英文早读第169篇，选自巴菲特年度信，友才翻译。
Textile Operations
纺织业务
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年美金销售额大约低于1968年12%。尽管在结束我们的箱式织机事业部时产生了大幅运营损失，净利润仍微微升高。使用资金回报利润轻微增长但仍然不满意，尽管为增长付出艰苦努力。
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.
我们现在处于比我们这些年见到的都更加强烈的纺织衰退中间。在对纺织品大量终端使用上都整体需求匮乏。需求的匮乏已经需要限制产量来避免库存积压。我们的男装事业部和家庭纺织品事业部都需要计划在1970年一季度停工2周，但是库存仍然在高位。在需求的下降上比纺织市场常规的周期更强。从这个周期恢复将可能取决于联邦政府在他们可以控制的经济因素上的行动。
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.
我们已经将纺织业务集中在那些从历史表现和我们的市场预测中可能会有潜在满意的业务上。工厂运营已经有了提升，在行业好转的条件下，应该会产生大幅成本减少。然而，现在对这个业务在1970年的预期仍是低利润。
Insurance Operations
保险业务
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团队1969年期间在几乎每个部门都创下了新纪录。在火灾和伤亡保险业经历了大幅承保损失的一年里，我们的保险子公司仍实现了大幅调整后承保利润。自从这个业务在1941年创立，雷凌特先生保持以承保盈利作为准则——这个政策经常在这个行业被讨论但是很少能经常实现。
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.
我们新的担保部门，尽管很小，在这一年也取得良好进展。我们正在通过在洛杉矶成立分支办公室来进入加州工伤保险市场。我们新的再保险事业部似乎有个强劲的开端，尽管这个业务的性质需要至少花几年时间来用来对运营结果的明智判断。我们也有兴趣进入新的“本州”保险运营。
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.
菲尔莱赫——在生成和承保部门作为杰出结果的主要贡献者——在今年初被选为执行副总裁。
Expectations are for continued growth in our insurance operations.
在我们的保险运营上预期继续增长。
Banking Operations
银行业务
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.
对伯克希尔哈撒韦在1969年最重要的大事是对伊利诺伊罗克福德的伊利诺伊国立银行信托公司97.7%股份的收购。这个银行由尤金艾伯戈于1931年在没有外部资金加入，以25万美金净资产和40万美金存在建立，发展为1969年的1700万美金净资产和1亿美金存款。艾伯戈先生继续作为董事长并在1969年产生了创纪录的大约200万美金运营利润（扣除股票损失前）。这些盈利，无论按存款还是总资产的百分比来计算，都十分接近国家头部的非主营信托业务的更大型商业银行。在1970年获取更大盈利不太容易因为（1）我们的银行已经是十分高效的业务了，并且（2）伊利诺伊的银行法让大型城市银行获得较多存款更加困难。
After almost a year of ownership, we are delighted with our investment in Illinois National Bank, and our association with Mr. Abegg.
在几乎拥有一年后，我们很高兴对伊利诺伊国立银行的投资和与艾伯戈先生的合作。
Kenneth V. Chace President
肯尼斯V.蔡斯总裁
6.strenuous：费力的；繁重的；艰苦的
7.midst：中部；中间；当中
8.recession：经济衰退；经济萎缩
9.intensity：强度；强烈
10.curtailment：限制；缩短；缩减
11.cyclical：周期性的
12.casualty：伤亡；遇难；急诊室
13.underwriting：包销；承销；承保；承担经济责任
14.surety：担保人；保证人；保证金
15.compensation：补偿；赔偿
16.render：提供；提交；给予
17.verdict：判决；裁定；裁决；裁断
