英文早讀第169篇，選自巴菲特年度信，友才翻譯。

Textile Operations
紡織業(yè)務(wù)

Dollar sales volume in 1969 was approximately 12% below 1968. Net earnings were slightly higher despite substantial operating losses incurred in the termination of our Box Loom Division. Earnings on capital employed improved modestly but still remain unsatisfactory despite strenuous efforts toward improvement.
1969年美金銷售額大約低于1968年12%。盡管在結(jié)束我們的箱式織機(jī)事業(yè)部時產(chǎn)生了大幅運(yùn)營損失，凈利潤仍微微升高。使用資金回報(bào)利潤輕微增長但仍然不滿意，盡管為增長付出艱苦努力。

We are presently in the midst of a textile recession of greater intensity than we have seen for some years. There is an over-all lack of demand for textile products in a great many end uses. This lack of demand has required curtailment of production to avoid inventory build-up. Both our Menswear Lining Division and Home Fabrics Division have been forced to scedule two-week shutdowns during the first quarter of 1970, but inventories remain on the high side. The slowdown in demand appears even greater than that normally occuring in the cyclical textile market. Recovery from this cycle will probably be dependent upon Federal Government action on economic factors they can control.
我們現(xiàn)在處于比我們這些年見到的都更加強(qiáng)烈的紡織衰退中間。在對紡織品大量終端使用上都整體需求匱乏。需求的匱乏已經(jīng)需要限制產(chǎn)量來避免庫存積壓。我們的男裝事業(yè)部和家庭紡織品事業(yè)部都需要計(jì)劃在1970年一季度停工2周，但是庫存仍然在高位。在需求的下降上比紡織市場常規(guī)的周期更強(qiáng)。從這個周期恢復(fù)將可能取決于聯(lián)邦政府在他們可以控制的經(jīng)濟(jì)因素上的行動。

We have concentrated our textile operations in those areas that appear, from historical performance and from our market projections, to be potentially satisfactory businesses. Improvements have been made in our mill operations which, under better industry conditions, should produce substantial cost reductions. However, the present picture is for lower profits in this business during 1970.
我們已經(jīng)將紡織業(yè)務(wù)集中在那些從歷史表現(xiàn)和我們的市場預(yù)測中可能會有潛在滿意的業(yè)務(wù)上。工廠運(yùn)營已經(jīng)有了提升，在行業(yè)好轉(zhuǎn)的條件下，應(yīng)該會產(chǎn)生大幅成本減少。然而，現(xiàn)在對這個業(yè)務(wù)在1970年的預(yù)期仍是低利潤。

Insurance Operations
保險(xiǎn)業(yè)務(wù)

Jack Ringwalt and his outstanding management group turned in new records in just about every department during 1969. During another year in which the fire and casualty insurance industry experienced substantial underwriting losses, our insurance subsidiaries achieved significant adjusted underwriting profits. Since establishment of the business in 1941, Mr. Ringwalt has held to the principle of underwriting for a profit - a policy which is frequently talked about within the industry but much less frequently achieved.
杰克雷凌特和他杰出的管理團(tuán)隊(duì)1969年期間在幾乎每個部門都創(chuàng)下了新紀(jì)錄。在火災(zāi)和傷亡保險(xiǎn)業(yè)經(jīng)歷了大幅承保損失的一年里，我們的保險(xiǎn)子公司仍實(shí)現(xiàn)了大幅調(diào)整后承保利潤。自從這個業(yè)務(wù)在1941年創(chuàng)立，雷凌特先生保持以承保盈利作為準(zhǔn)則——這個政策經(jīng)常在這個行業(yè)被討論但是很少能經(jīng)常實(shí)現(xiàn)。

