英文早讀第173篇，選自巴菲特年度信，友才翻譯。
Interest rates received on loans and investments were down substantially throughout the banking industry during 1971. In the last few years, Illinois National's mix of deposits have moved considerably more than the industry average away from demand money to much more expensive time money. For example, interest paid on deposits has gone from under 1.7 million in 1969 to over 2.7 million in 1971. Nevertheless, the unusual profitability of the Bank has been maintained. Marketing efforts were intensified during the year, with excellent results.
1971年整個銀行業(yè)收到的貸款和投資利率都大幅下降。在過去幾年，伊利諾伊國家銀行的存款組合已經(jīng)明顯比行業(yè)平均水平更多的從活期存款轉變?yōu)榱烁F的定期存款。例如，需要支付的存款利息從1969年的少于170萬美金變成了1971年的270萬美金。盡管如此，我們的銀行仍保持了不一般的盈利能力。這一年市場營銷的努力被加強了，效果很好。
With interest rates even lower now than in 1971, the banking industry is going to have trouble achieving gains in earnings during 1972. Our deposit gains at Illinois National continue to come in the time money area, which produces only verg marginal incremental income at present. It will take very close cost control enable Illinois National to maintain its 1971 level of earnings during 1972.
現(xiàn)在利率比1971年更低了，銀行業(yè)在1972年將會面臨利潤增長困境。我們在伊尼諾伊國家銀行的存款增長仍來自于定期存款領域，現(xiàn)在這將會帶來微乎其微的收入增長。在1972年需要更加嚴格的成本控制才能夠獲得1971年的盈利水平。
Financial
財務
Because of the volume gains being experienced by our insurance subsidiaries early in 1971, we re-cast Berkshire Hathaway's bank loan so as to provide those companies with additional capital funds. This financing turned out to be particularly propitious when the opportunity to purchase Home & Auto occurred later in the year.
因為在1971年初我們的保險子公司經(jīng)歷了規(guī)模增長，我們重新展開了伯克希爾哈撒韋的銀行貸款來為這些公司提供額外的資本金。這項財務手段在我們在今年末獲得購買家庭及汽車保險公司時顯得很有利。
Our insurance and banking subsidiaries possess a fiduciary relationship with the public. We retain a fundamental belief in operating from a very strongly financed position so as to be in a position to unquestionably fulfill our responsibilities. Thus, we will continue to map our financial future for maximum financial strength in our subsidiaries as well as at the parent company level.
我們的保險和銀行子公司和公眾擁有受托關系。我們在運營上保持一個基本信仰處于強力的財務地位以使我們能夠處于毫無疑問履行我們責任的地位。因此，我們將繼續(xù)規(guī)劃我們未來的財務力求處于最強的財務能力水平，既在我們的子公司也在我們的母公司。
Warren E. Buffett Chairman of the Board March 13, 1972
沃倫E巴菲特 董事會主席 1972年3月13日
26.demand money：活期存款
27.intensify：加強；增強；加劇；強化
28.marginal：邊緣的；小的；微不足道的
29.incremental：增加的；遞增的
30.re-cast：重新鑄造
31.propitious：吉祥的；吉利的；吉慶的
32.fiduciary：信托的；信用的；受委托的
