1982-02-11 — Page 24

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1982

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Economics (17)

K.K. Wong & L.T. Chan

Mill & Dale Press Ltd.

Money and banking Central banks and Commercial banks their functions and facilities

I. The functions

central bank

of

A central bank is bank of government. It is set up by the government and is not profit-making. The implementation of policies in a central bank is directly controlled by the government. Usually, a central bank is the nationalized

institution which work with the government to carry out the monetary policy and to promote the economic development of the country. Its functions can be summarized as follows:

to issue legal tender

Currencies,

including banknotes and coins, are. Issued by the central bank under the supervision of government. Since... the amount of circulating currencies can influence the purchasing power of the economy, government is responsible for adjusting the amount of legal tender issued by the central bank.

In a complex monetary economy, money serves as a dynamic role in allidion to being a medium of exchange Government may regulate the level or money and liquidity in th economy so as t achieve some deaired policy objectives such the control of inflation, the growth in the Gruss National Product and the improvement of balance of payments.

to be the bank of government.

Government

revenue are usually stored in the central bank and the public expenditure and payments are done through it. A eenral bank usually keeps the accounts of the government:

depascu

to be the advisor of government on financial and monetary policies

The central bank

acts as the advisor

of government in all the matters

WAH KIU YAT PO

about monetary and banking policies. The central bank

may has a effective

management team

giving relevant

information and

suggestions to

government se as to

solve any economic

problems and to

help the economie development.

to keep the cash reserves of private bank's

It is a law that all the private banking institut- ions must deposit a part of their cash reserves in the central bank, Accordingly, the central bank centralizes the

cash reserves protect the security and control the Liquidity of the whole banking system.

⠀⠀⠀⠀⠀⠀ Whenever there

is necessary for the private banks to borrow sone money, the central bank will back them up leading then cash funds. If there is any financial crisis occurred in a private bank, the central bank is responsible for supporting it as far as possible in order tuat national econonic

ic stability. can be maintained.

to be a bank of central clearance settlement and transfer

The central bank. is the banker's bank. It provides the facilities of clearance of cheques and the transfer of funds between banks. It is the place for the banks to clear their cheques. received from their customers and drawn upon other banks, In such a case,

mutual indebtedness between the member.

banks may be cancelled and amount owned banks would be

calculated,

the

to any

to supervise the operatuons of private banks.

A central bank takes the responsibility to help the government to carry out the banking laws and to watch and direct the work done by private banks.

to carry out monetary policy

The central bank' controls the note, isque, accepts deposite from and makes loans to the commercial banks and money market in such a way that it handles the main tool of monetary policy in a

country. For instances, inflation can be tackled by the

monetary authority

through control of

the quantity of money which is

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circulating. In

addition, govern-

ment can change the

reserve ratio of

the private banks or change the discount rate and

the rate of interest by adjusting and

banking ordinances

90

achieve

as to the goals of

policy

Detar

to keep gold reserves and- foreign exchange reserves of

country?

the

In order to maintain the stability of the external of the external value of the national currency system, the central bank keeps the gold reserves and

foreign exchange reserves to under- take the open market operation by law of exchange control

to offer facilities

to customers as a

commercial bank

does

The central bank also provides the general banking services to the

such as customers acceptance of deposits, loans and advances,

remittance and other services.

11 The function and-

facilities provided to commercial banks

A commercial bank is a profit-making firm operated by private indivīduals. It is established for the purpose of seeking profits by way of offering various, banking services. Banking laws and ordinances are set up to regulate the working targets of all commercial banks. The commercial: banks operate branches and directly deal with individual customers? They are operated under the supervision of government or central bank and play an active economic role. Their functions can be summarized as follows:

to keep money for customer's

Commercial banks provide the services that saving deposits, fixed deposits and demand deposits are accepted. Different rates of interest are applied to various deposits together with the different ways of withdrawing money..

to lend money to austomers

Loans and advances are grant- ed to commerce and industry in order to earn the reward of interest on hand, anil pronotë. the industrial and

one

commercial development on the other. The loans and advances.

include short-term

and long-term

loans, advances,

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overdrafts and

discount bill of

exchange. Govern- ment play the

supervisory role to cover all deposit taking institut- ions.

to create bank credit

Either a central bank or a

commercial bank can bring about an increase of equal amount in bank deposits. In order words, when a bank makes an advance to a customer, whether by overdraft or load account the result is an increase in total punchasing power.

