英文早讀第255篇，選自巴菲特年度信，友才翻譯。

Textile and Retail Operations
紡織和零售業(yè)務(wù)

During the past year we have cut back the scope of our textile business. Operations at Waumbec Mills have been terminated, reluctantly but necessarily. Some equipment was transferred to New Bedford but most has been sold, or will be, along with real estate. Your Chairman made a costly mistake in not facing the realities of this situation sooner.
在過去的一年里，我們縮小了紡織業(yè)務(wù)的范圍。盡管不情愿，但很有必要，我們已終止了溫貝克工廠的運營。一些設(shè)備被轉(zhuǎn)移到了新貝德福德，不過大部分設(shè)備以及房地產(chǎn)都已出售，或者即將出售。董事長沒有更早地正視這一現(xiàn)實情況，犯了一個代價高昂的錯誤。

At New Bedford we have reduced the number of looms operated by about one‐third, abandoning some high‐volume lines in which product differentiation was insignificant. Even assuming everything went right ‐ which it seldom did ‐ these lines could not generate adequate returns related to investment. And, over a full industry cycle, losses were the most likely result.
在新貝德福德，我們將所使用的織機數(shù)量減少了約三分之一，放棄了一些產(chǎn)品差異化不明顯的大批量生產(chǎn)線。即便假設(shè)一切進展順利（而這種情況很少出現(xiàn)），這些生產(chǎn)線也無法帶來與投資相稱的充足回報。而且，從整個行業(yè)周期來看，最有可能出現(xiàn)的結(jié)果是虧損。

Our remaining textile operation, still sizable, has been divided into a manufacturing and a sales division, each free to do business independent of the other. Thus, distribution strengths and mill capabilities will not be wedded to each other. We have more than doubled capacity in our most profitable textile segment through a recent purchase of used 130‐inch Saurer looms. Current conditions indicate another tough year in textiles, but with substantially less capital employed in the operation.
我們留存下來的紡織業(yè)務(wù)規(guī)模仍然相當(dāng)可觀，并已被拆分為生產(chǎn)部門和銷售部門，兩個部門都能獨立開展業(yè)務(wù)。這樣一來，銷售渠道優(yōu)勢和工廠生產(chǎn)能力就不會相互束縛。最近，我們購置了二手的130英寸蘇爾壽織機，使最盈利的紡織業(yè)務(wù)板塊的產(chǎn)能提升了一倍多。目前的形勢表明，紡織業(yè)又將迎來艱難的一年，但該業(yè)務(wù)運營所投入的資金已大幅減少。

119.cut back： 減少；削減；縮減
120.reluctantly：不情愿地
121.loom：織布機
122.wedded：結(jié)合在一起；融為一體