Parkins How can I control my investment in such a case? Have I got the same freedom of move-
ment as with shares?
Finch Certainly. They are negotiable whenever you like. The rates are fixed daily, so that you
can sell whenever you wish. Of course, you won’t be able to avoid the ups and downs
of the market.
Parkins Yes. I see.
Finch In this way, you can benefit from a larger range of both bonds and shares.
Parkins In other words, I diversify my risk.
Finch Exactly.
Parkins One thing interests me. In speaking of bonds just now, you said that your bank could give me a loan against bonds.
Finch Yes. There’s between ½ and 1% difference in the rates. After all, the bank has to live.
Parkins Of course. Well, thank you. I wanted above all to know about the difference bonds and
shares. I think I’ve understood now. I’d like to talk everything over with my wife, and I’ll
come back to see you again.
Finch Why not come with your wife? I’d happy to meet her and to explain everything as I have
just done with you.
Parkins That’s very kind. Could I have your name and telephone number, then?
Finch My name is Peter Finch, and my number is 224.644.
Parkins Goodbye, then.
Finch I’ll just show you the way.
VOCABULARY
to put something aside | отложить некоторую сумму |
inheritance | наследство |
to spread | распространять |
to consolidate | объединить |
to replace | разместить |
upwards | далее |
fluctuation | колебание |
maturity | срок платежа |
stock exchange | фондовая биржа |
to ensure | обеспечивать, страховать |
complicated | сложный |
to presume | полагать, предполагать |
to administer | управлять |
owner | |
to benefit | извлекать выгоду |
profit | прибыль |
to produce | производить |
freedom | свобода |
negotiable | предмет сделки (зд.) |
to avoid | избегать |
ups | подъем |
downs | спад |
to diversify | разнообразить, вкладывать (капитал) в различные предприятия |
SUGGESTED ACTIVITIES
1. Read the dialogue and translate it.
2. Find the English equivalents for the following :
1. в Вашем распоряжении;
2. отложить некоторую сумму денег;
3. часть капитала является сбережениями;
4. часть капитала является наследством, которое я недавно получил;
5. это конечно в Ваших интересах;
6. объединить весь капитал в одном банке;
7. организация обещает выплачивать Вам деньги в оговоренные сроки;
8. облигации выдаются на периоды от 15 лет и более;
9. стоимость облигаций зависит от состояния рынка на данный момент;
10. колебания стоимости облигаций никогда не бывают очень большими;
11. использовать деньги до того, как наступит срок выплаты по облигациям;
12. облигации в качестве залога;
13. рисковать понести убытки;
14. дождаться срока платежа;
15. так сказать;
16. процент, зависящий от успеха компании;
17. накопить небольшую сумму;
18. извлекать выгоду из прибыли, которую дают акции;
19. избегать подъемов и спадов на рынке.
3. Read the first part of the sentence in A. And find the second part in B.:
A. B.
1. to have got | a. for smb's retirement. |
2. to have capital | b. an inheritance. |
3. to put something aside | c. at short notice. |
4. to need funds | bonds. |
5. to receive | e. a yearly interest. |
6. to consolidate a capital | f. for periods from 15 years upwards. |
7. to replace part of a capital | g. whenever you want. |
8. to lend smb's money | h. in one bank. |
9. to pay smb | i. to an organization for a fixed period at a fixed interest rate. |
10. to issue bonds | j. a certain amount of money. |
11. to withdraw money | k. at smb's disposal. |
12. to depend on | l. a risk of loss. |
13. to give a loan with | m. against devaluation. |
14. to run | n. in bonds or in certificates of deposit. |
15. to give an interest, | o. risks. |
16. to insure smb | p. the market at that time. |
17. to invest | q. depending on the success of the company |
18. to limit smb's | r. the bonds as collateral. |
19. to make smb up | s. investments. |
20. to control smb's | t. the ups and downs of the market. |
21. to avoid | u. a portfolio in shares and bonds in carefully calculated proportions. |
22. to diversify smb's | v. from bonds and shares. |
23. to benefit | w. risks. |
4. Complete the appropriate verb:
to put; to get; to consolidate; to have; to lend; to promise to repay; to receive;
to pay; to depend on; to run, to want to sell; to be issued, to pay; to run; can give;
1. I … a certain amount of money.
2. How much capital … at your disposal?
3. Do you want to … something aside for your retirement?
4. Well, part is savings and part is an inheritance that I ….
5. It’s certainly in your interest … your capital in one bank.
6. You … your money to an organization for a fixed period at a fixed interest rate.
7. The organization … … you in the agreed term, and meanwhile … you a yearly interest.
8. Bonds … for periods from 15 years upwards, and a long-term investment generally … more.
9. The value of bonds … on the market at the time.
10. Alternatively, the bank … … you a loan with the bonds as collateral.
11. I … a risk of loss if I … … before maturity.
12. Shares, however, … you against devaluation.
13. We’ve got specialists who … with all that.
14. Yes, of course, you understand, when you … hard all your life … a small sum, you don’t … …
it in just anything.
