Unit 14. Banks and business

Active Vocabulary

to be chartered-быть зафрахтованным

to be operated-быть управляемым

to cooperate-сотрудничать, содействовать

an importer-импортер

an exporter-экспортер

merchandise-товары, торговля

a foreign exchange department-отдел обмены валюты

TEXT

Banks are different in different countries. Let's speak about the banks in the United States of America. There, commercial banks are classified into two main groups. First, there are national banks. They are chartered and supervised by the Federal Government. Secondly, there are state banks. They are chartered and supervised by the State in which they are operated. All commercial banks can make loans to borrowers.

Major commercial banks in such cities as Tokyo, Paris, Rio cooperate with each other, in this way they finance imports and exports between countries.

An importer buys merchandise from another country using the currency of that country. For that purpose he buys the currency from the foreign exchange department of his bank. And in the same way if an exporter receives foreign money from sales to other countries, he sells this currency to his bank. By this method the currency of any country can usually be exchanged.

Exercise 1. Questions on the text:

1. What do all commercial banks do?

2. What kind of commercial banks in the USA do you know? What are they called?

3. Who supervises the operations of the national bank?

4. What kind of currency does an importer generally use when he buy goods from another country?

5. What is the exchange rate between your currency and the currency of the USA or European Countries?

Exercise 2.Read the dialogue:

Jake: Good afternoon, Smith. How are you?

Smith: I am well and you?

Jake: I am well too. I hope, to make my career in banking.

Smith: What bank services arc you familiar with?

Jake: Oh, let me see. I am familiar with checking and savings accounts, safety deposit boxes, insurance and things like that.

Smith: Good. As for me, I think customers come to banks for loans.

Jake: You are right. Banks make loans to corporations, to organizations, individuals and to small companies

Smith: But how can a. bank decide whether a business should receive a loan.

Jake: We request a financial statement. Profit and loss statements show companies income and expenses.

Smith: In other words you look over the financial situation of a business.

Jake: Exactly. Oh, Smith, it is my bus.

Smith: O.K. Hurry up!

Jake: Good bye!

Exercise 3. Choose the necessary word and put it in the sentence

1. Federal government ... and ... all national banks.

2. International cooperation between banks makes it possible ... imports and exports.

3. It is possible to convert American dollars to EURO in ... department.

4. The ... of Germany is EURO.

5. All ... banks make loans to borrowers.

6. If the importer buys ... from another country he will pay for it in the currency of this country.

(merchandise, currency, commercial, foreign exchange, to finance, supervise, charter)

Exercise 4. Give Russian equivalents to the following words:

deposit boxes

career

for loans

profit and loss statements

a request

financial statement

income

Exercise 5. Find the word

Across:

6) in the United States of _________

7) they ____________ imports and exports

8) receives foreign ___________

9) ____________ commercial banks

Down:

1) there are _________ banks

2) using the _____________ of that country

3) into two ___________ groups

4) are __________ in different countries

5) there are ___________ banks

10) the foreign ____________ department

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8			10			9

Exercise 6. Make all types of questions to sentences:

1) Banks are different in different countries.

2) Commercial banks are classified into two main groups.

3) Major commercial banks cooperate with each other.

4) The currency of any country can usually be exchanged.

Exercise 7. Find the absolute participial construction in the sentences. Translate sentences.

1. These tribes supported themselves by hunting, elk being obviously the most valuable game: it provided meat, skin, bones,

2. A University was established at Constantinople in 425, teaching being conducted both in Latin and Greek.

3. Hunting being forbidden there, these little islands are a paradise for geese, ducks and snipe,

4. In such conflicts prisoners are never made, the conquerors preferring the heads of their victims to any ransom that could be offered.

5. In the Celtic regions the population is dispersed, each family living separately with the greater part of its fields around it.

6. The deposits in this place are two in number, the larger being situated on the northern side of the creek.

7. The matter of definitions settled, we may begin our consideration of cultural influences.

8. Three quarters of England was last night blanketed by fog and conditions were among the worst of the winter, with ice adding to driver's difficulties.

