[2005.12.20]利率与情感

引用 kevinchen4me 2012-5-26 22:40

楼主真大神，比我那个翻译得好多了！！！膜拜

引用 yannanchen 2012-5-26 23:33

19th century---20世纪？我觉得是19世纪
at the turn of 19th century---19世纪和20世纪之交？ 我觉得是18世纪和19世纪之交。
本文提到的两个具体年代 1796年， 1817年， 前者属于18世纪， 后者属于19世纪。区区两个实例， 就足以证明。

引用 yannanchen 2012-5-27 00:01

Mrs Bennet's reaction to her daughter Elizabeth's engagement to Mr Darcy is telling

tell·ing (tlng)
adj.
1. Having force and producing a striking effect.
2. Revealing previously unknown information.

引用 yannanchen 2012-5-27 00:10

chick-litterateurs
专事描写单身年轻女子的作家

引用 yannanchen 2012-5-27 00:14

Landed wealth, which dominated the 18th century, was being supplanted by monied wealth, which came to dominate the 19th
18世纪占支配地位的土地资产，正在被行将于19世纪占支配地位的金融资产所取代。

引用 yannanchen 2012-5-27 00:16

Miss Austen's peers
不一定是同时代的人（contemporary）， 而是同地位的人

引用 yannanchen 2012-5-27 00:25

land and money (or “funds” as Miss Austen's peers called their investments) stood in rough and uncomfortable equality. In this shifting balance lay the foundations both of the Anglo-Saxon world's commercial prosperity and much of the drama and humour of Miss Austen's books
land and money stood in rough and uncomfortable equality.
这句话说的是：其时金融资产还未取代土地资产的支配地位， 两者势均力敌， 这个平衡是暂时的因此是“不自在的”， 这个平衡充满着争斗因此是“艰难的”
不自在又艰难的平衡，又称shifting balance （随时会破坏的，随时会失衡的）平衡。

引用 yannanchen 2012-5-27 00:46

it is not one in an hundred of them that have any real property, landed or funded—an income perhaps, but no property.

这里的landed or funded 是后置定语， 相当于 landed real property， or funded real property。 只有两样财产， 不是三样。
an income perhaps, but no property 也许仅仅有收入， 但是没有财产。
收入不同于财产。
Clergymen maybe, or lawyers from town, or half-pay officers, 这些人靠的是收入。
or widows with only a jointure. 这种寡妇， 如果根据遗嘱， 不能支配本金， 只能取用利息， 靠的也不是财产， 而是利息收入。

