英文早讀第18篇，選自巴菲特年度信，友才翻譯。
Advance Payments:
預(yù)付款：
Several partners have inquired about adding money during the year to their partnership. Although an exception has been made, it is too difficult to amend partnership agreements during mid-year where we have more than one family represented among the limited partners. Therefore, in mixed partnerships an additional interest can only be acquired at the end of the year.
有幾個合伙人在去年已經(jīng)要求給他們的合伙基金增資。盡管一個例外已經(jīng)發(fā)生，但在年中修改合伙協(xié)議是很困難的，我們不止代表一個有限合伙人的權(quán)利。因此，在混合的合伙基金里，額外的利息只能在年末獲得。
We do accept advance payments during the year toward a partnership interest and pay interest at 6% on this payment from the time received until the end of the year. At that time, subject to amendment of the agreement by the partners, the payment plus interest is added to the partnership capital and thereafter participates in profits and losses.
我們確實接受年中預(yù)付款基于合伙基金的利益，并且會按從收到的時間到年末年率6%支付利息。在那時，根據(jù)合伙人修訂協(xié)議，付款和利息將會被加入合伙基金資本中，并從此之后參與到盈利或虧損。
Sanborn Map：
三伯恩地圖：
Last year mention was made of an investment which accounted for a very high and unusual proportion (35%) of our net assets along with the comment that I had some hope this investment would be concluded in 1960. This hope materialized. The history of an investment of this magnitude may be of interest to you.
去年提到了一個投資占了我們凈資產(chǎn)非常高和不同尋常的比例（35%），同時注釋到我希望這項投資可以在1960年結(jié)束。這個愿望實現(xiàn)了。這種量級投資的歷史你或許會感興趣。
Sanborn Map Co. is engaged in the publication and continuous revision of extremely detailed maps of all cities of the United States. For example, the volumes mapping Omaha would weigh perhaps fifty pounds and provide minute details on each structure. The map would be revised by the paste-over method showing new construction, changed occupancy, new fire protection facilities, changed structural materials, etc. These revision would be done approximately annually and a new map would be published every twenty or thirty years when further pasteovers became impractical. The cost of keeping the map revised to an Omaha customer would run around 100 per year.
三伯恩地圖公司從事美國城市超精細地圖的出版和修訂。例如，奧馬哈市的地圖匯編大約重50磅，并提供每個建筑的詳細細節(jié)。這個地圖每年通過插入貼片的方式進行修訂，用來展示新的建筑、更改的地面占用、新的失火保護設(shè)施、改變的建筑物材料等等。這些修訂基本按年完成，新的地圖每20或30年會出版，那是更多的插入貼邊變的不切實際。對一個奧馬哈客戶來說，保持地圖修訂的花費每年約100美金。
The detailed information show diameter of water mains underlying streets, location of fire hydrants, composition of roof, etc., was primarily of use to fire insurance companies. Their underwriting departments, located in a central office, could evaluate business by agents nationally. The theory was that a picture was worth a thousand words and such evaluation would decide whether the risk was properly rated, the degree of conflagration exposure in an area, advisable reinsurance procedure, etc. The bulk of Sanborn's business was done with about thirty insurance companies although maps were also sold to customers outside the insurance industry such as public utilities, mortgage companies, and taxing authorities.
這些細節(jié)展示了街道下方水管的直徑，消防栓的位置，屋頂?shù)慕Y(jié)構(gòu)等等，對于火災(zāi)保險公司是首要用途。他們的承保部門，坐落于中央辦公區(qū)，可以通過全國的代理人來評估業(yè)務(wù)。這個理論是一個圖片比一千個字更有用，這些評估可以決定風險是否合理評級，一個區(qū)域大火的暴露程度，有參考性的再保險流程等等。三伯恩公司的大量業(yè)務(wù)由三十家保險公司完成，盡管地圖同樣出售給保險業(yè)以外的客戶，例如公用事業(yè)單位，擔保抵押公司，稅務(wù)局。
For seventy-five years the business operated in a more or less monopolistic manner, with profits realized in every year accompanied by almost complete immunity to recession and lack of need for any sales effort. In the earlier years of the business, the insurance became fearful that Sanborn's profits would become too great and placed a number of prominent insurance men on Sanborn's board of directors to act in a watch-dog capital.
在75年間，業(yè)務(wù)或多或少以壟斷形勢運作，每年實現(xiàn)利潤同時幾乎不受經(jīng)濟萎縮影響，也不用努力銷售。在業(yè)務(wù)早年間，保險公司擔心三伯恩的利潤會太大，于是安置了一批資深保險人在三伯恩的董事會來扮演看門狗資本。
25.exception：例外
26.amend：修正；修訂
27.subject to：從屬于；服從于
28.thereafter：之后；此后；以后
29.conclude：結(jié)束；終止；得出結(jié)論；達成；訂立；推斷出
30.materialize：實現(xiàn)；發(fā)生；突然顯現(xiàn)；神奇的出現(xiàn)
31.magnitude：巨大；震級；星等；重大
32.engage in：參與；從事；參加
33.revision：修訂；修改；復(fù)習
34.structure：結(jié)構(gòu)；構(gòu)造；體系；建筑物；精心組織
35.paste over：粘貼；涂；插入；拼貼
36.occupancy：（房屋、土地）等的占用、使用
37.impractical：不切實際的；不現(xiàn)實的；不明智的
38.diameter：直徑；對徑；放大率；放大倍數(shù)
39.main：主要的；電源；主管道；總管；水電煤供應(yīng)干線；下水道煤氣源；污水管
40.hydrant：消防栓；龍頭；取水管；加油栓
41.underwriter：核保人；承包人；保險商
42.conflagration：大火；火災(zāi)
43.exposure：暴露；面臨；底片；膠片；揭露；被報道
44.mortgage：抵押貸款；按揭；按揭貸款
45.monopolistic：獨占的；壟斷的；控制的
46.immunity：免疫；免除；豁免；受保護
47.recession：經(jīng)濟衰退；經(jīng)濟萎縮；撤回；退后
48.prominent：顯眼的；顯著的；杰出的
