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Call of Duty

Semper Fi(永远忠诚)——美国海军陆战队

 
 
 

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雖然你拒絕了我,但我還是深深地為你著迷(又續)……  

2010-09-04 01:09:28|  分类: 诠释成功:普华( |  标签: |举报 |字号 订阅

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American company flotations at this time were largely handled by individuals or “ephemeral promoting groups” and, to a much lesser extent, by trust and financial companies. Larger financial houses were involved only rarely. Since there was no permanent intermidate agency to evaluate new ventures, the issuing houses came to rely on accountants to make a report of earnings on the company in question. The accountant’s report became an indispensable element of the prospectus issued by a promoter with his offer to the public.

在這個時期,美國公司的股票發行主要由個人及所謂的“臨時承銷群體”經辦,少部份由托拉斯和財務公司負責大型金融機構很少參與其中由於當時沒有常設的中介機構對新公司進行評估,承銷方一般依靠會計師就公司盈利能力發表的意見。會計師的報告成為公募發行方招股書里不可或缺的一部份。

Central to many American promotional activities in the closing decades of the 19th century, and particularly to those in which PW took part, was Henry Osborne O’Hagan, a London company promoter who founded the City of London Contract Corporation in 1882. O’Hagan had gained enough experience in his teenage years with a London promotional firm to set up his own independent company in the 1870s to specialize in the promotion of street car companies, coal mines, and breweries. A decade later, under the aegis of his City of London Contract Corporation, he expanded his interests to include numerous American companies, at a time when the British investment market was buoyant.

在19世紀末許多美國公司的首發募股交易,特別是那些普華(PW)參與其中的個案裏面,一個叫Henry Osborne O’Hagan的倫敦承銷人起到了主導作用,他在1882年創辦了“倫敦金融城合約股份公司”(the City of London Contract Corporation)。O’Hagan早年在倫敦一家證券發行公司里積累了豐富的從業經驗,後於19世紀70年代自創門戶,專長於摩托車公司、煤礦和酒廠的募股交易。10年後,在他的公司的支援下,他在英國資本市場繁榮興旺的時代背景下將自己的業務範圍逐步擴大到許許多多的美國公司上面。

To help prospect for, negotiate, and settle several dozen American investment opportunities, O’Hagan relied on Wiliiam D. Guthrie, a New York lawyer in the firm of Seward, Da Costa & Guthrie. (The successor firm, Cravath, Swaine & Moore, has served as outside counsel to PW’s U.S. firm since 1890.) Having decided that “the days of any dealings with English breweries appeared to be numbered.” O’Hagan turned to the United States for comparable opportunities for his British clientele. His first American flotation, completed in 1889, involved the amalgamation of three Rochester, New York, breweries into the Bartholomay Brewing Co. of America.

為了尋求、協商以及把握身邊來自美國的投資機會,O’Hagan聘請了Wiliiam D. GuthrieGuthrie是一位在紐約Seward, Da Costa & Guthrie律師事務所工作的律師。改組后的事務所Cravath, Swaine & Moore自1890年起為普華(PW)擔任法律顧問。在作出了“未來公開募股的英國公司已經所余無幾”的判斷之後,O’Hagan轉而將眼光對準了美國,為他的英國客戶群體尋求類似的機遇他於1889年完成首單美國公司首發,將三個紐約羅徹斯特的酒廠合并為Bartholomay Brewing Co.。

In preparation for the merger, O’Hagan asked PW in London to make audits of the companies’ accounts. George Sneath, who became partner in 1885, and Joseph Gurney Fowler, who became partner in 1887, were sent over, along with some of the London staff. The work was the first of a number of brewery mergers that PW investigated for O’Hagan, providing a critical volume of work for the firm in the United States between 1889 and 1891. Other work undertaken for O’Hagan in the following years involved meat-packing companies and various industrial concerns, as well as stockyard operations.

在準備合并的過程中,O’Hagan請求倫敦的普華(PW)審計三家公司的賬表。George Sneath(1885年升任合夥人)和Joseph Gurney Fowler(1887年升任合夥人)與一些員工被委派(赴美完成并購交易的審計工作)。這是後來普華(PW)為他完成許多酒廠合併的審計項目的開始,而這些項目又在1889和1891年間成為事務所美國代理處的重要業務來源此外,普華(PW)還從O’Hagan處承攬了其他的業務,例如肉類加工企業及其他行業公司的并購重組,以及牲畜圍欄的運營審計。

The trip to the upstate New York breweries was not the first visit of PW partners to the United States on investigation work. These had begun as early as 1873. Subsequent firm visits, particularly by Sneath and Fowler, gradually increased in regularity. Despite his strong disinclination to creat branch offices, Waterhouse acknowledged by 1887 that “the business was growing and an American connection was springing up which made it necessary for us to send Mr Sneath, or a principal clerk, frequently across the Atlantic.” Repeated trips by partners and staff over the following three years, as well as the surge in investigation work in the United States, underscored the desirability of permanent American representation for PW.

不過,上紐約州的酒廠之行並非普華(PW)合夥人首次赴美參與調查工作。早在1873年(他們)就開始了。此後公司派人赴美(特別是兩位合夥人)日趨增多,漸成常態。儘管自己十分不情願開設分所,Waterhouse先生仍在1887年承認“業務在增長,與美國的聯繫日益緊密,表明我們實在有必要讓Sneath先生或者一個主計員頻繁穿越大西洋”。接下來的三年里,合夥人和員工一次又一次的赴美之旅,以及在美國調查業務的激增,凸顯了在美國設立普華(PW)常設代表處的必要性。雖然你拒絕了我,但我還是深深地為你著迷(又續)…… - maxpayne0594 - Call of Duty

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