15. We … several banks, and we … you up a portfolio in shares and bonds in carefully calculated proportions.
16. I think you … … 40% of your assets in a fund.
17. You … … from a larger range of both bonds and shares.
18. In other words, I … my risk.
5. Agree or disagree with the following statements :
1. Mr. Parkins has got a certain amount of money that he is going to withdraw.
2. He is a specialist in banking so he needn’t to ask about investing.
3. Part of his capital is savings and part is an inheritance that he has just received.
4. His capital is £4,000.
4. At the moment, most of his capital is in current accounts spread around various banks.
5. Mr. Finch doesn’t advise him to look into that.
6. He offers to replace part of his capital by bonds. In other words, he lends his money to an organization for a fixed period at a fixed interest rate.
7. The organization promises to repay the client in the agreed term but it doesn’t promise to pay him a yearly interest.
8. Bonds are issued for periods from 15 years upwards, but a long-term investment generally pays less.
10. The client can withdraw his money whenever he wants.
11. The value of bonds won’t depend on the market at the time - if it’s on the rise or not.
12. In fact, fluctuation of the value of bonds is always very great as compared with shares.
13. If the client wants to use his money, he must sell his bonds.
14. Alternatively, the bank can give him a loan with the bonds as collateral.
15. If the client wants to sell his bonds before maturity he won’t run a risk of loss.
16. If the client wants to be sure of seeing his capital again, he needn’t wait for maturity.
17. If the client buys shares in a company, he becomes the owner of the company, together with a lot
of other people.
18. Bonds give you an interest depending on the success of the company.
19. Shares give you a fixed interest.
20. Shares don’t ensure you against devaluation.
21. You run a greater risk with bonds than with shares.
22. Each client would like to have a profit more than security.
23. Everybody won’t be able to avoid the ups and downs of the market.
plete the sentences :
Mr. Parkins comes to the bank. He has got a … and he’d like … , because he knows nothing about … . Mr. Finch ’d like to ask him how much capital … and … . Part of Mr. Parkins’s capital is … and part is … . His capital is … . At the moment, most of it in … spread around various banks. Mr. Finch tries to assure him that it’s certainly in his interest … . He offers him to replace part of it … . In other words, he lends his money to … . The organization promises … , and meanwhile pays him … . Mr. Finch informes Mr. Parkins that bonds are issued for … and a long-term investment … . Mr. Parkins can’t withdraw … . If he wants to sell … the value will depend on … . In fact, fluctuation of the value of bonds is... . So Mr. Parkins can run a risk of loss if … . In other words, if he wants to be sure of seeing his capital again he … . Mr. Finch explains that the bank can give him a loan … . For example, the bank might lend him … % of … . Mr. Parkins wants to find out … . Mr. Finch explains that if he buys shares in a company, he becomes … together with a lot of other people. Bonds give him … , while a share gives him … . Shares, however ensure him … . However, Mr. Parkins certainly runs a greater risk with … that with … . As far as Mr. Parkins has 40,000 to invest, Mr. Finch advises him to invest … in shares. And the rest should be invested in … or … . In this way, he can limit … . And Mr. Finch’d like to have … more than … . Becoming the owner of a unit he can limit … . Besides shares are negotiable whenever … . And the rates are … , so that he can … .
