Независимый причастный оборот (Absolute Participial Construction)

a) 1) The conference being over, the participants went on an excursion.

2) This educational establishment trains mainly specialists in the field of
accounting, particular attention being paid to studies of accounting and banking
technique. 3) The payment being affected, the goods were shipped. 4) The line
being out of order, we couldn't get him on the phone. 5) He spoke about the
attempts now being made in the West to work out new principles of international
trade. 6) During their course of studies at the economic college students are
provided with practical training at industrial and commercial enterprises, the most
experienced officials being responsible for students' practice throughout its
duration. 7) The most gifted of the graduates from the institutes are selected for
the post-graduate courses, preference being given to candidates who have
already worked for some period of time in their specialities. 8) The situation
being urgent, a clerk of the accounts department was sent to the CentraJ Bank to
discuss the matter. 9) The goods were safely delivered, all of them being in
good state and of excellent quality. 10) Sterling being one of the riskiest currencies
on earth, deposits in British banks normally provided a high rate of return, by
international standards.

b) 1) Britain was stilt the world's third largest trading nation, being responsible
for 11% of world trade. 2) About half of all manufacturing production is
concentrated in only 900 enterprises, each employing over a thousand workers.

3) Canada, the Irish Republic, New Zealand and Australia are important trading
partners, taking 15% of all Britain's exports and providing the same proportion of
her imports. 4) In British farming, crops and livestock play an equal part. Of
course, there are different emphases, with cereal crops occupying a more
important part In the east, and livestock more widely distributed in the west and
north. 5) The industrial North of England was one of the areas most severely
affected by the depression of the 1930s, unemployment being high and income
low. 6) The country is taking part in a whole number of international projects
being developed in accordance with afl-European programs. 7) We began me
production of the equipment for the atomic power plants now being built in this
country, fl) And within the US, energy is poorly distributed, with a smalt minority
getting the use of the bulk of the energy supply. 9) Sugar and rice are the
mainstays of the country's agriculture, both having good prospects this year and
for the future. 10) With more and more countries coming to recognise tourism as
ons of the principle national resources, African nations' development plans reflect
Increasing allocations of resources to this industry. 11) Almost all other economic
indicators were similarly bright, with production in many areas rising to record
Peaks. 12) The signature given in the presence of the paying bank official must

(совпадать) with the signature written at the time of the purchase,

agreement of the two signatures being regaided as sufficient identification fat the payment of the money.

c) The cotton rnarKet capacity being limited, the ernetgency of more cotton supplying countries sharpened the contradictions of the market, above all between the USA and the developing countries. Before the Second World War (he number of cotton exporting countries was small. Eighty-five pe* cent of cotton supply came from four countries, namely the USA, India, Egypt and Brazil. At present nearly 80 states export cotton, the USA being the biggest exporter.

§ 14. Герундиальные обороты!

Значитепьную трудность для перевода может представлять ing-форма с предлогом и с группой зависящих от неё слов, образующих особый оборот, который переводится придаточным предложением, вводимым союзом «(то), что».

Существует два типа таких оборотов

1) [ предлог * Ving \

I insist o/i writing the letter immediately

- Я настаиваю на том, чтобы написать письмо немедленно. Здесь субъект действия ing-формы не указан и может совпадать с подлежащим

предлог + притяжательное местоимение / /существительное в притяжа­тельном или общем падеже

_______ 1

I insist or; his writing the fetter immediately.

- Я настаиваю на том. чтобы он написал письмо немедленно.
Субъект действия ing-формы не совпадает с продлежащим

предложения и выражен притяжательным местоимением. I heard about you/ brother's going abroad.

- Я слышал, что ваш брат едет за границу.
I insist on the letter being sent immediately

- Я настаиваю на том, чтобы письмо было отослано (отослали)
немедленно

Определите, в каких из нижеприведенных предложениях присутствует оборот I типа, а в каких - оборот П типа. Предло­жения переведите

