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4。帐列存货价值调为1美元
Serious losses have been taken during the depression due to the necessity of adjusting inventory value to market。 Various enterprises notably in the metal and cotton…textile fields have successfully dealt with this problem by carrying all or part of their inventories at extremely low unit prices。 The U。 S。 Steel Corporation has decided to adopt a still more progressive policy； and to carry its entire inventory at 1。 This will be effected by an appropriate write…down at the end of each year； the amount of said write…down to be charged to the Contingency Reserve hereinafter referred to。
在经济衰退时因为必须将存货价值调整至市价，公司可能会因此蒙受钜额的损失，因此许多公司，尤其是钢铁与纺织公司纷纷将其帐列存货价值压到相当低的程度，而成功地解决这方面的问题，有鉴于此美国钢铁公司决定采用一种更积极的做法，打算将存货价值一举压低到1美元的最低限度，在每年底都会进行这样的动作，将存货予以调整，差异的数字则全部摆到前面所提到的或有准备科目项下。
The benefits to be derived from this new method are very great。 Not only will it obviate all possibility of inventory depreciation； but it will substantially enhance the annual earnings of the Corporation。 The inventory on hand at the beginning of the year； valued at 1； will be sold during the year at an excellent profit。 It is estimated that our ine will be increased by means of this method to the extent of at least 150；000；000 per annum which； by a coincidence； will about equal the amount of the write…down to be made each year against Contingency Reserve。
这种新做法的好处相当的大，不但可以消除存货耗损的可能性，同时也可大大地增进公司每年的获利能力，每年初存货因为帐列价值只有1美元，所以将因出售而获得大笔的利益，经估计透过这种新会计方法的运用将可使我们每年至少增加1。5亿美元的收益，而碰巧的是这个数字与我们每年冲销的或许准备金额相当。
A minority report of the Special mittee remends that Accounts Receivable and Cash also be written down to 1； in the interest of consistency and to gain additional advantages similar to those just discussed。 This proposal has been rejected for the time being because our auditors still require that any recoveries of receivables and cash so charged off be credited to surplus instead of to the year's ine。 It is expected； however； that this auditing rule which is rather reminiscent of the horse…and…buggy days will soon be changed in line with modern tendencies。 Should this occur； the minority report will be given further and favorable consideration。
特别委员会的一项报告建议为了维持一致性，应收帐款与约当现金最好也能够将帐面数字调整为1美元，同时也一样可以有先前所提的好处，但这样子的提案现在被驳回，因为我们的签证会计师认为，任何应收帐款或约当现金若冲回，最好还是先贷记原有科目，而不是直接作为损益表上的收入，但是我们也预期这种老掉牙的会计原则应该很快会更新，好与现代趋势做接轨，而等新原则一通过之后，我们一定会马上将这份报告的建议列为优先执行的方案。
5。 Replacement of Preferred Stock by Non…Interest…Bearing Bonds Redeemable at 50％ Discount。
5。将现有特别股改成不必马上支付利息50％折价发行的公司债。During the recent depression many panies have been able to offset their operating losses by including in ine profits arising from repurchases of their own bonds at a substantial discount from par。 Unfortunately the credit of U。 S。 Steel Corporation has always stood so high that this lucrative source of revenue has not hitherto been available to it。 The Modernization Scheme will remedy this condition。
过去许多公司在面临景气不佳的时候，大都利用买回自己原先发行大幅折价的债券来弥补其营业上的损失，不幸的是由于美国钢铁公司的债信一向都还算不错，所以没有类似这样的油水可以趁机捞一笔，但现代更新计画解决了这样的难题。
It is proposed that each share of preferred stock be exchanged for 300 face value of non…interest…bearing sinking…fund notes； redeemable by lot at 50％ of face value in 10 equal annual installments。 This will require the issuance of 1；080；000；000 of new notes； of which 108；000；000 will be retired each year at a cost to the Corporation of only 54；000；000； thus creating an annual profit of the same amount。
报告建议原先发行的每一股特别股全部换成面额300美元不必支付利息的债券，并且可分为十期以面额的50％赎回，总计将要发行面额10。8亿美元的债券，每年有1。08亿美元到期，并由公司以5；400万美元的价格赎回，同时公司每年将可因此增加5；400万美元的获利。
Like the wage…and/or…salary plan described under 3。 above； this arrangement will benefit both the Corporation and its preferred stockholders。 The latter are assured payment for their present shares at 150％ of par value over an average period of five years。 Since short…term securities yield practically no return at present； the non…interest…bearing feature is of no real importance。 The Corporation will convert its present annual charge of 25；000；000 for preferred dividends into an annual bond…retirement profit of 54；000；000 an aggregate yearly gain of 79；000；000。
