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(1)
HE END
貂蟬拜月
五羊舊調今再聞, 盡家截主持
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「案,跨藻,嘆人生最難受,艷區嬌容。
1985
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ECONCHICS (18)
K.E. VONG & L.T. CHAN
MILL & DALE FRESS LTD.
Money and banking Central. bank” and Commercial bank their functions and facilities-
I. The functions of a
central bank
A central bank is
a bank of government, It is set up by the government and is not profit-making. The implementation of policies in a central baik is directly controlled by the government. Usually, a central bank is the nationalised
institution which work with the government to carry out the monetary policy and to promote the economic development of thei country. Its functions can be summarized Läng follows:
*thii shut (1 oral tender
Currencies,
including banknotes, and coins, are issued by the central bank under the supervision of government. Since the amount of
circulating currencier can influence the purchasing power of the economy, ZOVEER- ment is responsible- for adjusting the amount of legal tender issued by the central bank
In a complex monetary economy, money, seXTOS' SEA dyɑanie role in addition to being medium or exchange Government may regulate the level money and liquidity im the economy so as to achieve some desired policy objectives such as the control of inflation, the growth in the Cross National Product and
the
improvement of balance. of payments.
to be the bank of government
Government revenue are usually stored în the central bank and the public expenditure and payments are done through it. A central bank usually keeps the accounts of the government departments.
to be the advisor of governsent on t financial and monetary policies
The central bank acte as the advisor of government in all the matters about monetary. and banking polícies. The central bank may bos a effective management team giving relevant information and suggestions to government so as to solve any economic problems and to help the economic development.
to keep the cash riserves of private banks:
It is a law that all the private banking institutions“ must deposit apart.
of their cash reserves in the central bank. According, for central bank centralizes the cash reserve a to
protect the
security
and control the
Tiquidity of the whole
Whenever there is
banking system.
necessary for the private banks to
horrow some money,
the central bank will back them up leading them cash funda, If there is any financial crisis occurred in a private bank is responsible for supporting it as far as possible in order that national economi stability can be maintained.
5 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 chɛques 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 case, mutual indebtedness between the menier banks may be cancelled and the amount owned to any banka would be calculated..
5. to supervise the operations of privatě 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 banki. to carry out monetary policy
The central bank. controls the note issue, accepta deposite from and makes loans to the commercial banks and money market in such
way that it handie's the main tool of monetary policy în a country. For
instances, inflation: can be tackled by the monetary authority through control of the quantity of money
which is 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 so as to achieve the goals of monetary policy.
8. to keep gold reserves
and foreign exchange reserves of the country.
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.
9. to offer facilities.
to customers "as commercial.bank.does
The central bank also provides the general banking services to the "customers such as:
acceptance of deposits, löane and advances;
es, remittance and other services.
II.The function and
facilities provided to commercial banks
A commercial bank ip a profit-marking firm operated by private individuals. It is established for the purpose of seeking profits by way of offering Várlósst
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 of central bank and play an active economi, e role. Their functions: can be gummarized as follows:
1. to deep money for
customers
Commercial banks provide the services the saving deposits, fixed deposits and demend deposits are accepted. Different ratea of interest are applied to various deposita together with
the different ways of withdrawing money.
to lend money te“ customers.
Loane and advances
are grauted to
commerce, and industry
in order to earn the
reward of interest on one hand, and promote the industrial and commercial development
on the other. The loans and advances include short-term and long-term loans, advances, overdrafta and discount bill of exchange. Government play the supervisory rote to cover al deposit taking institutions.
3. to create bank credit -- Either a central
bank or a commercial. bank can bring about an increase of equal amount in bank deposits. In other words when a bank makes an advance to a customer, whether by overdraft or loan account the result is an increase in total. purchasing pover...
-
For example, if a borrower has only a small balance to the credit of his account and be obtaina an overdraft of 6500. He can draw a cheque for this account and pay it to the
creditor. If 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 $500, Ir there is any monetary discrepancy happened; the central bank
should have the hover to control the expansion of bank credit
to offer the service:
of remittance).
- Remittance mean that the money la transferred from one place to another. Imagine that you want to Bent HK$100 to your friend living in United States you cen ask for the help of the Remittance Départ.. ment in
commercial
bank,
First of all, the Outward Remittance Department would calculate how many US dollars your 100K dollars will buy on the foreign exchange market by referring to the day's exchange rate. If the rate is HK$5 for, USB3, your HK$100 will buy HK$20. Therefore the bank will give you a bank
draft for US$20. Next, you can use a mail
transfer.
That is to
any, the bank, sends an airmail instruction. to its branch in United States to authorize the branch to pay your friend the sun of the money. If it is very argent for you to send the amount of money, 'you can make use of
the telegraph transfer although it would be more "expensive.
6. to offer import and
export facilities
Commercial banks offer a special service called documentary credit to help the promotioh of business. It is the guarantee giren by a bank that its customer will pay for a shipment of gooda if the correct documenta are supplied as.
evidence that the shipment has been. made,
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HISTORY (18)
VIOLA WONG YUK-YUE MILL & DALE PRESS LTD."
-Describe Japan'a
activities in East Asia. during the First-World War. How did China and the great povers react. to such activities?.
