英文早读第173篇，选自巴菲特年度信，友才翻译。
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年整个银行业收到的贷款和投资利率都大幅下降。在过去几年，伊利诺伊国家银行的存款组合已经明显比行业平均水平更多的从活期存款转变为了更贵的定期存款。例如，需要支付的存款利息从1969年的少于170万美金变成了1971年的270万美金。尽管如此，我们的银行仍保持了不一般的盈利能力。这一年市场营销的努力被加强了，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.
现在利率比1971年更低了，银行业在1972年将会面临利润增长困境。我们在伊尼诺伊国家银行的存款增长仍来自于定期存款领域，现在这将会带来微乎其微的收入增长。在1972年需要更加严格的成本控制才能够获得1971年的盈利水平。
Financial
财务
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.
因为在1971年初我们的保险子公司经历了规模增长，我们重新展开了伯克希尔哈撒韦的银行贷款来为这些公司提供额外的资本金。这项财务手段在我们在今年末获得购买家庭及汽车保险公司时显得很有利。
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.
我们的保险和银行子公司和公众拥有受托关系。我们在运营上保持一个基本信仰处于强力的财务地位以使我们能够处于毫无疑问履行我们责任的地位。因此，我们将继续规划我们未来的财务力求处于最强的财务能力水平，既在我们的子公司也在我们的母公司。
Warren E. Buffett Chairman of the Board March 13, 1972
沃伦E巴菲特 董事会主席 1972年3月13日
26.demand money：活期存款
27.intensify：加强；增强；加剧；强化
28.marginal：边缘的；小的；微不足道的
29.incremental：增加的；递增的
30.re-cast：重新铸造
31.propitious：吉祥的；吉利的；吉庆的
32.fiduciary：信托的；信用的；受委托的
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