7. Answer the following questions:
1. What is the purpose of Mr. Parkins’s coming to the bank?
2. How much has he got at his disposal?
3. Is his capital an inheritance that he’s just received or savings?
4. What does Mr. Finch advise to Mr. Parkins?
5. Can the bank replace part of his capital by bonds? What does it mean?
6. In what way does the organization promise to repay?
7. What period are bonds issued for?
8. What does the value of bonds depend on?
9. What must Mr. Parkins do if he wants to use his money before the bonds come to maturity?
10. Does he run a risk of loss if he wants to sell before maturity?
11. What must he do if he wants to be sure of seeing his capital again?
12. In which case will Mr. Parkins become the owner of the company?
13. What is the difference between the interests in case with bonds and shares?
14. In which case does the client run a greater risk?
15. What must the client do to limit his risks?
16. How can the client control his investments?
17. Can he avoid the ups and downs of the market?
18. How can the client diversify his risk?
19. Can the bank give him a loan against bonds?
20. Is the interest rate on a loan higher than on the bonds?
8. Say it in English:
* Вы хотите получить совет;
* Вы имеете некоторую сумму денег, которую Вам посоветовали инвестировать;
* Вы не разбираетесь в банковском деле;
* Вы хотите знать, какая сумма имеется в чьем-либо распоряжении;
* Вы хотите узнать чьи-либо планы;
* часть Ваших денег – сбережения, а часть – только что полученное наследство;
* большая часть денег находится на депозитных счетах в разных банках;
* в ваших интересах собрать весь капитал в один банк;
* вы можете одолжить деньги организации на фиксированный период по фиксированной
* организация обещает возвращать Вам суммы в оговоренный срок и ежегодно выплачивать
Вам проценты;
* Вы можете снимать деньги по Вашему желанию;
* Стоимость облигаций будет зависеть от состояния рынка на данный период;
* Фактически, колебания стоимости облигаций никогда не велики – не так, как в случае с
акциями;
* если Вы хотите воспользоваться деньгами, Вы должны продать облигации;
* Вы хотите воспользоваться деньгами до того, как наступит срок платежа по ним;
* Я рискую понести убытки, если захочу продать облигации до наступления срока платежа;
* Вы подвергаете себя риску, конечно;
* если Вы хотите быть уверены в том, что увидите свой капитал снова, Вы должен дождаться
срока платежа;
* если Вы покупаете акции в компании, Вы становитесь совладельцем компании, наравне с
большим количеством людей;
* облигации дают Вам фиксированный процент, в то время как акции дают проценты, завися-
щие от успеха компании;
* акции страхуют Вас от девальвации;
* у Вас есть специалисты, которые занимаются всем этим;
* Вы, конечно же, рискуете больше в случае с акциями, чем с облигациями;
* таким образом, Вы можете ограничить свой риск;
* Вы проработали всю свою жизнь, чтобы накопить небольшой капитал, и не хотите вклады-
вать его во что попало;
* Вам бы хотелось больше иметь гарантии, нежели прибыль;
* Вы извлекаете выгоду из прибыли, которую дают акции;
* Вы можете осуществлять контроль за инвестициями в таком случае;
* Они являются предметом сделки в любое время, когда Вы пожелаете;
* никто не сможет избежать взлетов и падений на рынке;
* другими словами, Вы можете диверсифицировать свой риск.
9. Ask your own questions for the following :
… ? I know nothing about banking and I’d like to ask…um…to ask you all about it.
…? Part of my capital is savings and part is an inheritance that I’ve just received. In all, about 40,000.
… ? At the moment, most of it is in deposit accounts spread around various banks.
… ? Well, I think it’s certainly in my interest to consolidate my capital in one bank.
… ? Yes, we can replace part of it by bonds.
… ? Yes, the organization promises to repay you in the agreed term, and meanwhile pays you a
yearly interest.
… ? Bonds are issued for periods from 15 years upwards, and a long-term investment generally
pays more.
… ? The value of bonds will depend on the market at the time. It might be higher than you
bought at, or it might be lower.
… ? That depends on the market – if it’s on the rise or not.
… ? In fact, fluctuation of the value of bonds is never very great - not as great as in the case of shares.
… ? If you want to use your money before the bonds come to maturity, you must sell your bonds.
… ? For example, the bank might lend you 80% of the value of the bonds on the stock exchange
at the moment you ask for the loan.
… ? Certainly, you run a certain risk.
… ? Yes, if you want to be sure of seeing your capital again, you must wait for maturity.
… ? If you buy shares in a company, you become, in a manner of speaking, the owner of
the company, together with a lot of other people.
… ? Bonds give you a fixed interest, while a share gives you an interest depending on the
success of the company.
… ? Shares, however, insure you against devaluation.
… ? You certainly run a greater risk with shares than with bonds.
… ? I would like to have security more than a profit.
… ? Becoming the owner of a unit, you limit your risk.
… ? Certainly. They are negotiable whenever you like.
… ? The rates are fixed daily, so that you can sell whenever you wish.
… ? I think, you won’t be able to avoid the ups and downs of the market.
… ? You can benefit from a larger range of both bonds and shares.
… ? I’d happy to meet your wife and to explain everything as I have just done with you.
10. Imagine that you’ve got a certain amount of money that you have been
advised to invest. You’ve heard about bonds and shares but really don’t know
anything about banking. You’d like to ask the bank clerk all about it.
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