1979-02-10 — Page 27

WAH KIU YAT PO

Describe the cCTRONIC

functions&fïsteck

exchanges.

圈影攝育教 頁三第張七第 日四十月正年未已曆夏

1979

中學會考試題預習專欄

經

濟

(十八)

明德出版社孔露璇盧榮俊古嘉利提供資料

Economic 18

The Stock Exchange

A stock exchange førns a part of the financial market. . It is a place where dealings in Securities take place, that is, a market where those desiring te buy. eziated securities are brought ints 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 members are:

过

permitted to conducí business

con the exchange, others whe want to buy er sell in this way must employ members ta

In Hong: act on their behalf. Kong, the four stock exchanges are the Hong Keng Steak: Exchanges are the Hong Kong Steck Exchange, the Far East: Stock Exchange, the Kan Ngan Stock Exchange, and the Kowloon Exchange. regarding stock exchanges. include The Stack Exchangee Control Ordinance 1975, Securities Ordinance 1974 and the Protection of Investera Ordinance 1974. A

Regulations

Securities Commisî, SARACEL

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 under Listing) Rules 1970, the Securities Ordinance, were put into effect. These rules ensure that a well run and regulated stock exchange will perform its functions

snoothly.

Steck exchanges.previde chances of investment for the general public, They help to mobilize the "idle" savings of the community te these firms which seek to put them to productive

the Through facilities /// of the exchange numerous small sums of

money can be peoled together to finance big projects which are beneficial to the community for example, offer more employment oppertunities, Stack exchanges make “it possible for an owner of securities to dispose of then if he se desires he hay convert hig securities into cash when

Stack exchanges necessary. assist the capital market by making securities mare liquid and this in a way vill encourage people to invest in them.

Steck markets are alse ́a “më ana te profit making They offer constant eppertunities for the investors to make prefits in the form of dividends) er price gains. They can alse provide capital för the government. By issuing bonds for sale in the stock: exchange, the government can raise funds for its projects e,g. fər construction of the mass

often,

transit railways.

the turnover of the stock exchange indicates to some extent the performance of an economy. In addition. competition between the many buyera aud sellers in a free market vill help to determine the credit rating which an enterprise deserves, se that the mere efficient and promising

enterprises can raise

報日僑

capital more readily and pay a lower rate of

interest than the less efficient enterprises Purthermore, stock exchanges can ensure the efficient use of loanable funds by these firaa which are more competitive and efficient in their business....

It is because investors usually put their money capital in theae 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 centa and 5 cnets and currency

1 of 1 cent demonination. are issued by the government. Even though these coins and the 1 sent note may be used. for all types of transactions, the coins are normally used

smaller transactions while the 1 cent äete is rarely explayed in common transact- iems. The major part (95%)

of the total amount of he currency în Hong Kong consists of bank nestes issued by three commercial banks under the autherity of the government the Hong Kong and Shanghai Banking Corperation, the Chartered Bank, and the Mercantile Bank, Thé banknotes (paper money) are of $1000, $500, $100, $50, $10, $5, and the value of these banknotes is fully backed by the Exchange Fund. Both the ceins and the banknotes are legal tender in Hong Kong while the 1 cent notes are legal tender only for:payment of any amount. net exceeding sné dollar.

The Banking Ordinance

In Hong Kong all banks are required to act according

to the provisions in the

六期星

日十月二年九七九一圈公年八十六國民華中

Banking Ordinance which waa enacted in 1964 and amended on many occassions.. AB Lt exists today, the main features of the Banking Ordinance are:

A commissioner of Banking ia appointed and given the paver to approve NEW bank branches, te

excerC

control and supervision over the

of licensed open.

bamkey to inspact bank:

accounts and to wind up any bank considered to. be unsound. Alas, there is a Banking Advisory Committee with thent Financial secretary chairman to advise the Governor en matters. relevant to banking. (2) Every bank must have a

minimum paid-up capital HK$10 million and build up its reserve until it is equivalent to the paid-up capital.

(3) Each bank is required to

maintain a minimum" of specified liquid assets equal to 25% of the deposit liabilities öf the bank in any calendar meath.

(4) Every bank must submit

an audited financial report monthly, quarterly and annually to the Commissioner of Banking. Locally incorporated banka 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$200,0002

branch, permission nust be obtained and an annual

license fee of HK$10,000

must be paid fer every

single branch.

At the end of 1977, there were 74 licensed banks” with 803 banking offices.