а) 1) The prospect of having ten or twenty central banks and currencies seems absutd 2) In addition to being a means of exchange, money is also a

means of measuring the value of men's laboui 3) instead of contacting a market maker for obtaining the shares, you may use the bank's advisory service? 4) Commercial banks are interested in being represented as the centres of foreign exchange operations. 5) Many companies look forward to making a profit from the goods and services which they sell. 6) These countries face (подвергаются) the danger of being left out of mainstream world economic developments. 7) In that case fhe banks may object to charging a rate of interest. 8) Britain could lower the tariff barrier for the European countries in return for special terms being granted to her own exports in those countries. 9} You must be absolutely certain that you will not, be liable (...) for the amount of your cheques m the event of their being stolen 10) The financial institutions succeeded in buying bills at a discount rate, thus making a profit.

b) 1) The manager has given a general introduction to currency options and their advantages before moving on to discuss some specific cases. 2) Some holders of bills loofctHl forward to having their money immediately. 3) Over the next few years we fully count on forward contracts (.) being replaced by currency options. 4) The company reiies on being paid a premium which gives it the right to demand purchase or sate of a specified currency. 5) Instead of moderating the contradictions, this factor aggravates them and contributes to plunging the economy into crisis. 6) Banks' officials may object to the granting of credit in case of a customer's insolvency 7) Women object to being treated as if they were not the active participants of the conference. 8) If you prefer to buy or sell your shares without having to discuss every deal with the broker, you can do it easily.

Контрольные упражнения

(на повторение всего грамматическою материала учебника)

А. 1) When one has not what one likes, one must like what one has

2) Al! progressive people demand that outstanding international issues be

settled peacefully, 3} The Bank of England provides a wide range of services similar to those

offered by commercial banks to their clients

4) That the world was flat used to be an established fact

5) This appointment is unlikely to improve the investment climate in Russia
now rapidly going had.

6) Banking may be said to be th<3 one industry on winch all others depend
for financial services.

7) This Republic favours long-term trade agreements (or these are believed
to be more advantageous to both sides

8) In merchandise trade, the items with the most value added, such as
microchips, are unlikely to be bought from suppliers that happen to fag
nearby.

9) It is only in the 1970s that the Arab East has really begun to be spoken of
as a new factor in the world's affairs.

10) The banks were the main agency for the enormous task of issuing the
new coinage intended to be put into circulation while introducing the new
decimal currency system in Great Britain.

11) To clear off their foreign debts, they had to literally economize in
everything.

12) In this country it would be ridiculous if there was not enough money to
pay people with cash.

B. 1) Self-starter is a person showing initiative and not needing others to make him work.

2) Those who wish to borrow money to buy their own homes are expected
to find part of the purchase price and the bank will arrange mortgages to
be repaid at regular intervals.

3) The first thing we had to do was to saturate our domestic market and
maintain the balance between the quantity of goods and money.

4) Were the economic situation in the country satisfactory, there would be
no increase in the cost of living there.

5) All the examinations having been passed at the Institute, the graduates
were provided with jobs corresponding to their speciality.

6) Later, the growing monetary mass will result in a consumption boom,
great borrowing bringing about costlier credits and inflation.

7) The USAhas been Britain's chief trading partner since 1957, taking 14%
of her exports and supplying 13% of her imports.

8) «Business is business» means that in financial and commercial matters
one must not be influenced by friendship, pity, etc.

commodities. But in the early 1930s the overwhelming majority of joint-stock companies here ceased to exist.

In the late 1980s, with the revival of commodity-money relations, joint ventures began to appear in Russia for the second time. Russian enterprises have the right to set up joint ventures with foreign firms on the territory of Russia. A joint venture has limited liability. It should be self-supporting and self-financing. Joint venture may be set up in any branch of the economy: industry, trade, construction, agriculture, service sector, etc.

The main features of interest to Russian participant are:

- to satisfy the requirements of the domestic market;

- to attract foreign technology and foreign management experience;

- to improve the export base of Russia and reduce irrational imports by
means of import substitution.

Text В

A joint venture becomes a juridical person after it has been registered with the Ministry of Finance. The foundation documents and the Feasibility Study are the most important documents for the application procedure. If the Parties want to form a partnership a Protocol of Intent is normally signed.

Foundation documents

Foundation documents include the Agreement between the partners on the establishment of a joint venture and the Charter or Statute of a joint venture. These documents outline the legal status of a joint venture, the funds raised, Management and Personnel and some other provisions.

Feasibility study

The Feasibility Study is jointly prepared by the partners involved. It covers the objective of a company, the working capital, the product to be manufactured, the marketing possibilities, the technical back-up of a project. Only after registration the company may open a bank account and conclude agreements and contracts in its own name.

