按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
我们建议大家最好先向以下旅馆预订房间（1）Radisson…Redick旅馆…就位在Orpheum中心对街拥有88个房间的一家小旅馆（2）较大一点的Red Lion旅馆…离Orpheum中心约五分钟路程，或是（3）Marriott位在奥玛哈西区，离波仙珠宝店约100公尺，开车到市中心约需20分钟，届时将会有巴士接送大家往返股东会会场。
Charlie and I always enjoy the meeting； and we hope you can make it。 The quality of our shareholders is reflected in the quality of the questions we get： We have never attended an annual meeting anywhere that features such a consistently high level of intelligent； owner…related questions。
查理跟我一直都很喜欢开股东会，我也希望大家能够来参加，我们股东的素质可由大家所提出的问题看得出来，我们参加过很多股东会，但从来没有别的公司的股东像Berkshire的股东一样由高智能水准与经营者荣枯与共的股东组合。
An attachment to our proxy material explains how you can obtain the card you will need for admission to the meeting。 Because weekday parking can be tight around the Orpheum； we have lined up a number of nearby lots for our shareholders to use。 The attachment also contains information about them。
后面附有股东会开会投票的相关资料，跟各位解释如何拿到入场所许的识别证，因为开会当天会场不好停车，我们特地为大家预留了一些位置，附件也有相关说明供大家参考。
As usual； we will have buses to take you to Nebraska Furniture Mart and Borsheim's after the meeting and to take you to downtown hotels or to the airport later。 I hope that you will allow plenty of time to fully explore the attractions of both stores。 Those of you arriving early can visit the Furniture Mart any day of the week； it is open from 10 a。m。 to 5：30 p。m。 on Saturdays； and from noon to 5：30 p。m。 on Sundays。 While there； stop at the See's Candy cart and see for yourself the dawn of synergism at Berkshire。
一如往常，会后我们备有巴士带大家到内布拉斯加家具店与波仙珠宝店或是到饭店与机场，我希望大家能有多一点的时间好好探索这两家店的奥妙，当然早几天到的股东也可利用假日逛逛家具店，星期六从早上10点到下午5点30分，星期日则从中午开到下午5点30分，到那里时记得到喜斯糖果摊逛逛，看看Berkshire企业综效的初步成果。
Borsheim's normally is closed on Sunday； but we will open for shareholders and their guests from noon to 6 p。m。 on Sunday； April 28。 At our Sunday opening last year you made Ike very happy： After totaling the day's volume； he suggested to me that we start holding annual meetings quarterly。 Join us at Borsheim's even if you just e to watch； it's a show you shouldn't miss。
波仙星期天通常不开门营业，但在股东会期间特别破例，4月28日星期天从中午开到下午6点，去年由于大家的卖力表现让Ike相当的开心，在看过那天的业绩数字之后，他建议我们最好能够每一季都召开股东会，今年记得到波仙去看看，就算不买也没有关系，那是一场你不能错过的秀。
Last year the first question at the annual meeting was asked by 11…year…old Nicholas Kenner； a third…generation shareholder from New York City。 Nicholas plays rough： 〃How e the stock is down？〃 he fired at me。 My answer was not memorable。
去年股东会第一个问题是由来自纽约11岁的Nicholas Kenner所提出，他们一家三代都是Berkshire的股东，一开场Nicholas就来硬的，：「为什么股价会下跌？」面对如此强大的火力，我的回答却不甚了了。
We hope that other business engagements won't keep Nicholas away from this year's meeting。 If he attends； he will be offered the chance to again ask the first question； Charlie and I want to tackle him while we're fresh。 This year； however； it's Charlie's turn to answer。
我希望今年Nicholas最好有其它的事要忙，不要来参加今年的股东会，若他真的出席了，他可能有机会再提出第一个问题，查理跟我都希望尽量不要碰到他，还好今年轮到查理先回答。
U。 S。 STEEL ANNOUNCES SWEEPING MODERNIZATION SCHEME*
附录A
美国钢铁公司宣布全面更新计画
本文是葛拉罕于1936年所写未对外公开的讽刺性文章，由巴菲特于1954年提供
Myron C。 Taylor； Chairman of U。 S。 Steel Corporation； today announced the long awaited plan for pletely modernizing the world's largest industrial enterprise。 Contrary to expectations； no changes will be made in the pany's manufacturing or selling policies。 Instead； the bookkeeping system is to be entirely revamped。 By adopting and further improving a number of modern accounting and financial devices the corporation's earning power will be amazingly transformed。 Even under the subnormal conditions of 1935； it is estimated that the new bookkeeping methods would have yielded a reported profit of close to 50 per share on the mon stock。 The scheme of improvement is the result of a prehensive survey made by Messrs。 Price； Bacon； Guthrie & Colpitts； it includes the following six points：