引用 dqzxf 2012-5-27 05:03

yannanchen 发表于 2012-5-27 00:10
chick-litterateurs
专事描写单身年轻女子的作家

　“鸡仔文学”：在英美出版界，有一个专门的流派，称作“鸡仔文学”(chick lit)。英美俚语将年轻女郎统称为“小鸡”。所谓“鸡仔文学”，即是由女性为女性撰写的世情小说的总称。自《BJ单身日记》与《欲望城市》掀起全球风暴以来。英美畅销书市为前所未有的粉红潮流所席卷。鸡仔文学大行其道，也不过是近十年间的事情。将其称作是“世纪末现象”并不为过。1998年英国美女作家海伦·菲尔丁(Helen Fielding)的《BJ单身日记》的热销，为此英伦风暴掀开了头幕。紧接着，次年在美国纽约，梅莉莎·班克(Melissa Bank)的小说《少女渔猎手》便问鼎畅销榜。一系列“美女作家”的连环出世，形成了英美流行文化界的新现象，即粉红潮流。由“鸡仔文学”（chick lit） 到“鸡仔戏”(chick flicks)，仅是出版媒介顺其自然地扩张罢了。这些以英美式“布波（布尔乔亚和波希米亚）”文化为主，女性视角为辅，不同的类型语调的都市女性文学，随着全球化的深入侵袭入不同语言载体之中，逐渐形成了一股大气候。 　　这些故事，当然保留着英式独身日志式俏皮话与荒谬场景的情节轮廓。但是它又形成了一种多流派的阵容，譬如在其旗帜下又涌现出了悬念式、言情式鸡仔小说，甚至还有为中老年妇女推出的“母鸡文学” (hen lit)和为基督徒出版的的教徒鸡仔文学(Christian chick lit)。 　　英式鸡仔文学的掌门人，譬如伊莎贝尔·伍尔芙，加卡罗·马特修斯，莉莎·朱厄尔，温迪·霍顿，安娜·迈克尔斯特都是精力旺盛的一帮，几乎年年有新作问世，譬如马特修斯刚刚推出了新作《有你无你》(With or Without You)，霍顿前不久推出了《巴思的太太们》(Wives of Bath)。 　　近年来“职场八卦”与“异族妞”的鸡仔文学体开始盛行。前种流派的代表人物是康奈尔毕业的劳伦·维斯贝格尔。此人曾为时尚杂志《Vogue》美国版的总编安娜·温特的私人助理。后来她撰写了《穿Prada的女魔头》（译林出版社有中译本），讲了一些时尚界的八卦。此书让她一举成名。今年的维斯贝格尔开始走“白领日志”路线，推出了一本叫作《成圈成套》(Everybody Worth Knowing)的小说，书中充斥曼哈顿上层社会的夜生活场景。“异族妞”的代表人物特丽·麦克米伦也不是省油的灯。她早在1992年就推出了畅销小说《待到梦醒时分》(Waiting to Exhale)，此书开启了异族女性小说的风尚，并被改编成电影。近日她有出版了世情小说《中断一切》(the Interruption of Everything)，又是一本讲述现代美国黑人家庭生活的力作。另外一位要提及的“异族妞”是拉丁裔的美国作家阿莉莎·罗德里格斯。此人长期任《洛杉矶时报》拉丁音乐的乐评，2003年推出了处女作《下流姑娘俱乐部》（Dirty Girls Social Club）之后便一发不可收拾。今年又有新作《与郎共舞》(Playing With Boys)问世，走得依旧是拉丁都市女郎故事的路线。 　　今年夏天，在鸡仔文学领域的新气象是美式悬念小说振兴。近些日子相继有一批名目相似的小说被推广于世。它们糅合了“异族妞”与“情节剧”等的种种特质，配以黑色片式的题目。譬如克拉·戴维斯的异族奇幻故事《Sex, Murder and A Double Latte》与托莉·凯琳顿的混合《我的巨型希腊婚礼》《逃跑新娘》《纽约重案组》为一体的《Sofie Metropolis》。有一本九月杀青的新书颇有为鸡仔文学正名的味道。此书名为《与傲慢与偏见调情》(Flirting with Pride and Prejudice)，编者为新进鸡仔派作家珍妮弗·克茹丝。此书收集了数位畅销女作家对奥斯丁小说《傲慢与偏见》的读后感，并将奥斯丁比作是鸡仔派始祖。文辞颇具煽动性，是本妙趣高过学术性的书。值得奥斯丁爱好者抓来看看。
——摘自百度百科

引用 dqzxf 2012-5-27 05:34

yannanchen 发表于 2012-5-27 00:14
Landed wealth, which dominated the 18th century, was being supplanted by monied wealth, which came t ...

