Vocabulary notes

rare редкий

fines штрафы

to measure their value accurately точно измерить их стоимость (ценность)

to divide into a wide range of amounts разделить на много частей (ма­леньких или больших)

precious metals драгоценные металлы

gold bullion золотой слиток

to deposit with хранить, вкладывать

a goldsmith золотых дел мастер

worked with gold for jewellery делал золотые украшения

a guarded vault охраняемый подвал, хранилище

to fetch приносить, доставать

to transfer переводить, передавать

once these letters or cheques, became acceptable as a way of paying for goods как только (когда) эти письма, или чеки, стали приниматься при оплате товаров

their money holdings деньги, которые им принадлежали, которыми они владели

a bank loan банковская ссуда, заем

a little interest небольшой процент

the goldsmith was short of gold у мастера не было достаточно золота

to reckon полагать, считать

at any rate во всяком случае

a transaction сделка

to owe быть должным

assets and liabilities активы и пассивы

the value of his loan стоимость ссуды, которую он дал

to equal равняться, быть равным

the firm didn't really want to carry that gold around, so it asked the goldsmith if, instead of actually taking the gold, it could be given a deposit фирма не хотела держать золото при себе (носить золото с собой) и вместо того, чтобы на самом деле его забрать, попросила мастера принять это золото на хранение в виде вклада

(they) were worth $110 их стоимость составляла, они оценивались (имели ценность) в 110 долларов

to write (syn. to draw, to issue, to make out) a cheque выписать чек

his assets failed зд. его активы снизились

to fail (о банках) обанкротиться

initial loan первоначальная ссуда

reserves резервы

the amount of gold that is immediately available in the vault запасы (количество) золота, которое всегда находится (и может быть немедленно получено) в хранилище банка

depositors' demands требования вкладчиков

leaving himself with $90 оставив себе только 90 долларов

to rely on рассчитывать, надеяться на что-либо

the reserve ratio резервная норма

dare осмеливаться

to make a profit through his interest charges получить прибыль за счет платежа процентов

What are the risks involved? Чем он рискует?

to panic (panicked) пугать, приводить в панику

to doubt сомневаться

he was bound to lose some of the gold он непременно должен был потерять часть золота

a run on the bank натиск вкладчиков на банк

the financial panic финансовая паника

to fear опасаться, страшиться

to go bankrupt обанкротиться

Assignments

I. Suggest the Russian equivalents

they wanted their gold to pay for some things with; two developments turned these goldsmiths into bankers; it transferred some of the gold they had...to the seller; the goldsmith was short of gold; the risks involved; to make a profit through his interest charges; a goldsmith took too much of a risk; he was bound to lose some of the gold

II. Fill in the gaps with the words and expressions from the text

1. In the past most societies used different objects as to buy , to

pay for .

2. Some of these were valuable because they were , others- because they .

3. People used gold, , as money. .

4. People their gold with , people who also had to keep gold safe in.

5. When people wanted some of their gold to , they went and it from the goldsmith.

6. People found it a lot easier the seller , that we would

nowadays call , than it was some gold and then to him.

7. Once these letters or cheques, became as a way of for goods,

people felt that the gold they with the goldsmith, was just as gold in then own .

8. People started to say that their were what they plus their .

9. Goldsmiths realized they had a great deal of lying in their vaults .

10. This development was actually of than the first.

11. At the moment of his first loan the goldsmith , it wasn't actually

gold, but he it was that everyone who gold with him would want it back .

12. The third row shows that although the goldsmith's were the same, but $110, not $100.

13. When the firm for $10, and that person came in his $10 worth of gold, the goldsmith's .

14. It made to the goldsmith whether his was in or in a form of .

15. Reserves are the amount of gold that is to meet .

16. As a banker he the fact that would want their gold at the same time.

17. The reserve ratio is the ratio of to .

18. How much he lend out in order to through ?

19. People he could pay them all back, he to lose some of the gold he had lent, so they to get their gold back before .

20. The or , leads to exactly what people : the bank cannot them, , and they as well.

III. Find in the text English equivalents for the following

использовать золото (слитки) в качестве денег; отдавать на хранение; золотых дел мастер; (банковское) хранилище (охраняемый подвал); заби­рать у мастера; стали приниматься в качестве платежа за товары; неис­пользуемое золото; оставив себе только 90 долларов; простая сделка; не­большой риск с небольшой прибылью; расплатиться; обанкротиться (2 вар.); финансовая паника; натиск вкладчиков на банк

IV. Answer the questions

1. What did people use as money? Give some examples.

2. What were the reasons that made some societies start using precious metals as money?

3. Who were the original bankers? Where did they keep gold?

4. What are the 2 developments that turned the goldsmiths into bankers? Which of them is of greater importance?

5. What kind of letter did people give to the seller as a payment? What's it called nowadays?

6. Why did people start to say that their money holdings were what they had with them plus their money deposits?

7. How was the system of deposits started?

8. What did a firm ask a goldsmith for? Did he agree to it? On what terms?

9. Explain the information in the first and in the second rows of the table.

10. What did the firm want to do with the gold it had borrowed from the goldsmith? What would we call a deposit today?

11. Explain the information in the third and the fourth rows of the table.

12. What was the goldsmith relying on as a banker?

13. What is reserves and a reserve ratio? What is the goldsmith's reserve ratio after making the loan?

14. Why is it said that the goldsmith took too much of a risk? How much did he lend? What did people do? What is it called nowadays?

V. Translate into English using all the active possible

Когда царствует процветание, можно ожидать, что банки расширят кредит до максимума своих возможностей. Наоборот, когда на экономи­ческом горизонте появляются тучи депрессии, банкиры поспешно берут назад свои предложения о займах, стремясь к безопасной ликвидности, даже если для этого потребуется пожертвовать потенциальным доходом от процента. Банкиры могут опасаться крупномасштабных изъятий вкла­дов паникующим населением и сомневаться в способности заемщиков выплатить ссуду.