For example, if

a borrower has only a small balance to the credit of his account oud he obtain's an overdraft of $500. He can draw a cheque for this account and pay it to the creditor, IE the creditor

deposit it into his own account, the creditor's account will have increased

by $500. In this case, the borrower's account can only show a debit for this account. In the combined banks! balance sheet, advances and deposits will both have increased by $50. If there is any monetary discrepancy happened; the central bank should have the power to control the

expansion of bank. credit.

to offer the service of remittance

Remittance means that the money is transferred from one place to another. Imagine that you want to sebt HE$100 to your friend living in United States, you can ask for the help of the Remittance Depart- ment in any

commercial bank. ⠀⠀⠀⠀First of all, the Outward Remittance Depart- ment would. calculate how many US dollars your 100HK dollars will buy on the foreign exchange market by referring to the day's exchange rate. If the rate is K$5 for US$1, your HK$100 will buy US$20. There- fore the bank will give you a bankdraft for US$20. Next, you can use a mail transfer. That is to say, the bank sends an airgail instruction to its branch in United States to authorize: the branch to pay your friend the su of the money. If it is very urgent for you to send tlie amount of money, you can make use of the telegraph transfer although

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it would be more expensive.

5, to offer import and

export facilities

Commercial banks offer a special service called documentary c

to help the promotion of business. It is the guarantee given by a bank that its customer will pay for a shipment of: goods if the correct documents are supplied as evidence that the shipment has been made.

Furthermore, the credit line is the service provided to allow a company to receive goods before paying for them.

to provide other. miscellaneous

services to customers such

(a) keeping

the

valuables for customers;

(b) providing

business information and

guidance;

offering

monthly instalment payment loans; (d) helping

in taxation.

problems;

(e) acting as the

underwriters.

for nescessary stocks;"

acting

as the

executors of will on behalf

of their clients;

(g) issuing of

credit cards;

(h) providing auto-

pay facilities;

(i) selling gift cheques.

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Additional Mathematics(17)

S.T. Ko

Mill & Dale Press Ltd.

Differentiation

Worked Examples

1. Differentiate with

respect to x

4

(a)√x(5x-2)

· (b)2x +3xy-y

Solutions:

2

6y5-0,

(s)Let_y=x2 (5x-2)"

dx

(5x-2)(x-1)

((5x-2) 5.

_ (5x-2)~,20x2 (5x-2)3

_

2x

(5x-2)2+4Ux(5x-2)3

(5-2) (-2440)

- (5x-2)2(45x-2).

-

Ans.

(b)2x +3xy-y2+ax-by-

Differentiating with respect to x:

4x+3(( 1 ) v+x(x)+2ydya-6x

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5-4 911 81

4x+3y+3 x = x + 2y =

-6x=0

dx.

• (3x+2y=6) | x − − (4x+3y+8)

3x+2y-6

4x+3y+8

3x-2y

Given that

yatanx1-cosx, show

that

dy 2-cosx-cas x dx

2cos_x(1−cosx)

Solution:

Let yatanx (l-eosx)

dy=(1−cosx) an(tanx) +tanxd1-cosx)

al-cosa)

+tanx[à(1-cosx) a

a(1-cosx) serx

cos. x

tanx

sinx)

2cosx 1cosx)

2

2(1-cosx)+gin xeng)

2cos x(1-cosx

2ccs_x(1-coux)=

2−cosx-cos 2cos "X(1−cosx)*

Exercise 9

1. Differentiate the

following with respect

to

2

(x) x √2

1+x

(c) x sin(3x+1}{}

sinx+cosx (a)

sinh co g

Given that

inx

find the value of

If y

show that

dy ay

dx

ax. +2axy

Find the maximum and ninimum values of the

expression.

(b)Find the equation of

the tangent to the curve

-41-2 at the point at

x+1

which it crosses the y-axis.

Find the equations of

the tangent and pormal

to the ellipse x

at the point

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