1983-11-05 — Page 19

六期星

日五月一十年三八九一公年二十七國民華中

02.

國際糖價大跌後轉定

來貨稍疎價轉疲企

最近運到砂糖售出虧蝕大

港市壓力可望減輕

昨日市做。

HEPJÁ ̋63CK 出南韓幼砂拙及中國大 日|插價大跌影响,亦被號,下調對港每噸二,加分。三月期货每磅九點 设近本港糖假,受國際鐵,每唱二、九八〇一八五美分,升財三〇美 據糖業人士指出: 中國大陸梅花樹砂糖 原糰一月期貨每磅八點。 楹花粗砂糖瑰姹供應拙 第一六二元、十二、每贈一五八碗,降五點 ;近期來賞轉原,尤其 南韓幼砂糖現貨每迫拆一五五〇§。五月期貨 【月付船每担一次「元。「六〇銹。紐約(三音)

轉穩,最近本港瓶商祜 卷棅檟受壓力可望減輕一點二五鎊。三月期貨每

·於國際越出大跌後可能後,已有轉祗趨勢,本一四四五〇鎊;降五 日梅市,轉呈跋定。由,但國際沔價經過大跌七翎,十二月期货每嘶 【特訊】昨〔四〕 秒,估計超出五千一現食每噸三〇鎊, 十一五三點一〇翎,降

·而於最近運到的粗砂 及幼砂糖,售出均告 國際價,升降互|七五美分,升鈷二九美 | 低,致令較早時候訂購三〇元至九三〇元四一美分,开三美 分。五月期貨每磅九點

「鈎,現在貯會未售出的「兒。倫敦(三日)原 分

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1984 中學會考試題預習專欄

(七) 經濟

明德出版社

ECONOMICS (7):

王啓光提供資料 陳勵德

K.K. LONG & L.T. CHAN

MILL & DALE PRESS LTD.

BUSINESS UNITS AND OWNERSHIP

Definition of 'à 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 determin- ing factor in a firm's behavior.

Public and Private Enterprises

The basic unit of planning and control over production is the enterprise. The terms

farm and enterprise.. actually belong to one group. A11 modern economic societies have such control units, but. there are wide differences in the ways they are organized.

Public enterprise is owned and managed by the state. In Hong Kong, the owner of such enterprise is the government. Post Office, the

Works, the airp

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

laisez faire

principle, most of the commerical 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 all centered in him, profits from the firm is his, 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

(Joint-stock Company)

This is a legal fora of enterprise (organiza- tion) 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 characteris tic of a limited company is that the liabilities of shareholders are limited. This simply means that the liability of the shareholder 18 limited tolly paid up value

shares

he bolds, 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.

To Hong Kong, limited company is set up under the Companies Ordinance. Each limited company is a legal entity, i.e.it is treated 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 business and publish the annual reports to the public:

There are two types of limited companies, the public limited company and the private limited company. The two are quite different as far as legal commitment; organization, and capital raising are concerned, The Co-operative Society

This is another form of business organization but is quite distinct in

and its structure

objectives. The major aim of such a society is to provide benefits which are coumon to all its members.

The most common type. of co-operative society. is the Consumers' operative. The owners are sometimes also the

-OD-

customers and the profits

are distributed among the members. The 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 Pegistrar (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 (eg the Federation of Fishermen's Credit. Societies and the Urban

Societies (e.g, the Building Societies).

QUESTIONS

1. Distinguish between a

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 company cannot be

of shares.

the shares.

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 speculation.

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 company, 1.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

enterprise and private enterprise?

Advantages of public enterpraise.

Public enterprises are motivated by the consideration of the well-being and interest of the people not that of making profits. Therefore a state-owned organization can offer to the public cheap. uniform piece and regular services, products. Unlike private enterprise system, excessive competition can be avioded and the

government can ensure that essential goods and socially necessary services are maintained. Public Investment also can finance longterm and big projects such as the Dlover Cove Schene which is too costly

investors. private Generally speaking, 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 progess, but also allows a wider range of higher quality goods and services offered to the consumers. In addition, competition ensures price to be kept at a competitive

level so that

consumers can

be

benefitted more.

profit-making objective is a

The

(b)

- 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. Moverover,

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 production of various goods and services is based on satisfying

consumers' needs,

附加數

(t)

明德出版社高樹方提供資料

ADDITIONAL MATHEMATICS.

(7)

S.F. KO

MILE & DALE PRESS ITD.

Trigonometry (1) Worked Examples:

1. If A, B, C are the

angles of AABC, prove that sin2A+sin2B+sin20

4ginasinBsinC

Solution:

L.H.S

=(sin2A+sin2B)+sin2C =2sin(A+B)cos(A–B)

sin20

=2sin(180 -C)cos(A-B):

42sin(cosCy

180-C-A+B) =2sinCcos(A-B)

+2sinccosC

=2sinC (cos(A−B)+cosC} -2sinC (cos(A--B).

+cos(180 ~(A+B)] =2sinc (cos(A-B) – →cos(A+B)}

=2sin((-2ain ^sin(-2)] =2sinc(−2sinĄ) (-2sinB)

4sinasinBsinC

R.H.S.

Solve the following equations for

·0°≤ x ≤360° (a)General equation of

type:

acosx+bco@x=c

sin x+bsinx=c

{{secx+ sec

3

(b)General equation

types

acosx+bsinx-c e.g. 3c08x+4sinx=5

(c)General equation

solved by the use of factor formulae:

2

e.g.cosx-cos x=sin3x

Solution:

(4) Звескавес 2х-1

2sec2x+3secx-2-0

-(secx+2) (2secx-1)=0

secx=-2 or cosx- or -2

(rejected)

x=120

240°(Ans.

Jcosx+48inx÷5 cosx+iax-1 casxcose+sinxsine-1

05(x-4)=1

Now, tane (from figure)

0-53 8

539

=0° or 360°

(413 8 > 360o and so is rejected)

(c)cosx=EDs2x=sin3x

-2sin()sin()

=2sin(x)cos3×

sin(23)(sing-cos2)

180

120 240 sin-cos

sin = co2

0

-sin(902)

- 90-2

and 240o

Exercise 4

120

(Ans.}

1. Prove the following

identities

(a)sinx+siny+sinz -sin(x+y+z)

isin(~22)sin(2+))

sin(2**)

(b)cos2x+cos2y+cos24+1

cosxcosycosz, if x, y, z are angles. of a triangle

2.

2

(c)cos x+cos y+cos z=

1-2cosxcosyçosz, if x+y+z=180°

2. Solve the following

equations for

≤ x ≤360°

(a)2sinxcos x-1-sin

2.

2.

(b)2sin x=1+cos

2

cosx

(c)tan x-tanx+ 5 star

3. Solve the following

equations for 0°≤ x ≤360° (a)3tanx=4+2secx

(b) √5cosx-minx

(c)2sinx-1=cosx

4. Solve the following

equations for

0°< x < 360°

(a)sinɔx-sin4x+sin5x=0

(b)cosx+cos2x+cos3x=0

(c)c98x=9112x+cos3x

-sin4x=0