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Receivables 。 56；000；000 New Sinking Fund Notes 1；080；000；000
Inventory 1 Current Liabilities 69；000；000
Miscellaneous Assets 27；000；000 Contingency Reserve 1；000；000；000
Other Reserves 74；000；000
Initial Surplus 389；000；001
Total （774；999；999） Total （774；999；999）
*Given a Stated Value differing from Par Value； in accordance with the laws of the State of Virginia； where the pany will be re…incorporated。
有别于原先的固定面额，现在的股本改为不固定面额，根据维吉尼亚州的法令，公司必须重新设立。
It is perhaps unnecessary to point out to our stockholders that modern accounting methods give rise to balance sheets differing somewhat in appearance from those of a less advanced period。 In view of the very large earning power that will result from these changes in the Corporation's Balance Sheet； it is not expected that undue attention will be paid to the details of assets and liabilities。
实在是不必要跟各位股东报告，更新过后的资产负债表与原先的报表将会有很大的不同，我想为了让公司的获利大增因此必须就资产负债科目做很大的调整，大家应该不会对此有太多的意见。
In conclusion； the Board desires to point out that the bined procedure； whereby plant will be carried at a minus figure； our wage bill will be eliminated； and inventory will stand on our books at virtually nothing； will give U。 S。 Steel Corporation an enormous petitive advantage in the industry。 We shall be able to sell our products at exceedingly low prices and still show a handsome margin of profit。 It is the considered view of the Board of Directors that under the Modernization Scheme we shall be able to undersell all petitors to such a point that the anti…trust laws will constitute the only barrier to 100％ domination of the industry。
总而言之，董事会这一连串措施，包含将厂房价值调为负数、薪水删掉、存货降到几乎为零，将可使美国钢铁在产业的竞争力大为增加，我们将可以因此以非常低的价格销售我们所生产的产品，同时还可以保有很好的获利，董事会也认为在这项更新计画之下，我们将可以彻底打败竞争对手，直到我们达到反托拉斯法100％市场占有率的最高上限。
In making this statement； the Board is not unmindful of the possibility that some of our petitors may seek to offset our new advantages by adopting similar accounting improvements。 We are confident； however； that U。 S。 Steel will be able to retain the loyalty of its customers； old and new； through the unique prestige that will accrue to it as the originator and pioneer in these new fields of service to the user of steel。 Should necessity arise； moreover； we believe we shall be able to maintain our deserved superiority by introducing still more advanced bookkeeping methods； which are even now under development in our Experimental Accounting Laboratory。
当然在准备这份报告时，董事会不是不知道同业也有可能仿效我们这类的做法，使得我们这样做的效益大打折扣，但是我们有信心美国钢铁身为提供钢铁用户这类新式服务的先驱领航者，一定能够维持住客户的忠诚度，不论是老客户或是新客户，当然若是有任何意外，美国钢铁仍将透过我们新设立的会计研究实验室，致力于研发出更新的会计做帐原则，以继续保持我们的优势地位。
APPENDIX B
附录B
Some Thoughts on Selling Your Business*
对于阁下有意出售公司的一些想法
*This is an edited version of a letter I sent some years ago to a man who had indicated that he might want to sell his family business。 I present it here because it is a message I would like to convey to other prospective sellers。 W。E。B。
这是几年前我写给一位有意出售其家族事业给我们的人士，在经过修正后，我特地把这封信摆在这里，因为这正是我想传达给其它有意出售事业者的讯息…华伦巴菲特
Dear _____________：Here are a few thoughts pursuant to our conversation of the other day。
您好：以下是在前几天我们的谈话后，我个人的一些想法。
Most business owners spend the better part of their lifetimes building their businesses。 By experience built upon endless repetition； they sharpen their skills in merchandising； purchasing； personnel selection； etc。 It's a learning process； and mistakes made in one year often contribute to petence and success in succeeding years。
大部分的企业老板无不终其一生努力地建立自己的企业王国，经过不断地努力焠炼，他们在行销、采购与人事管理上的经验都能持续地精进，这是一个学习的过程，先前一时的挫败通常会成就后来的成功。
In contrast； owner…managers sell their business only once frequently in an emotionally…charged atmosphere with a multitude of pressures ing from different directions。 Often； much of the pressure es from brokers whose pensation is contingent upon consummation of a sale； regardless of its consequences for both buyer and seller。 The fact that the decision is so important； both financially and personally； to the owner can make the process more； rather than less； prone to error。 And； mistakes made in the once…in…a…lifetime sale of a business are not reversible。
相对地，自己当老板的经理人在面对来自各方的压力，偶尔会在一时冲动的情况下，考虑出售自己拥有的事业，通常是因为中间人为了赚取成交的佣金不顾买卖双方的利益而怂恿老板赶快做决定，事实上做这样的决策牵涉重大，不管是在财务或是个人方面皆是如此，仓促地决定可能使得老板做出错误而不是正确的决策，而且一旦发生可就是一辈子无法挽回的错误。
Price is very important； but often is not the most critical aspect of the sale。 You and your family have an extraordinary business one of a kind in your field and any buyer is going to recognize that。 It's also a business that is going to get more valuable as the years go by。 So if you decide not to sell now； you are very likely to realize more money later on。 With that knowledge you can deal from strength and take the time required to select the buyer you want。
价格当然很重要，但是通常它并不是整个交易最关键的因素，你跟你的家族拥有业界最棒的企业，所有的潜在买家当然都知道这一点，而随着时间的演进，你的事业也会变得更有价值，所以若你现在决定不卖了，这代表以后你可能可以赚更多的钱，而有了这样的认知，你大可以从容以对，慢慢地寻找你希望的买主。
If you should decide to sell； I think Berkshire Hathaway offers some advantages that most other buyers do not。 Practically all of these buyers will fall into one of two categories：
但是要是你真的决定要卖，我相信Berkshire绝对可以提供比别人更好的条件，基本上可能的买主可以分为两大类︰
（1） A pany located elsewhere but operating in your business or in a business somewhat akin to yours。 Such a buyer no matter what promises are made will usually have managers who feel they know how to run your business operations and； sooner or later； will want to apply some hands…on 〃help。〃 If the acquiring pany is much larger； it often will have squads of managers； recruited over the years in part by promises that they will get to run future acquisitions。 They will have their own way of doing things and； even though your business record undoubtedly will be far better than theirs； human nature will at some point cause them to believe that their methods of operating are superior。 You and your family probably have friends who have sold their businesses to larger panies； and I suspect that their experiences will confirm the tendency of parent panies to take over the running of their subsidiaries； particularly when the parent knows the industry； or thinks it does。
（1）第一种是你的同业或是与你的所处的产业相近的业者，这种买家不管他给你怎么样的承诺，通常会让你感觉到好象他比你懂得如何来经营你的事业，而早晚有一天他会想要插手来帮忙你的营运，而若是买方