1978-11-25 — Page 29

六期星

日五廿月一十年八七九一层公年七十六國民華中

新招募啹喀兵

本港新聞

下約

I

下週工作程序

聖約翰救傷隊

四百名昨結業

程序如下 通告由布勞補監簽爭發出: 十lli觥發與七八年度第四十七號通告及下週工作

·港訊約爭救傷號布造勞總監,本月二

新

八港〕四百名新基的居喀兵在經過三十九 - CHURTERHEA 星鄉嚴格訓練後,昨天詩業並在新界石崗機煤路

[來的 + 他們在香港石崗居喀兵旅訓練營接受乖 經過路的考在尼泊爾由二千位申請者挑出| - 將服務於香港- 沙萊,英國及中英的兵 「喀少校,林巴少投全撥負案。這四百名居喀兵是

+

,陶米·在港三軍令李花钵少將檢時居喀新

十二月四日至十日,九龍灣年會案。

。十二月三日至九日,東方除。

-(11) ESS

十一月二十七日至十二月三日,深水埗眾。

(二)九龍分區敦傷車當值:

+ SAD-THERED

二月四日至十日,尖沙咀除。 十一月二十七日至十二月三日,九鹳除。十

(四)海洋公園值

低灣街坊除及南翠護士說。

·十一月二十六日,上午九時至下午六時,符

舞十二月日,上午九時至下午六時 - 銅棒

八五)足球翥當園

胺及正區運士棄。.

十一月二十四日,下午六時十五分,政府求

十一月二十六日,下午一時十五分,政府球

,北角除。.

鵲,香港青年會除

二十六日,窩打老

[*]沙田馬蝤當

十一月二十五日 4 深水埗街坊會。

十二月二日,沙田聯合選

六日,旺角。

九日,九袞除。

WAH KIU YAT PO

報日僑

大浩一國高明

各自作藉

育教聞液 頁一第張八第 日五廿月十年午戊瑟夏

吳國平在港大演講

+ • #£$*••

〔七ÿ牙科鼢所值:

生,三級參謀,馮秀好,五級區參謀張雜的及

十一月二十八日 - 下午六時三十分,登

一員哈善俄。

(N)

「陳宮姆及楊少设,踏六個月 - 由十一月二十五 HSBCHEN BEKON - DEK ·

月,由十一月十四日生效。 九龍分區東部:四區參謀黎柏良館假三個

CARERE. (E) TE.....

·聖榮獲耍士見習除:班長黃美美及陳幼旋,

醫生,二級區參謀攝安及像惠儀高月明。 十一月二十九日,下午六時三十分,黏整天

明原烒舍監以宏爲据一般機拍出全殖生 高學生學習情結,危:「撞制法」出保用以 (ER)BEKE |2) THERENE -

籍催眠鬆弛身心製林慶服及隨身辭說,由十一月十五日生效

·現役共有二千三百七十人。

-本源共有:二千五百二十一人。

学生国外周線日作家 姫 友聯銀行資本厚

程旗 咸间 嵌

座潽翣湉講 趍盟 县珉 弛神 法渊

(不含三示意逐 想法心中

流動資金比率高

KRESNESECE NERERNE SHOR

劉灣,也有害她在用一,反對金融市槁,流言止於智者,各界人士當不

戴。史百书輝熱帶 牛生代表致金應了,不利於該行之滿目,可能係不良份予,與風作浪

·致於爲其所感也。

節目豐富,享受一流

踏部辦登記。 前倒放棄,服務最佳,節目監,為華僑日報美加旅行團的主要特色。I -淇聖誕加玄蜜遊觀光團已定期十二月二十二日出璇,經已開始報名。餘額無多,有意參加, 本報趁歡樂的聖節師將來臨,特再接再厲舉辦美加旅行團,以無負雨新知之期望。在

各界人士踴躍參加

12 月 22 日出發餘額無多報名請早

華僑日報美加旅團

電至節如蝴粹狄旅装

及妾孝带 藝和嵌菌。

日有你选购欧

美光

生氣

和欣與

尽全鲡下裾節

拇指到

更新目:

茲將參加 僑日報美加旅行團五十四團簡列下.

下。

·膜等··(四)登記辦法, 登記時交全費或百分之女五定金,餘額在啟程前兩星期付足,〔五)

·地··砵乍街華僑日報中區辦事處。專鎭暈话:五十二五一九七四,五——四六 客禨來回及所有航缾援烈,一流酒店,早、午、曉擬三鏧,參觀及入堪券費用,農塲及驚館小 旅闕費用,每名港幣八千四百五十元;探親團收五千三百五十元),包括乘搭沉美七四七開始 旅行地區:檀香山、羅省、限地牙哥、拉斯維加斯、狄士尼樂園、溫哥華、三縣市等,三小 (一)旅程日期:一九七八年十二月十二日至一九七九年元月大,全樫十六天,二

【報名期··經日開始,額滿即止。

1979 中學會考試題預習專欄

̇明徳出版社孔靄虛榮俊提供資料

經濟

ECONOMICS

(7)

BUSINESS UNITS AND

OWNERSHIP

Definition of a firm

A firm is a business. unit formed for the purpose of carrying on some kind of economic. activity. It is the basic unit of production. Most business firms are. privately owned and motivated by profits. It should be noted that ownership is a determi- ning factor in a firm's. behavior.

Public and Private

Enterprises

The basic unit of planning and control over production is the enterprise. The terms firm and enterprise actually belong to one group. All modern econom- ic societies have such control units, but there are wide differences in the ways they are organized.

is

Public, enterprise owned and managed by the state. In Hong Kong, the owner of such enterprise is the government. The Post Office, the Water Works, the airport, and the British section of the Kowloon and Canton Railway are public enterprises..