资本主义是资本为主体的社会制度。而封建社会形成的自然经济是以土地为基础。财富与资产应该有区别。
资本主义生产关系产生于封建社会内部。封建社会经济结构的解体使资本主义的要素得到解放。资本主义时代是从16世纪才开始的。在封建社会末期，商品经济的发展，促进了封建社会自然经济的解体，引起小商品生产者的两极分化。资本的原始积累加速了这种分化，造成资本主义生产的基本条件是：一方面，产生大批失去生产资料而不得不出卖自己劳动力的无产者；另一方面，巨额的货币和生产资料集中在少数人手里转化为资本。所谓资本原始积累，就是强制地使劳动者同他们的生产资料分离的历史过程，而对农民土地的剥夺是全部过程的基础。其产生的途径有两个：一是从小商品经济分化出来；二是从商人和高利贷者转化而成。自给自足的自然经济被破坏，大量农民和手工业者破产，从而既给资本主义造成了劳动力市场，又给它造成了商品市场。剥夺农民和手工业者的历史在不同国家带有不同的特点，经历不同的阶段。劳动力转化为商品和生产资料转化为资本，标志着简单商品生产向资本主义生产的过渡，也标志着对劳动者的剥削形式的变换，即由封建剥削变成资本主义剥削。资本原始积累还包括对殖民地的侵占和掠夺，以及其他利用国家权力的暴力手段。资本主义生产方式同封建制度的地方特权、等级制度和人身依附是相矛盾的。随着资本主义的发展，资产阶级的经济、政治力量不断壮大，为各国的资产阶级革命准备了条件。荷兰在16世纪末，英国在17世纪中叶，法国在18世纪末，德国及其他一些国家在19世纪中叶，先后爆发资产阶级革命，变革了封建制度，从而为资本主义生产方式取代封建的生产方式扫清了道路。

引用 yannanchen 2012-5-27 06:54

The key piece of skill was the mechanism of “funding” that secured interest payments这种资金运作的关键是建立了保证投资者利益的政府发行债券机制。

这里的interest 显然是利息

引用 yannanchen 2012-5-27 07:15

Early flirtations with lotteries and annuities were generally disappointing. So were “tontines”, a sort of group annuity in which many paid into a general pot, and the last few survivors split the income. What did sell, hesitantly at first, were bonds—albeit ones which were often sweetened with “douceurs” like a lottery ticket or two.英国政府最初试探性地采用了发行年金债券与发行彩票的方法，但效果总的来说令人失望。因而政府又推出了“汤鼎氏养老金制”。这是一种多人共同购买的一组年金债券，但由少数几个最后的生存者分享收益。尽管这种债券如同个别彩票的发行那样，经常使用贿赂的方式来推销，但起初并没有多少人购买。
基本上理解错所以翻译错。
So were “tontines=tontines were also disappointing
What did sell were bonds, although they were sold hesitantly at first. 有销路，被接受的只是债券， 尽管一开始购买者也是犹豫观望。
Albeit ones which were often sweetened with douceurs like a lottery ticket or two。
这里的ones = bonds， 虽然这里的债券不是纯粹意义上的债券，因为 为了让债券更有吸引力， 常常在出售时倒贴一两张彩券。

引用 yannanchen 2012-5-27 20:58

本帖最后由 yannanchen 于 2012-5-27 21:02 编辑

The key piece of skill was the mechanism of “funding” that secured interest payments这种资金运作的关键是建立了保证投资者利益的政府发行债券机制。

这里的interest 显然是利息
点评dqzxf  债券投资的利益就是利息呀。  发表于 8 小时前 删除

你这个点评让我哭笑不得啊。
secured interest payments ---- 保证利息支付（这不等于 保证投资者的利益， 等吗？）

引用 yannanchen 2012-5-27 21:41

保证利息的支付 和  保证利益 这是两个不等价的说法，
进一步说 利息的支付 和 利益 也是两个不等价的概念。
无论英文中文， 道理都一样。

引用 yannanchen 2012-5-27 22:13

统一债券，永续（perpetual）债券

Consol (bond)From Wikipedia, the free encyclopedia  (Redirected from Consols)
Consol (originally short for consolidated annuities, but can now be taken to mean consolidated stock) is a form of British government bond (gilt), dating originally from the 18th century. The first consols were originally issued in 1751.[1] Consols are one of the rare examples of an actual perpetual bonds: although they may be redeemed by the British government, this is unlikely to happen in the foreseeable future.

In 1752, the Chancellor of the Exchequer and Prime Minister Sir Henry Pelham converted all outstanding issues of redeemable government stock into one bond, Consolidated 3.5% Annuities, in order to reduce the coupon rate paid on the government debt.

