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Semper Fi(永远忠诚)——美国海军陆战队

 
 
 

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[書摘]詮釋成功:普華(PW)在美國的一百年(第一章-6)  

2010-09-09 12:55:44|  分类: 诠释成功:普华( |  标签: |举报 |字号 订阅

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好了,从本节开始改为正常的标题,不再做标题党了。

THE AMERICAN AGENCY

駐美代表處

PW was not alone in its decision to establish an office in the United States. A number of other British accountants followed British investment to the United States, particularly in the late 1880s, to undertake company investigations. As one English accountant observed:

說到在美國開分所的事務所,普華(PW)並非獨一個兒。英國有許多會計師跟隨英國投向海外的資本到了美國,以承接客戶的[財務]調查業務,特別是在19世紀80年代。正如當時一個英國會計師觀察到的那樣:

Toward the end of the year 1888 and the beginning of 1889, accountants in practice here experienced a feeling of much curiosity and surprise to find suddenly  amongst them a number of English and Scottish engaged in special and important accounting work for a number of industrial undertakings in this country….These operations were confined in the first place almost exclusively to American breweries, which in those days were undoubtedly large profit-making undertakings.

1888年末和1889年初,這裡的執業會計師經歷了一次驚奇和震盪,他們發現國內有許多英格蘭和蘇格蘭的同行為各行各業進行重大的會計服務……這些執業活動幾乎完全集中在美國的酒廠上,在當時它們是當仁不讓的利潤源泉。   

The result of PW’s efforts to secure investigation work for American brewery consolidations during the frenzied years between 1888 and 1890, including primarily O’Hagan’s flotations and some others as well, were impressive. Among the 18 brewing holding companies (consisting of more than 70 operating units) registered on the London Stock Exchange during that period, almost half were serviced by PW. With the prospect of other flotations in the months and years ahead, this concentration of work seemed reason enough for the partners to establish an American agency.

在[經濟形勢]如脫韁野馬般不受控制的1888-1890年間,普華(PW)為保住美國酒廠合併的[財務調查]業務(包括此前來自O’Hagan的首發募股交易)做出了許多努力,成效顯著。當時倫敦證交所上市的18家釀酒控股公司(涉及70多個營業分部)里,有近半是普華(PW)服務的客戶。和未來幾年內的潛在上市交易一道,這些業務足以讓合夥人決定在美國建立代表處。

To open the New York office, the firm selected Lewis Davies Jones, who had served on the London staff since early 1877 and who had been sent to the United States on several occasions.By an agreeement drafted by New York lawyer William Guthrie and  signed by Waterhouse, Sneath, Fowler, and Jones on September 11, 1890, Jones became the Amercian agent for PW and manager of the “Agency or branch….established or about to be established in New York or elsewhere in America,” effective on the first day of that month. (At the time Chicago was also being considered as the location for the agency’s office, as it was geographically closer to the flotation work that was being undertaken.)

爲了在紐約開設代表處,事務所選中了從1877年起就在倫敦總所服務、並曾到過美國數次的Lewis Davies Jones。根據Guthrie律師起草、並由Waterhouse、Sneath、Fowler和Jones在1890年9月11日簽署的協議,Jones先生成為普華(PW)在美國的代理人,以及“已經或未來在紐約及美國其他地區建立的代表處或分部的[總]經理”。該任命於當月1日生效。(PW)為代表處選址時還考慮了芝加哥,因為那裡離正在進行中的(財務)調查項目更近。

Despite increased business in the United States, PW approached the prospect of a permanent American office with caution and conservatism. The agreement with Jones allowed him to remain manager and agent until June 1894, unless the firm decided to terminated the relationship earlier with a three-month notice. The London office would supply him with working funds and a staff, and Jones was instructed to “undertake all work entrusted to him by the Firm in connection therewith, whether in North, Central or South Amercia.” Prospective work for the agency was classified as either “A business” or “B business.” The former included “financial investigations arranged by the London office or by any member of the firm in the United States, and “any other investigations or examinations made by the Agency” in which the firm name would be used in a prospectus or statement offering shares or securities. B business included audits for public or private companies, or of firms or individuals in the United States, or any other business not included in that outlined for A business.

儘管來自美國的業務日漸增長,普華(PW)仍然對在美國發展常設分所的想法持小心謹慎和保守主義的態度。與Jones先生簽訂的協議僅許可他經理和代理人的任期至1894年6月,除非事務所決定提前中止合約關係,並提前三個月通知。倫敦總所撥給他代表處的運營資金和一名員工,而他亦被要求“負責事務所交給他的所有工作,不論它們在北美、中美洲,還是南美”。代表處的業務分為“A類業務”和“B類業務”。前者包括倫敦總所或日後美國其他地方的分所成員轉介的財務調查項目,和“代表處承接的、將在證券發行文件上以事務所名義[發表意見]的調查及審閱業務”。“B類業務”包含上市公司和私營企業的審計項目,或者對美國境內個人[財務狀況]的審計,以及“A類業務”中未列出的業務。

Jones, however, lacked the authority to handle American business on his own. He was instructed not to sign the firm name to reports or certificates “unless first specially authorized by the Firm in each case.” This authorization could be given only by a visiting partner, such as Fowler, or by the London office after draft reports, with working papers, had been sent for examination and final approval. Jones was not allowed to take on work in his own name without prior consultation, and all fees from such activities went to the agency. Financial records had to be kept and copies of these sent to London periodically. It was agreed that Jones would receive a minimum salary, or 20% of the agency’s profits, based on all of the income received from B business and on the value of time and expenses rendered by the agency on A business. Jones was credited with the gross receipts for his time and expenses, but parnters who came to the United States in connection with either A business or B business were entitled to charge their time and expenses to the Amercan accounts. In addition, the agency was charged interest on working funds.

然而,Jones先生無權自行處理與美國業務有關的事宜。他被告知不能在報告或書據上使用事務所名稱,“除非得到事務所針對每個個案的特別許可”。而這樣的許可須由一名到訪的合夥人(例如Fowler)給予,或將報告草稿連同工作底稿一起寄送至倫敦、並經過總所審閱批准後,由倫敦總所作出。同樣,他本人還不得在事前未向事務所報批的情況下自行承攬業務,並且該類業務所有收入全部計入代表處的帳戶。相應地,代表處須妥善保管其財務記錄,並定期將之寄往倫敦。(此外,)他們同意Jones先生將可得到一個最低薪酬,或者代表處利潤的20%,該利潤基於B類業務的全部收入或是代表處在A類業務上耗費的時間及費用成本計算。他本人可報銷自己耗費的成本的大部份,不過因代表處兩類業務而派駐美國的合夥人則可以就自己這些成本向美國客戶收費。另外,代表處還需向總所支付所撥給的運營資金的利息。

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