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y 1； the fixed assets of U。 S。 Steel Corporation are worth a good deal less than that sum。 It is now a well…recognized fact that many plants are in reality a liability rather than an asset； entailing not only depreciation charges； but taxes； maintenance； and other expenditures。 Accordingly； the Board has decided to extend the write…down policy initiated in the 1935 report； and to mark down the Fixed Assets from 1；338；522；858。96 to a round Minus 1；000；000；000。
许多代表公司都已将其帐列厂房价值减为象征性的1美元，好让其损益表免于折旧费用沉重的负担，特别委员会指出如果它们的厂房只值1美元，那么美国钢铁的的固定资产比起它们来说还要少很多，事实上近来大家都承认一项事实，许多厂房对公司来说实际上是一种负债而不是资产，除了要摊提折旧之外，还要负担税金、维修及其它开支，因此董事会决定要从1935年开始将资产打销，从原先帐列1；338；522；858。96美元减少为负的1；000；000；000美元。
The advantages of this move should be evident。 As the plant wears out； the liability bees correspondingly reduced。 Hence； instead of the present depreciation charge of some 47；000；000 yearly there will be an annual appreciation credit of 5％； or 50；000；000。 This will increase earnings by no less than 97；000；000 per annum。
这样做法的效益相当明显，随着工厂逐渐折减，所代表的负债也相对地减少，因此以往每年4；700万的折旧费用不但可以免除，以后每年还可以有5；000万美元的折旧利益，一来一往等于让公司的获利至少增加9；700万美元。
2。 Reduction of Par Value of mon Stock to 1￠； and 3。 Payment of Salaries and Wages in Option Warrants。
将普通股面额减少到1美分。所有的薪资与奖金一律以认股权的方式发放。
Many corporations have been able to reduce their overhead expenses substantially by paying a large part of their executive salaries in the form of options to buy stock； which carry no charge against earnings。 The full possibilities of this modern device have apparently not been adequately realized。 The Board of Directors has adopted the following advanced form of this idea：
许多企业早已将本来应该支付给经营主管薪水奖金的大笔支出改以不必认列费用的股票认股权方式取代，这种现代化的创新做法很明显地还没有被充分运用，所以董事会决定采取一项更先进的做法。企业所有的员工将发给认购价为50美元的认股权作为薪资的替代，而普通股面额则减少到1美分。
The entire personnel of the Corporation are to receive their pensation in the form of rights to buy mon stock at 50 per share； at the rate of one purchase right for each 50 of salary and/or wages in their present amounts。 The par value of the mon stock is to be reduced to 1￠。 The almost incredible advantages of this new plan are evident from the following：
这项计画很明显的有下列好处：
A。 The payroll of the Corporation will be entirely eliminated； a saving of 250；000；000 per annum； based on 1935 operations。
A公司将不再有任何的薪资支出，参考1935年的情况，每年估计将因此省下2。5亿美元。
B。 At the same time； the effective pensation of all our employees will be increased several fold。 Because of the large earnings per share to be shown on our mon stock under the new methods； it is certain that the shares will mand a price in the market far above the option level of 50 per share； making the readily realizable value of these option warrants greatly in excess of the present cash wages that they will replace。
B同时，所有员工的报酬将因此增加好几倍，因为在新的会计原则之下公司帐上显示的每股盈余将因此大增，从而使得公司的股价远高于认股权所设定的50美元认购价，于是所有的员工都将因为认股权的行使而受惠，所得到的报酬将远比他们原来领的现金收入要高的多。
C。 The Corporation will realize an additional large annual profit through the exercise of these warrants。 Since the par value of the mon stock will be fixed at 1￠； there will be a gain of 49。99 on each share subscribed for。 In the interest of conservative accounting； however； this profit will not be included in the ine account； but will be shown separately as a credit to Capital Surplus。
C透过这些认股权的行使，公司因此还可以实现额外特别的年度利益，而由于我们将普通股面额设定为1美分，因此每认购一股便能产生49。99美元的利益，虽然就会计学保守的立场，这些利益可能无法显现在损益表之上，但却可以在资产负债表上以资本溢价的方式单独列示。
D。 The Corporation's cash position will be enormously strengthened。 In place of the present annual cash outgo of 250；000；000 for wages （1935 basis）； there will be annual cash inflow of 250；000；000 through exercise of the subscription warrants for 5；000；000 shares of mon stock。 The pany's large earnings and strong cash position will permit the payment of a liberal dividend which； in turn； will result in the exercise of these option warrants immediately after issuance which； in turn； will further improve the cash position which； in turn； will permit a higher dividend rate and so on； indefinitely。
D企业的现金部位也会因此大大地增强，每年不但不再有2。5亿美元的薪资流出，透过行使500万股认股权的做法，每年还可以创造2。5亿美元的现金流入，公司惊人的获利能力加上坚强的现金部位将使得我们可以随心所欲地配发股利，然后我们又可以透过行使认股权的方式补强现金实力，之后又可以有更高的配股能力，如此一直循环下去。
4。 Inventories to be carried at 1。
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 t