1. Outline the main effects on the economy of a rise in bank interest rates en leans and deposits:

A rise in bank interest rates on loans and deposita will probably have the

following main effects:

(1) loans will be more expensive, and individuals and businessmen vill then be less interested in borrowing money from banks:

(2) thus investment vill

slew down and decrease. Consumers' demand will a18e fall as they will borrow less to purchase property, car ete; (3) productiom coats will

be higher because of the higher interests en loans;

(4) expert prices will rise

and experts will drep as they become less competitive in overseas markets;

(5) foreign capital vill

be induced to Hong Keng while local capital is attracted to stay,

(6) there will be more

deposits in local bank

(7) the grạwth of econony and transactions will slow down because of declining investment. aid consumption;

(8) the prices of stecka

and shares may fall

and speculation in the

stack Exchange will

bo

·less.

焦

圈影攝

ARF1480-200MM愛。

錢已經面世成爲現代第

個蝕性對焦距變

子害

·了,跟類鏡頭有F12.1

脊影像蓋實物之一半。一如大部份罪被距送攝變,特別那些近照片差值

其厰業亦手相仿效,

期一〇五第

糖主羊石注

焦距但保距你:適】 距去事持

對造:合肥

一了地在 多接

『光方使你

因彤然

一張照片,應眶21UMINA

冖七♪拍距梭在30

|吋,栾距OMM

(水)

一月份月賽成績

黑白照片

(甲組)

姐冠

翼軍軍軍

區健梁延

優優果

異異舉罩跟

區永森

(EN):

冠軍,關建初

萬能達畫廊

位於淡咸道四十九號之萬能遠攝影帶廊自劃

展出翁瑞祺作品

冖射印

追類變焦鏡之特點,而很此相反之 80-2200 退求共選定焦餓了。

焦鏡-在毀後, 過彤營之大小。普通 焦距,這樣可以進你高橋愛馬疑是否可取代那,均告琳将蒋昌美不勝收至得圈內人仕之好。 兹據該查崴主事人透露該畫廊將於本年二月,

技距離後,可隨時變動

一般可

一般之微距變焦量。

適用現無需

按忌换至拍

這術適鐵特點

田滋琳來位

同本據瑯先於

好拖該滿後

近撬亦可用各焦距,低一室內或利用閃燈輔助下「風光之影友必將聯袂前往欣賞云。 時,只能用單一焦距。 光圈最大也不過F/3.5.同國蕉影在杭州及黃山兩坳頗有收獲,現在該批 ,而且在近亞離下拍攝 一般變焦鏡的 國內擁有崇高地位,翁先生於數月前做經 有特別微距村類,對線」。由於現在技術進步,心得,爾先生不獨愛好鑽研影動抑且對攝影學會 品以供同好之欣賞、查和保應區卅五米 學會會長,翁會長酷愛攝影除服日必到郊區籤影, 「在另一種樾焦垡,轰然威 F/4·在L外及明亮,作品行將在當能給活影疍廊展出,預料愛好祖國

何

李志安

(HZ):

味甜麵

胡保智

陳志和

.陳志和

(RULE) (EN)

孩

攝廊志室

無

0

一要性,不可忽癮,兩者均爲陳氏所長,而且多年來對兩者教學心得西馬, ‘粉色簿影近年媸汰流行,但黑白攝影的作品,在藝術價值上仍有其軍

會士等菜衡名街甚多,并牌任中華會及卅五會月報編輯及中青撬影學會會

二十四張作品,甲組

·黑白照片各租最佳|者陳啓家,獲獎榮光明,那,獲獎袁鋨泉游。

李志勇 旺角會週三月會

燈片組名:跳躍;作 名:甜姐見,作者與國 | 附畲友總結分相同 -故 獲獎尼組風杯,彩色灯 泉杯,彩色幻燈片組題 華隊,獲獎藝杯(因,作者梁汝超,一作者黃光賽,獲獎

麻城

珠

淇

會全年月获及年赛精果,軍骨波器同獲索克發轮 二月份月會及中曦永吉街英祥五金劉漢儒發督, 年度月賽握日完結,全

·部積分巴由月賽主席 公佈如

公佈去年賽果

·香港攝影巠守七八、國泱計報妥善,茲將該作品冠軍李志榮,明「愛,陳而惠邀酒摸特兒,乘車券每位十元,將於 希會友留鼋

化

一九七八年慶全年最佳照片經已評定,成

七八年度最佳照片

香港卅五米厘會

冠皐李志榮

〔黑白照片甲組)

黑白照片乙組)

·亞軍:唐文強

冠軍:李志榮

李霄:李志安 一彩色幻庶片組】

·亞寧:黄英華·

冠寧:林子

季粱;熇 班平 余恂粥

黑白照片丙組)

(3RA香射印組)

卅五米厘會

香港卅五米風攝影|在尖沙咀中開道停車場

廿五日活動