1980-02-13 — Page 36

郭日僑華

vt

Banking Advisory

Committee with the

Financial Secretary as

三期星

1(a) Let y

22

= X'/8 -

日三十月二年〇八九一麼公年九十六國民華中

= x(2-x2)

2212

=

2

... dy = (a2x2)+(x) +

..(ky-Haxy-kax)

dx

3

24

4ay+8axy-4x

dy - h[ny + Zaxy-x

頁四第張九第

日七廿月二十年未已靨夏

WAH KIU YAT PO

1980

opportunities for the investors to make profits in the form of dividends or price gains. They can

chairman to advise the

中學會考試題預習專欄

also provide capital for

Governor on matters

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the governement. By issuing bonds for sale in the stick exchange, the

(2)

government can raise funds

relevant to banking. Every bank must have a minimum paid-up capital of HK$10 million and build

Economics (18)

K.K.Wong & L.T.Chan

MILL & DALE PRESS LTD.

The Stock Exchange

A stock exchange fores 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 existed securities are brought into 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

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 four stock exchanges are the Hong Kong

Stock Exchange, the Far East “Stock Exchange, the Kam Ngan

* Stock Exchange, and the

Kowloon Exchange. Regulations regarding stock exchanges include The Stock Exchanges Control Ordinance 1973, Securities Ordinance 1974 and the Protection of Investors Ordinance 1974. A permanent Securities Commision, 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 Listing) Rules 1976. under the Securities Ordinance,

fre put into effect. These

1 Describe the economic functions of stock exchanges.

Stock exchangea provide chances of investment for the general public. They help to mobilize

the idle"

savings of the community to those firma which seek to put them to productive uses. Through the

30

facilities of the exchange numerous small suns "of money can be pooled together to Truance big project, which are beneficial to the Community. example, offor more employment opportunities. Stock exchanges make it possible for an owner of

curities to dispose of them if he so desires or he may convert hia securities into ĉash when necessary.

exchanges assist the capital market shy making securities more liquid and this in a way, will encourage people to invest, in then,

E

Stück markets øre also

ina. to profit making.

offer

tant

A-1

唯

3-304361-7. 3-3IRHOO

3.335

2253 A4 8 20~279

江問新言

for its projects e.g. for construction of the mass transit railways. Often, the turnover of the stock exchange indicates to some extent the performance of an economy. In addition, competition between Tire many buyers and sellers in a free market will help to determine the credit

rating which an enterprise deserves, so that the more efficient and promising enterprises can raise capital more readily and pay a lower rate of interest than the less 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 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 cents and 5 cents and currency notes of 1 cent denomination are issued by the government, Even though those coins and the 1 cent note may be used for all types of transactions, the coins are normally used in smaller transactions while the. 1 cent note is rarely employed in common transact- jons. The major part (95%) of the total amount of

in Hong Kong consists öten issued b

the Hong-Kong and Sha cha Banking Corporation, the Chartered Bank, and, the Mercantile Bank. The banknotes (paper money) are of $1000, $500, $100, 850, 810,65, end the value of these banknoteg in fully hacked by the Exchange Fund. Both the coins and the banknotes are legal tender in Hong Kong while the 1 cent

up its reserve until it is equivalent to the paid-up. capital.

(3) Eack bank is required to

maintain a minimum of specified liquid assets equal to 25% of the deposit liabilities of the bank in any calendar month. (4) Every bank must submit an

audited financial report monthly, quarterly and annually to the Commissioner of Banking. Locally incorporated banks' 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$200,000. To open a . branch, permission must be obtained and an annual license fee of HK$10,000 must be paid for every single brance,

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

2. Outline the main effects on the economy of a rise in bank interest rates on loans and deposits.

A rise in, bank interest rates on loans and deposits will probably have the following main effecte: (1) loans will be more expensive, and individuals and business- men will then be eas interested in borrowing money from hanks; thus investment will slow.

fall as they vill borrow lens to purchase" property, car etc; (3) production costs will

he higher because of the higher interests on

Ipans.