Management and personnel

A joint venture must be managed by a Board of Directors represented by the Russian and foreign participants.The Board is a governing body which sets out the strategy of a company. Day-to-day management must be determined by a Directorate formed from Russian and foreign citizens.

Formation of funds

The authorized fund is formed from initial contributions made by the Parties and may be supplemented from the profits of a joint venture. Contributions to this fund may be made in cash and in kind.

A joint venture is obliged to establish a reserve fund of 25 per cent of the value of the authorized fund. It is formed by way of annual deductions from the profits of a joint venture. Contributions to this fund are tax-free.

The research and development fund is created to develop production. It is viewed

_as reinvestment and is tax deductable

All the other funds created by a joint venture are taxed.

Profits

After deductions have been made to the funds, the rest of the profit is divided between the partners in proportion to their share in the authorized fund. The profit due to the foreign partner may be placed in the bank, spent within the country or repatriated abroad. Profits may be transferred from Russia to foreign countries by way of import substitution.

A joint venture is subject to a tax on its profits. According to the tax regulations, a joint venture is exempt from the profit tax for 2 years. The tax holiday begins from the moment profits are first made by a joint venture.

Legal status

A joint venture is a legal person. It may sue and be sued and may also appeal to Russian and third party courts. In case of dissolution the foreign participant has the right to recover the initial contribution which he made to the authorized fund.

Vocabulary exercises

Ex.1. Arrange the following words into three groups according to the place of the stress in these words:

III

participant, participation, territory, foreign, capital, economy, economic, revive*, introduction, development, establish, to produce, produce, to export, oriented, satisfy, technology, technological, experience, domestic, majority, substitution, extensively, juridical, registered, commodity, overwhelming, legal, feasibility, procedure, personnel, objective, product, manufacture, conclude, marketing, contract, directorate, authorized, initial, obliged, reserve, research, deductible, transferred, strategy, object, exempt

6x 2. Read and translate groups of derivatives:

1) develop - development - developing - developed - underdeveloped 2} participate - participation - participant

3) satisfy - satisfactory - satisfaction

4) relate -- related - relation - relationship - relative - relatively - relativity

5) attract - attraction - attractive

6) represent - representation - representative

7) author - authorship - authority - authorize - authorized (fund)

1) agreement 6) protocol of intent

2) funds 7) requirements

3) profit 8) joint venture

4) product 9) relations

5) transactions 10) objective

11) account

Ex.4. Use proper prepositions:

has been registered... the Ministry of Finance

the agreement... partners

is managed... a Board... Directors

contribution... kind or... cash

in proportion... the share... the authorized fund

may be transferred... Russia... foreign countries

... way... import substitution

is exempt... the profit tax... 2 years

5. What document is signed if the parties want to form a partnership?

6. In what case does a joint venture become a juridical person?

7. What are the most important documents for the application procedure?

8. What body is a joint venture managed by?

9. How is the authorized fund formed?

10. In what way is the reserve fund formed?

11. Why is the research and development fund exempt from tax?

12. In what proportion is the profit devided between the partners?

13. How can foreigners' profits be transferred from Russia to foreign
countries?

14. Is joint venture a legat or a physical person? -

15. What can a foreign participant do in case of dissolution?

Ex.5. Find synonyms to the following words:

establish -determine -needs -goal-national -

by means of -juridical -to satisfy -tax-free -to be taxed -

•

Ex.6. Give Russian equivalents to the following words:

by means of, tax-free, in the early 1920s, authorized fund, tax deductabie, the rest of, to satisfy the requirements, to sign a Protocol of Intent, to be subject to the tax, due to, annual deductions, to recover initial contributions, is obliged, may be placed, in one's own name, overwhelming majority, ceased to exist.

Ex.7. Indicate the meanings of all -ing and -ed forms in the text. Translate them into Russian.

Ex.8. Answer the following questions. (Use them as a plan for retelling the text.)

1. What kind of organizations (or firms) are called «joint ventures»?

2. When were joint ventures set up in our country for the first and for the
second time?

3. When did the overwhelming majority of joint-stock companies in the
territory of Russia cease to exist?

4. What are the main features of interest to Russian participant nowadays?