Myron C。 Taylor…美国钢铁公司的董事长，今天宣布令人期待已久，有关全世界最大的制造公司的全面更新计画，与预期相反的，公司的制造或是销售政策全部没有变动，反而是会计帐务系统做了大幅度的调整，在采取一系列最新最好的现代会计与财务措施之后，公司的获利能力因而大幅增进，即使是在景气不佳的1935年，在采用新的会计制度下，估计每股盈余还是可以达到50美元的水准，这项改造计画是经由Messrs等人经过广泛的研究调查后制定的，其中主要包含六大点：
1。 Writing down of Plant Account to Minus 1；000；000；000。 2。 Par value of mon stock to be reduced to 1￠。 3。 Payment of all wages and salaries in option warrants。 4。 Inventories to be carried at 1。 5。 Preferred Stock to be replaced by non…interest bearing bonds redeemable at 50％ discount。 6。 A 1；000；000；000 Contingency Reserve to be established。
（1）将厂房价值减少到负的10亿美元 （2）普通股每股面额减到一美分 （3）以认股权的方式支付所有的薪水与奖金 （4）存货的帐面价值减为1美元 （5）原有特别股改成不必马上支付利息50％折价发行的公司债 （6）建立10亿美元的或有准备
The official statement of this extraordinary Modernization Plan follows in full：
以下就是这项全面更新计画的官方完整声明
The Board of Directors of U。 S。 Steel Corporation is pleased to announce that after intensive study of the problems arising from changed conditions in the industry； it has approved a prehensive plan for remodeling the Corporation's accounting methods。 A survey by a Special mittee； aided and abetted by Messrs。 Price； Bacon； Guthrie & Colpitts； revealed that our pany has lagged somewhat behind other American business enterprises in utilizing certain advanced bookkeeping methods； by means of which the earning power may be phenomenally enhanced without requiring any cash outlay or any changes in operating or sales conditions。 It has been decided not only to adopt these newer methods； but to develop them to a still higher stage of perfection。 The changes adopted by the Board may be summarized under six heads； as follows：
美国钢铁公司的董事会很高兴向大家宣布，在经过对产业界所面临的问题广泛地研究之后，我们已经核准了一项重新塑造公司会计制度的方案，一项由特别委员会主导并经Messrs等人协助之下完成的调查显示，我们公司在运用最先进的会计制度方面远远落后于其它美国企业，透过这样的做法，公司不必负担额外的支出、营业与销售政策也不必改变，就可以不费吹灰之力地大大改善获利能力，所以大家一致决定不但要立即跟进采用，而且还要将这项技术发展到淋漓尽致的境界，董事会所采用的做法，主要可以归纳为以下六点：
1。 Fixed Assets to be written down to Minus 1；000；000；000。固定资产减为负的10亿美元
Many representative panies have relieved their ine accounts of all charges for depreciation by writing down their plant account to 1。 The Special mittee points out that if their plants are worth only 1； the fixed assets of U。 S。 Steel Corporation are worth a good deal less than that sum。 It is now a well…recognized fact that many plants are in reality a liability rather than an asset； entailing not only depreciation charges； but taxes； maintenance； and other expenditures。 Accordingly； the Board has decided to extend the write…down policy initiated in the 1935 report； and to mark down the Fixed Assets from 1；338；522；858。96 to a round Minus 1；000；000；000。
许多代表公司都已将其帐列厂房价值减为象征性的1美元，好让其损益表免于折旧费用沉重的负担，特别委员会指出如果它们的厂房只值1美元，那么美国钢铁的的固定资产比起它们来说还要少很多，事实上近来大家都承认一项事实，许多厂房对公司来说实际上是一种负债而不是资产，除了要摊提折旧之外，还要负担税金、维修及其它开支，因此董事会决定要从1935年开始将资产打销，从原先帐列1；338；522；858。96美元减少为负的1；000；000；000美元。
The advantages of this move should be evident。 As the plant wears out； the liability bees correspondingly reduced。 Hence； instead of the present depreciation charge of some 47；000；000 yearly there will be an annual appreciation credit of