(4) expert prices will rise

"and exports will drop as

they become. Lesa competitive in overseas märkets;

notes are legal tender only for (5) foreign capital payment of any amount not exceeding one dollar,

The Banking. Ordinance

› In Hong Kong all. banks are required to act according to the provisions in the Banking Ordinance" which was enacted in 1964 and amended. on many occasions, As it exists today, the ma in features of the

Banking Ordinance

are:

(1) A Cummiesi Louer of

Banking is appointed and

given the power to approve new bank branches, tu exercise control andTM! supervision over the operations of licensed banks, to inspect bank accounts and to wind up any" bank considered to be unsound. Also, there is a

PK319.5)-3

(b) y w

2

dix

4(y-2axy-ax*)

=

2

2

-X

(äy+2nxy-x

ax+2axy-y

ADS.

(a2-x2)

4x-3

(-2x)

|4(a) Let y =

x +1

(1+22)

And.

莊

dy ■ (1+x2) *.3 (1-x2)~3. (-2x)

談

(1+x2)

(1~x2) * [ † ( 1+x2)~* (2x)}

(1+x2)

(1-2) (1422)

(1−x2)*(1+x2)*(1+x2).

-2x

(1-x)*(1+x2)

2

(c) y = x2

x2sin(3x+%) dx = 2xsin(3x+x) +

(a) y

dx

2

x*cos(3x+x) (3) 21sin(3x+x) + x2cos(3x+2).

BiRz+cosx

(sinx-coux)(69∙x-sinx)

(sinx-cosr) (sinx+cosx)(cosx+sinx)

· (sinx-cour)~ →sin”x+2sinxcosx-cos"

sin

<lx

4x2+4=8x+6x

(x-1) -(4x2-6x-4) (x+1)*

For stationary values,

= 0) put

dx 2

7

2x-3x-2 * ()})} (2x+1)(x-2) = 0)

or 2

X 20 y4 or 1

L 季 H L' 2

R

-

◊

+

+

.*. at (-4,-4), y has a minimum value of, −4· and at (2,1), y has

a maximum value of 1. An

4x-3

(b) y =

2 x +1

when this curve crosses the y-axis, x = 0)

and y =

4(0)-3

(0)2+1

= -3

i.e. the curve passes

through the point (0,-3),

Gradient at this point ›

in given by

dy

dx

2

sinz-coax)

Ans.

(sipx-coax) ginx

10081-2xsinx

x

x(xcosx-2sinx)

Be

xcosx-2ainx

rcos-28inx 2

2.inx

and 2y =

induced to Hong Kong while local caputal is attracted to stay, (6) there will be more

deposits in local, bank

banks; (7) the growtli of economy and

transactions will slow down because of declining investment and consumption;

(8) the prices of stocks and shares may fall and

speculation in the

Stock Exchange will be leas.

附加數:

(+4)

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Additional Mathematics (18) C. Y. Shuza

(Mill & Dale Press Ltd

Solutions to Exércine

dy+ 2y

xcosx-2sinx

2sinx

COBX

3. x*+y*-4a{xy2+x*y)

Differentiate with

Ana

0

respect to x:

3dy

}+2xy+x

4a [(1) y2 + x (2012).

dx

0

華僑日報讀者

海天之

七海旅行團

20

EKN

2

REX..

2

-4(0)---6(0)-4

uation

tõ” the curve,

at the point (0, −3) is given by

x-(-3) 4(x=0) y-4x+3 = 0.

Ang

15. x+3y

= 2a

2

To find the gradient, differentiato with respect to x:

2x+by -0

BE

At (a,

---

A). dy

-8

3(73) -/3

3

the equation of the

tangent at (a,

is given by

73

7-7-(x-4)

y/3-a = ~(x~a) i.e. y/3+x-2a 0 The equation of the normal in given by

Y-3-3(x-9)

since the gradient" of

the normal is

Ana.

P

y/3-0

3(x-a)

0

i.e. v/3-3x+2a

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