In 1757, the coupon rate on the stock was reduced to 3%, leaving the stock as Consolidated 3% Annuities. The coupon rate remained at 3% until 1888. In 1888, the Chancellor of the Exchequer, George Joachim Goschen, converted the existing Consolidated 3% Annuities, along with Reduced 3% Annuities (issued in 1752) and New 3% Annuities (1855), into a new bond, 2¾% Consolidated Stock under the National Debt (Conversion) Act 1888 (Goschen’s Conversion). As part of the terms of the Act, the coupon rate of the stock was reduced to 2½% in 1903, and the stock given a first redemption date of 5 April 1923, after which point the stock could be redeemed at par value by Act of Parliament.

Consols still exist today: in their current form as 2½% Consolidated Stock (1923 or after), they remain a small part of the UK Government’s debt portfolio. As the bond has a low coupon, there is little incentive for the government to redeem it. Unlike most gilts, which pay coupons semi-annually, Consols pay coupons four times a year because of their age. As a result of their uncertain redemption dates, they are typically treated as a perpetual bond.

Given their long history, references to Consols can be found in many places, including literature such as David Copperfield by Charles Dickens, Howards End by E. M. Forster, Vanity Fair by William Makepeace Thackeray, Of Human Bondage by William Somerset Maugham and The Forsyte Saga by John Galsworthy and in economics.

引用 yannanchen 2012-5-27 22:17

pulled together the lessons learnt
lessons 未必都是失败的教训，成功的经验也算数。 此前英国的公债成功经验不少啊。

les·son (lsn)
n.
1. Something to be learned: lessons from observing nature.
2. a. A period of instruction; a class.
b. An assignment or exercise in which something is to be learned.
c. The act or an instance of instructing; teaching.
3. a. An experience, example, or observation that imparts beneficial new knowledge or wisdom.
b. The knowledge or wisdom so acquired.
4. A rebuke or reprimand.
5. often Lesson A reading from the Bible or other sacred text as part of a religious service

引用 yannanchen 2012-5-27 22:45

consolidated the terms of a variety of previous issues. The consols had no maturity; 而这种债券又成了以往发行的一系列债券的偿还基金，因而得名。这种债券没有约定还本到期日。
这种债券统一了以往数次发行债券的偿付条件，因而得名统一债券。统一债券没有还本到期日。

引用 yannanchen 2012-5-27 22:51

in theory they would keep paying £3 a year forever. 从理论上讲，购买者可以永远获得3%的年息。
严格上说，这不对的。 不是3% 而是3英镑。
永续债券，每年付息 3 英镑， 不还本， 加入市场利息率是3%， 其现值 = 3/0.03= 100英镑。
现值=100英镑， 不等于说购买者一定花100英镑， 市场价格取决于供需均衡。 所以， 购买者个人的年息未必是3%。

引用 yannanchen 2012-5-27 23:51

Lord North particularly liked them because they carried a low nominal interest rate. He argued that lower rates were better because “it was the interest that the people were burdened with the paying of and not the capital.” 这句话跟下面一句很有关系。 要注意。 North 喜欢low nominal interest rate （名义利率低的）债券。因为，老百姓的负担在于偿还利息， 而不是本金。
That said, Lord North issued new consols at £60 or so, to create a 5% interest rate.
That said=although he said  “it was the interest that the people were burdened with the paying of and not the capital.”, 尽管他说过此话， 他反其言而行之， 又发行新债券， 面值60镑， 利率5%， 亦即年息3镑。此年息等于统一债券的年息。（it paid 3% on a £100 par value）
他不是喜欢低利率吗， 为何新债利率是5% 呢？这不是自相矛盾？
因而有最后一句：Why he thought a discounted 3% bond was better value than a 5% bond sold at par is unclear.他为什么觉得贴现率为3%的债券要比以面值销售年率为5%的债券的价值要高， 个中理由不甚清楚。

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