:「哭曉 ,白雲之原,與子胺二鈎台鼎趾時,碣上雞白夢紺邦基,蓋先生臨終,屬,我亦吹簫至,吳王不可明。徘徊金虎跡,想像水犀軍。染下三千劍,光 一道:「說先生,字码羽,闇之長深人也。其墓在牁江南岸,富春山之營 詩外,有六與門附京兆杜二〕特一粉,句云:「姑蘇秋月夜,歌舞亂如 倉山到桐盧役,匠居富春山下,徘徊了一段時間。私拜謝鞀菇,復寫,寫送文章以見志,也昭然若揭了。 翁山北至太原,李因需見他所作華紙百醌,大爲驚服,因與訂交。按
·清康熙四年乙包(一六六五)仲冬,翁山和友人杜窘舒北行。按翁山
書畫陳設漫談
一的甲于巧,都是宋末二任插进闸來會到的地方。綜上以說,翁山此時此地
而外,還要舒適美觀。例如衣,男士穿着西装, '楹聯、四屏,那一類東西。長達七八尺的中堂, 衣、食、住是人生不可須臾離的。除了實用一座。所以,当日習慣的書畫張掛,就是大中常
丘參
開
加不少善美的觀感。.. 子內的秉設品,國換一次,那可分到房子裏, 如要隨時改變一下面目,可以每隔一兩月,將框 -掛著。不諱宇幅或書轕,總貫其精,不貴其多。 更傳適合。要崗上玻璃框子,在悄壁上,參邃的
(KR)
常見不少有錢人家,毋子多麽業照,裝飾多
太空前了,有時還得擺設兩度屏風,分作東西二. 是玄幅,長也不可過五尺。一尺寬些的小平方, 大柱。竇庭的兩側“便是偏廂。大堂兩邊,實在 屋-陳設本畫,最好是橫幅,隔不過四尺。就章 美的眼光,有笹他民族的物質。那末,中國人 不把有我們精美的萊西麼。
- 廣庭之上,正中是大堂,廓郝落落的竪着四根 長堪掃地,怎能夠張掛起來呢。所以,現在的房 一中國往時的建築物,多數是寬大高昂的房舍,四屏之類,來作價設,不獨不很好點,而且紅 雅的氣氛,顯出你是一個高尚的家庭。那是飾
•是點綴,不要誤會附爾風雅。外國人有着他審
刨掉花藝術,近來已大行其道,樂此不疲的頗不微乎其小,很不像樣了。 。花草、杏、古玩,都是增加房舍美觀的條件,如果不是七八尺高,四五尺,懸掛起來,便性,楺陳設是不好,但過於西化了。物質不分東西, 了几桌床幔而外,當然也需要其他精美的陳設了 風去的。這些都是爲着配合當時的建築物起見, 是洋照碟子,就是一兩張油給洋畫。我不敢說 ,還研究到色香味的烹低工夫。那末,住呢,除,六屏呢,甚而至於八屏阨,是一幅一幅好到碎者是模型帆船和糯製洋娃娃。獎上懸掛着呢,不
·總各有其好處。人類是應該有其地方性民族性的
,但多是隨便掛到壁上去,沒有用審美的眼光, 數。於是,磴貴向高定發展。脣讓登關,每隔阱 在中國人所住的屋子裏,我以為倒現出一種清 置的,也不在多數。至於書畫的陳設,古已有之,白糖體式的居所,還不足以供應日鑫培加的人台。但如果選取三幾件小巧玲蔥的中國書畫,掛 舍,在度多不及丈。假如把往時的大中堂- 長聯 古茶、一人所能欣賞,因此,收藏購,當現在時代報已不同,尤其是香港,地狹人鹊,現在的房舍,配上古老的大甲堂,當然絕不過
珍段的飾物。全,不但選擇山珍海錯的極極材料是分别左右兩邊,掛著四根大木柱上的。四屏呢,電動的唱片機,外國人面型的鉅像和石膏像,或
·還得加上美麗的頷帶。女士穿料羅綺,還得加上,是用來掛在大堂正中的。長達十多個字的楹聯..嬷堂室。但客就內的陳設,只有滿放着洋酒的桌
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