Private enterprise is owned and managed by the private individuals. In our community, which follows the laissez- faire (free enterprise) principle, most of the commercial and industrial concerns are privately owned.

The Sole Proprietorship

This is the oldest and simplest type of firm that has the characteristic of

one-

man" business. All the firm's decisions are centered in him, all profits from the firm is This, and he is

personally liable for all the firm's debts. There is no legal distinction between the personality and possessions of the owner and those of the firm. In fact the owner is the firm and is

personally responsible for everything the firm does.

The Partnership

A partnership is composed of several (more than one) owners who pool their resources together to form the firm. The partners agree among themselves about how much capital each is to contribute, what role. each will play in the management, and how much each will share in the profits. A partnership has more capital and resources and thus has greater possibility of staying in the business. Since different partners. may have different- skills or experiences, each can contribute to the firm in various ways. Also there is flexibility and adaptability for the firm when partners are. directly involved in supervision and thus the motivation to work is therefore strong.

The Limited Company

(Jaint-stock Company)

This is a legal form of enterprise (organiz-. ation) designed to take advantage of large-scale production methods by pooling the wealth of many people into a single enterprise while at the same time maintaining centralized control over, and responsibility for, operations:

The major characteristic of

a limited company is that the liabilities of the shareholders are limited This simply means that the liability of the shareholder is limited to the fully paid up value of the shares he holds, so that should the company find itself in difficulties and unable to meet the demands of its creditors the shareholder can lose. no more than the amount he has invested, the rest of his property being free from any claims by the company's creditors.

In Hong Kong, limited company is set up under the Companies Ordinarice. Each limited company is a legal. entity,i.e., it is trea ted as a legal person and has the right to sue and to be sued, can own property in its name and makes contracts. The capital of the entity is divided into shares and

the shareholders

normally do not manage the firm. Instead, a Board of Directors is elected and it holds. responsibility to the shareholders,i.e., to report the state of bus- iness and publish the annual reports to the public.

There are two types of limited companies, the public limited og company and the private limited company. The two are quite different as far as legal commit- ment, organization, and capital raising are concerned. A detailed comparison of them is found in the question and answer section in the later part of this lesson..

The Co-operative

Society

This is another form of business organization but is quite distinct in its structure and object- ives. The major aim of such a society is to provide benefits which are common to all its members.

The most common type of co-operative society is the Consumers co-operative. The owners are sometimes also the customers and the profits are distributed among the members. The s students' co-operatives in many universities are examples of such. In Producers' co-operatives, the workers themselves own the business and elect some of their members to manage it, the profit. then being divided among them. Co- operation among farmers is a good example of the producers' co-operatives,

Co-operative societies in Hong Kong have to register with the Registrar of Co- operative Societies and is incorporated under the Co-operative Societies Ordinance. Presently, there are over 400 registered co- operative societies and all are under the control of the Registrar (The Director of Agriculture and Fisheries). Examples of co-operative societies. in Hong Kong are the rural societies (e.g. the Vegetable Marketing Societies), the fishermen's societies (e.g. the Federation of Fishermen's Credit Societies), and the urban societies (e.g. the Building Societies).

QUESTIONS

between

Distinguish

public limited company and

a private limited company.

The public and private limited companies are different in many aspects. A private limited company is usually small in scale and its number of shareholders ranges from 2 to 50; a public limited company is usually large and there is no upper limit in the number of shareholders, but there must be at least seven. The shares of a private limited company are not quoted in the stock market and thus it can only raise capital from its shareholders in private. On the other hand, the shares of the public limited company can be quoted on the stock market and therefore it can raise a large amount of capital from the public through the stock exchange by issuing shares or by issuing debentures

(bonds). In this way, a. large amount of capital can be accumulated from small savings of the public for the public limited company.

As far as the private limited company is concerned, a shareholder cannot transfer his shares without the consent of the company nor can any invitation be made to the general public to subscribe for shares. Hence the comapny cannot be controlled through trading of shares. Also, the shares cannot be. used for speculation.

For the public limited companies, shares are freely traded in the stock exchange and the company can be controlled by purchasing shares.. Therefore, the shares can be manipulated for spéculation.

It should be noted that the financial statement of a private limited company is not open to the public and there is a close relationship between shareholders and management for such a company. The opposites are true for the public. limited comapny,i.e. the financial statement of the company is open to the public and the shareholders usually only invest without taking part in the management of the company.

2.

What are the advantages

of public enterprise of private enterprise

Advantages of public enterprise

Public enterprises are motivated by the consideration of the well-being and interest of the people, not that of making profits. There- fore a state-owned organization can offer to the public cheap, uniform piece and regular services, or products. Unlike private enterprise system, excessive competition can be avoided and the government can ensure. that essential goods. and socially necessary services are maintained. Public investment also can finance long-term and big projects such as the Plover Cove Schehme which is too costly to private investors, Generally speaking, a government-run enterprise. has better access to various kinds of information and statistical data and thus enables further development...

Advantages of private enterprise

The activities of private enterprises are generally regulated by the law of demand and supply. Competition among private enterprises not only lead to new product and technology development (innovation) and thus economic progress, but also allows a wider range of higher quality goods and Ex services offered to the consumers. In addition, competition ensures price to be kept at a competitive level so that consumers can be: benefitted more. The profit-making objective is a powerful incentive in making private enterpriser to work hard and display greater initiative in his work. This kind of drive usually leads to more efficient and effective management. Moreover, the free market ensures the optimal (best) allocation of resources including labour and thus the possibility of wastage of resources will then be limited. Hence in such a system, the interests of the consumers are taken care of in that the product- ion of various goods and services is based on satisfying consumers' needs.