英文早读第181篇，选自巴菲特年度信，友才翻译。
Our specialized urban auto operation, Home and Automobile Insurance Company, experienced very poor underwriting in Chicago during 1973. It would appear that rates are inadequate in our primary Cook County marketing area, although the current energy situation confuses the picture. The question is whether possible lowered accident frequency because of reduced driving will more than offset continuing inflation in medical and repair costs, as well as jury awards. We believe that inflation will hurt us more than reduced driving will help us, but some of our competitors appear to believe otherwise.
我们专注于城市汽车业务的家庭和汽车保险公司1973年在芝加哥承保结果很差。似乎在我们主要的库克郡市场区域费率是不足的，尽管当前的能源市场状况使情况变的复杂。问题在于可能由于驾驶减少导致的事故率下降是否能更抵消在医疗和维修成本上持续的通货膨胀，也包括评审团裁决赔偿金。我们相信通货膨胀相比于减少驾驶对我们的帮助伤害更大，但是一些我们的竞争对手似乎相信相反的观点。
Home and Auto expanded into Florida and California during the year, but it is too early to know how these moves will prove out financially.
家庭和汽车公司去年扩张到了弗洛里达州和加州，但是现在知道这些动作在财务上结果如何还太早。
A contributing factor in our unsatisfactory earnings at Home and Auto during 1973 was an accounting system which was not bringing information to management on a sufficiently timely basis.
在1973年一个让家庭和汽车公司盈利不满意的主要原因是财务体系没有能够充分及时的告知管理层信息。
On the investment side of our insurance operation, we made substantial additional commitments in common stocks during 1973. We had significant unrealized depreciation - over 12 million - in our common stock holdings at year-end, as indicated in our financial statements. Nevertheless, we believe that our common stock portfolio at cost represents good value in terms of intrinsic business worth. In spite of the large unrealized loss at year-end, we would expect satisfactory results from the portfolio over the longer term.
在我们保险业务的投资方面，在1973年我们追加了大量的股票交易。我们的股票持仓在年末有较大未结算损失——超过1200万美金，这会在我们的财务声明中表述。然而，我们相信我们的股票组合的成本在内在价值上有很高的价值。尽管在年末有较大未清仓损失，我们仍期待这些组合长期来看有令人满意的结果。
Banking Operations
银行业务
The Illinois National Bank & Trust Co. of Rockford again had a record year in 1973. Average deposits were approximately 130 million, of which approximately 60% were time deposits. Interest rates were increased substantially in the important consumer savings area when regulatory maximums were raised at mid-year.
伊利诺伊罗克福德国家银行和信托公司在1973年再一次创下了记录。平均存款接近1.3亿美金，接近大约60%是定期存款。当年中监管上限被提升时，利率也在重要的客户存款领域大幅增长。
Despite this mix heavily toward interest bearing deposits, our operating earnings after taxes (including a new Illinois state income tax) were again over 2.1% of average deposits. We continue to be the largest bank in Rockford. We continue to maintain unusual liquidity. We continue to meet the increasing loan demands of our customers. And we continue to maintain our unusual profitability. This is a direct tribute to the abilities of Gene Abegg, Chairman, who has been running the Bank since it opened its doors in 1931, and Bob Kline, our President.
尽管这些混合的存款偏重有息存款，我们的税后营业利润（包括一项新的伊利诺伊州收入税）再一次超过平均存款2.1%。我们继续是罗克福德最大的银行。我们继续保持非同一般的流动性。我们继续满足我们客户增长的贷款需求。我们继续保持我们非同一般的盈利能力。这些成果直接源于基恩埃伯格主席的能力，他从1931年银行开门起就一直经营着，还包括鲍勃科林总裁。
11.depreciation：折旧；贬值；跌价
12.regulatory：监管的；（对工商业）具有监管权的