Our new surety department, although small, made good progress during the year. We are entering the workmen's compensation market in California through the establishmen of a branch office in Los Angeles. Our new reinsurance division seems to be off to a strong start, although the nature of this business is such that it takes at least several years to render an intelligent verdict as to operating results. We also have interesting plans for a new "home state" insurance operation.
我們新的擔(dān)保部門，盡管很小，在這一年也取得良好進(jìn)展。我們正在通過在洛杉磯成立分支辦公室來進(jìn)入加州工傷保險(xiǎn)市場。我們新的再保險(xiǎn)事業(yè)部似乎有個強(qiáng)勁的開端，盡管這個業(yè)務(wù)的性質(zhì)需要至少花幾年時間來用來對運(yùn)營結(jié)果的明智判斷。我們也有興趣進(jìn)入新的“本州”保險(xiǎn)運(yùn)營。

Phil Liesche - over 20 years a major contributor to outstanding results in the production and underwriting departments - was elected Executive Vice President early this year.
菲爾萊赫——在生成和承保部門作為杰出結(jié)果的主要貢獻(xiàn)者——在今年初被選為執(zhí)行副總裁。

Expectations are for continued growth in our insurance operations.
在我們的保險(xiǎn)運(yùn)營上預(yù)期繼續(xù)增長。

Banking Operations
銀行業(yè)務(wù)

The most significant event of 1969 for Berkshire Hathaway was the acquisition of 97.7% of the stock of The Illinois National Band and Trust Co. of Rockford, Illinois. This bank had been built by Eugene Abegg, without addition of outside capital, from 250,000 of net worth and 400,000 of deposits in 1931 to 17 million of net worth and 100 million of deposits in 1969. Mr. Abegg has continued as Chairman and produced record operating earnings (before security losses) of approximately 2 million in 1969. Such earnings, as a percentage of either deposits or total assets, are close to the top among larger commercial banks in the country which are not primarily trust department operations. It will not be easy to achieve greater earnings in 1970 because (1) our bank is already a highly efficient business, and (2) the unit banking law of Illinois makes more than modest deposit difficult for a major downtown bank.
對伯克希爾哈撒韋在1969年最重要的大事是對伊利諾伊羅克福德的伊利諾伊國立銀行信托公司97.7%股份的收購。這個銀行由尤金艾伯戈于1931年在沒有外部資金加入，以25萬美金凈資產(chǎn)和40萬美金存在建立，發(fā)展為1969年的1700萬美金凈資產(chǎn)和1億美金存款。艾伯戈先生繼續(xù)作為董事長并在1969年產(chǎn)生了創(chuàng)紀(jì)錄的大約200萬美金運(yùn)營利潤（扣除股票損失前）。這些盈利，無論按存款還是總資產(chǎn)的百分比來計(jì)算，都十分接近國家頭部的非主營信托業(yè)務(wù)的更大型商業(yè)銀行。在1970年獲取更大盈利不太容易因?yàn)椋?）我們的銀行已經(jīng)是十分高效的業(yè)務(wù)了，并且（2）伊利諾伊的銀行法讓大型城市銀行獲得較多存款更加困難。

After almost a year of ownership, we are delighted with our investment in Illinois National Bank, and our association with Mr. Abegg.
在幾乎擁有一年后，我們很高興對伊利諾伊國立銀行的投資和與艾伯戈先生的合作。

Kenneth V. Chace President
肯尼斯V.蔡斯總裁

6.strenuous：費(fèi)力的；繁重的；艱苦的
7.midst：中部；中間；當(dāng)中
8.recession：經(jīng)濟(jì)衰退；經(jīng)濟(jì)萎縮
9.intensity：強(qiáng)度；強(qiáng)烈
10.curtailment：限制；縮短；縮減
11.cyclical：周期性的
12.casualty：傷亡；遇難；急診室
13.underwriting：包銷；承銷；承保；承擔(dān)經(jīng)濟(jì)責(zé)任
14.surety：擔(dān)保人；保證人；保證金
15.compensation：補(bǔ)償；賠償
16.render：提供；提交；給予
17.verdict：判決；裁定；裁決；裁斷