The East Asian inter- national scené vas. peaceful and stable before the outbreak of the First World War An 1914 However, during the. var, the European great povers vere preoccupied with fighting, and so Japan seized the oppor- tunity when international constraint was absent to advance her interests in the East Asian region. First, she entered war on
the side of the Allies (Britain, France and Russia) againɛi the Central poweri (Germany and Austria) and made use of the excuse to seize Kiaochow in Shantung of China from Geman bands. The British were of course displeased, but since they were busy with var-efforts, they just could not put up any effective opposition. Britain needed Japan's cooperation as long as the First World Warswos. on. Besides, Japan said that Kinochow would be returned to China after the war, By Late 1915, all the former German rights and lesses in Shantung had fallen into Japanese hands. At the same time, the Japanese navy turned to the South Pacific and occupied the German island colonies. there","such as the Marshall and the Yapi Needless to may, China. was helpless and could not resist Japan,
The reasons for the. Japanese expansion were long-term Nasy Japanese businessmen, politicians and militarkets had for long advocated a stronger foreign policy (which ren against the traditional policy of co-operation with the western poweri).
This younger generation of Japanese were more and more influential in
disobedience to the genro ("elders", aged Meiji leaders), who favoured continuation of the traditional policy.
In China, Japan a position was declining...... Politically, Yuan Shib kai was une g-operative with Japan but was pro Western, or more exactly,
pro-British.
Secondly,
economic competition and rivalry posed great threats to Japan's Interests in Manchuria, especially as Japan did" not have the superior economic power to compete successfully with the West. Many Japanese ultra-nationalists favoured a more forceful policy toward China. The Black Dragon Society For instance, argued for the demand of far- reaching concessions to be made to China. This was the background to the presentation of the 21 Demands to Yuan Shih-k' ai by Japan in 1915. only a few months after the seizure of Kinochow.
How did Yuan. react to the Demands? On the one hand, if he accepted the Demands, he would receive Japanese support for his? attempt at restoring a monarchy. On the other hand, however, he knew how treacherous it was be submitted to Japan's aggression in the face. of forceful-ChìnеBe
nationalism. Realizing that China alone was tot veak on resist, Japan, Yuan turned to the other great powers, especially the USA, for assistance. He deliberately delayed the negotiation for the Dazanda, while revealing them bit by bit to the West. The reaction of the USA and Britain was general opposition and protest. But because of the First World War, they decided not to intervene to check Japan, As for France and Russia, no objection was rained, since they wanted to wis Japanese friendship and draw Japan into more active war-effort against Germany and Austria. S France oven advised: Chine to accept the Demands.
Without foreign aid, China had no other choice but to accept the 21 Demands. Accordingly, all. German rights in Shantung were transferred to Japan; the Japanese. leaser in South Manchuria, (Port Arthur and Dairen) were extended to 99 years; control over the" Hanyehp' ing Company was given to Japan; and China promised that ports and islanda along the China coast would not be ceded to other countries.
However, Japan still feared that all the se privilegea might be lost. once the war ended and Western opposition.
revived. Thus she made agreements with some European powers and even China as safeguards.
Firstly, an alliance was made with Russia in 1916, Secondly, secret agreements were made with the Allies in 1917. The Allied powers wanted greater Japanese EN participation in wer; they therefore secretly promised to give Japan Kiaochow in Shantung. Au agreement of friendlíneas was made with the USA too. The USA expected that this would slow down Japanese expansioni Thirdly Japan extended some loans to the Peking warlord government of China so as to bribe t China to be co-operative in Japune newly acquired gains. Eager for money to fight with other warlords, the Feking government accepted those loans
Then the Siberian Expedition occurred, in which Japan took part, in 1918, The Expedition: vas an Allied attempt at checking the spread of Communiem to East Asia. after the Bolshevik Beizure of power in 1917 in Russia and bringing Russia back into greater
war-efforts
Germany
against
and Austria.
Japan joined it because of territorial ambition and the desire to keep Communist threats away from Manchuria (Japan's sphere of influence). Yet the Japanese military sent in many times the number of troops originally decided on. Again, however, the Allied "povers could đó. little to restrain Japan, not until the First World War ended in 1919.'
In conclusion, the Japanese cleverly made use of the opportunities
when the great povera were preoccupied with war and made great gains, territorial, economic and political, in the East Asian regions. The traditional balance of power in East Asia was upset in such a way..
附加數
(+)
ADDITIONAL MATHEMATICS (18)
S.F. KO
MILL & DALE PRESS LTD. Solutions to exercise
Let
-(1-x)dx
(ADS.)
sin reosadz
and let sinx➡t when 1×0, t=0
and when x-
Bộ đồ(sinx) (t)
-fot at
at'.
**
dt
COCK dt
coax
(Ana.
Alternative Method:
xdx
ein
deinx)=cosxdx)
(b) Let I-[
J:14√142
Putting +2.
2udu-dz
2
-2/" (1-22)
(Ans.)
Zuda.
~2(u(1-1)du
2
2.1
di
(Ans.)
xdx
now, tax-2 ätädz when x-3, t-
when rub th
t+2
dt
•Now, "x-2sine
when
when x÷1,
2cosodo
-(1-0)
(Ans.
Volume formed by rotating area OAB about x-x1-9.
(b)
sin-sino).
Since cos5rcosx
2065x
(Ans.)
dx
(a) Let I-fx √x?
and let t=√x2+1
xdx(x +1).
cubic unite
9
Volume:
by rotating area OAB about y-axiB
Volume formed by. rotating area OBAC about y-axis. -Volume formed by
rotating area OAC about y-axia
2
-* (1) * ( 1 ) ~T] 1 x2dy
volume of OBAG
vol of cylinder)
tat
*x da
cubic units.
required rati
(Ans.
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