大學英語綜合教程學生用書 Stocks and Shares

[00:00.00] Stocks and Shares [00:04.10]In order to start a business [00:08.33]a man must have to buy or rent factory or shop, [00:14.71]to buy machinery and goods and to pay his workpeople. [00:21.16]A man may sometimes be able himself [00:26.20]to suppy all the money he needs for this; [00:30.85]but often he cannot do so, [00:35.60]and then he may ask others to help him by making contributions. [00:42.06]Money supplied in this way is called capital, [00:47.12]and the people who supply it to him become members of this company. [00:53.66]Of course they hope,when they lend their money in this wasy, [00:59.40]that the man's business will make a profit; [01:04.16]and when the company does begin to make a profit [01:09.49]they all share in its profits- [01:14.14]and the share each one gets is in proportion [01:19.57]to the amount of capital he has supplied. [01:24.32]Thus if Smith has supplied 1000 and Jones 2000, [01:32.79]Jones's share of the profits will be twice as big as Smith's share. [01:40.44]Another way fo saying that Smith and Jones [01:45.48]supplied money to found the company [01:49.84]is to say that they bought so many shares in its profits. [01:55.80]Shares are usually divided into units of 25p,50p and 1. [02:04.55]Let us suppose that in this company they are in units of 1. [02:11.29]As the company was just being founded it probably happened that with 1000 [02:19.62]Smith was also to buy 1000 shares. [02:25.37]However,when a company has grown and prospered [02:31.12]and people start to sell their shares to others who want to buy them. [02:37.26]a 1 share often costs more than 1. [02:43.32]This is because people have the great faith [02:47.86]in the company and they think that, [02:51.91]because the profits of the company are likely to increase, [02:57.84]it will be worthwhile to pay more than 1 for a 1 share. [03:05.31]On the other hand ,if a company is not doing very well [03:11.45]its shares may sell for their stated value-or very near it [03:18.32]-and if it is doing badly [03:22.27]its shares will sell for less than the stated value. [03:27.80]It is obvious that people supply money to a company [03:34.44]because they think it will take profits. [03:39.59]These are paid out to shareholders at least once a year [03:46.12]and are called dividends. [03:50.27]If the company is doing well it may pay a divedent of, [03:56.72]say,10p for every 1 share. [04:02.47]This is often expressed not in pence per pound [04:08.61]but as a percentage-in this case it would be 10%. [04:15.37]The government-which also wants to borrow money from the public [04:21.62]-almost always does so. [04:25.38]Government stocks are called"gilt-edged",originally [04:31.41]because the certificate on which the loan [04:36.06]was recorded had a gold edge like those found on the pages of old books. [04:44.21]Later the term"gilt-edged"came to have a wider meaning, [04:51.16]standing for safety and security, [04:56.10]the government being the one institution [05:01.06]that would never fail to pay its debts. [05:06.02]Normally the government promises to repay the money borrowed [05:12.97]within or at a certain specified time. [05:19.11]This often to applies to other kinds of stock, [05:24.18]but hardly ever to shares.

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