就像是第3条所述的薪资奖金计画，这样的安排将可以让公司与其特别股股东一体受惠，后者可以确定在五年内收回现有特别股面额的150％，因为短期的有价证券实在是没有多少报酬率，所以不必付息的特点算是无关紧要，如此一来公司每年将可以减少2；500万的特别股股息，再加上每年多出5；400万美元的获利，加总之后将可获得每年7；900万的利益。
6。 Establishment of a Contingency Reserve of 1；000；000；000。：The Directors are confident that the improvements hereinbefore described will assure the Corporation of a satisfactory earning power under all conditions in the future。 Under modern accounting methods； however； it is unnecessary to incur the slightest risk of loss through adverse business developments of any sort； since all these may be provided for in advance by means of a Contingency Reserve。
6。建立10亿美元的或有负债准备：董事们有信心经过上述的安排，公司未来不管在任何情况下，都可以确保拥有令人满意的获利能力，然而在现今的会计原则下，公司最好不要承担任何可能的潜在损失的风险，因为最好能够事先先建立一个或有损失负债准备以兹因应。
The Special mittee has remended that the Corporation create such a Contingency Reserve in the fairly substantial amount of 1；000；000；000。 As previously set forth； the annual write…down of inventory to 1 will be absorbed by this reserve。 To prevent eventual exhaustion of the Contingency Reserve； it has been further decided that it be replenished each year by transfer of an appropriate sum from Capital Surplus。 Since the latter is expected to increase each year by not less than 250；000；000 through the exercise of the Stock Option Warrants （see 3。 above）； it will readily make good any drains on the Contingency Reserve。
特别委员会因此建议公司可以建立一个10亿美元的或有负债准备，就像是先前所述的，存货价值调整为1美元的差异将由这个准备来吸收，同时为了怕将来或有准备消耗殆尽，每年还将固定由资本公积提拨补充，因为后者透过股票选择权的运用每年将至少可以增加2。5亿美元（见前面第3点），所以随时准备好可供或有准备补充之用。
In setting up this arrangement； the Board of Directors must confess regretfully that they have been unable to improve upon the devices already employed by important corporations in transferring large sums between Capital； Capital Surplus； Contingency Reserves and other Balance Sheet Accounts。 In fact； it must be admitted that our entries will be somewhat too simple； and will lack that element of extreme mystification that characterizes the most advanced procedure in this field。 The Board of Directors； however； have insisted upon clarity and simplicity in framing their Modernization Plan； even at the sacrifice of possible advantage to the Corporation's earning power。
透过这样的安排，董事会必须坦承他们很遗憾还不能够向其它美国大企业一样，充分地运用各种方法，让股本、资本公积、或有负债与资产负债表其它科目互通有无，事实上我们必须承认，目前我们公司所作的分录还过于简单，根本没有达到一般业界那样能够利用最先进的手法，让整个会计程序神秘复杂化，然而对此董事会还是强调在规划革新方案时，还是必须坚持清楚明了的原则，虽然这样做会对公司的获利能力有所影响。
In order to show the bined effect of the new proposals upon the Corporation's earning power； we submit herewith a condensed Ine Account for 1935 on two bases； viz：
为了显示新方案对于公司获利能力的影响到底有多大？ 我们特别列出1935年分别在两种不同基础下的损益状况：
B。 Pro…Forma
Giving Effect to
Changes Proposed
Herewith
A。 As Reported
Gross Receipts from all Sources （Including Inter…pany） 765；000；000 765；000；000
Salaries and Wages 251；000；000
Other Operating Expenses and Taxes 461；000；000 311；000；000
Depreciation 47；000；000 （50；000；000）
Interest 5；000；000 5；000；000
Discount on Bonds Retired （54；000；000）
Preferred Dividends 25；000；000
Balance for mon （24；000；000） 553；000；000
Average Shares Outstanding 8；703；252 11；203；252
Earned Per Share （2。76） 49。80
In accordance with a somewhat antiquated custom there is appended herewith a condensed pro…forma Balance Sheet of the U。 S。 Steel Corporation as of December 31； 1935； after giving effect to proposed changes in asset and liability accounts。
为了配合有点老旧的会计原则，附件是美国钢铁1935年12月31日拟制性的合并资产负债表，在经过调整后的资产负债科目状况。
ASSETS LIABILITIES
Fixed Assets； net （1；000；000；000） mon Stock Par 1￠ （Par Value 87；032。52） Stated Value* （3；500；000；000）
Cash Assets 142；000；000 Subsidiaries' Bonds and Stocks 113；000；000
Receivables 。 56；000；000 New Sinking Fund Notes 1；080；000；000
Inventory 1