9. A French warship arriving almost immediately afterwards, the Japanese explained that the man had been killed by a fall from his horse.

10. China was then divided into several kingdoms, each trying to gain the upperhand.

Exercise 8. Find the absolute participial construction in the sentences. Translate sentences.

1. My station was in that part of the house which was appropriated for the reception of books, it being my duty to perform the functions of librarian as well as secretary.

2. Salmon, deer, roots and berries are the principal food of natives, these being dried for storage.

3. In general outline the central tumulus may be regarded as quadrangular, if we disregard a slight angle to the south. That taken into account, its form is pentagonal.

4. There being no other choice, they decided to break through.

5. The Normans became the aristocracy in England of that time, and the Saxons the degraded and servile class, the former speaking a dialect of the French language, and the latter holding obstinately by their own expressive tongue.

6. According to this view pottery is an invention made early in man's history at some definite time and place and from that centre of origin all known cases of the use of pottery have been derived, it being unthinkable, according to this view, that such invention could ever have been made twice.

7. Many more of the most precious pictures having had to be moved from the East part of the Museum to the air-conditioned rooms on the West wing, it has been possible to bring up again into the rooms adjoining the dome a considerable number of Italian Renaissance pictures.

8. She is best in her short stories, for in the longer ones she is at times very unequal, there being surprising differences in the worth of both dialogue and character at different places in the same work.

9. The primary purposes for which language is employed being to think clearly and to make oneself understood, most changes made by the general will and collective intelligence are in the direction to secure these ends.

10. In comparative lexicology we constantly see how the things to be represented by words are grouped differently according to the whims of different languages, what is fused together in one being separated in another.

Exercise 9. Find the absolute participial construction in the sentences.

1. There were various novels among them, many being English translations of Italian novels.

2. Many of the new compounds have come to Chinese by way of Japanese, the Japanese having set themselves earlier than the Chinese to assimilate the teachings of European science.

3. All the city (Madras) to the north of the old fort contains the native quarters, and the business offices of the white men, but the latter live to the south of the fort, their houses standing in large gardens.

4. The origin of several of the names in «Hamlet» having been explained in this section, we may as well note here some of the others.

5. The monkey is regarded by the natives with superstitious reverence, the power of walking erect and talking being ascribed to it, and is esteemed a clever physician.

6. By the sixteenth and seventeenth centuries fur had become Russia's most important single item in foreign and domestic commerce, Russian furs being prominent in the markets of both Europe and China.

Exercise 10. Complete the sentences and translate them:

1. Mу colleague being away, _____________________

2. Weather permitting, ___________________

3. The signal given, _________________

4. The sky having cleared__________________

5. There being many people in the conference hall, _____________

6. __________________ with our laboratory assistants helping us.

Exercise 11. Translate sentences paying attention to the absolute participial construction:

1. The next morning, it being Sunday, they all went to church.

2. For the moment the shop was empty, the mechanic having disappeared into a room at the back.

3. There being nothing else on the table, Oliver replied that he wasn't hungry.

4. Mrs. Maylie being tired, they returned more slowly home.

5. Their search revealing nothing, Clyde and she walked to a corner.

6. The wind being favourable, our yacht will reach the island in no time.

7. I had long tasks every day to do with Mr. Mell, but I did them, there being no Mr. and Miss Murdstone here.

8. It being now pretty late, we took our candles and went upstairs.

9. He being no more heard of, it was natural to forget everything.

Exercise 12. Open the brackets, using Present Participle or Perfect Participle:

E.g. (to do) his homework, he was thinking hard. = Doing his homework, he was thinking hard.

(to do) his homework, he went for a walk. = Having done his homework, he went for a walk.

1. (to sell) fruit, he looked back from time to time, hoping to see his friends.

2. (to sell) all the fruit, he went to see his friends.

3. (to eat) all the potatoes, she drank a cup of tea.

4. (to drink) tea, she scalded her lips.

5. (to run) in the yard, I fell and hurt my knee.

6. (to look) through some magazines, I came across an interesting article about UFO.

7. (to write) out and (to learn) all the new words, he was able to translate the text easily.

8. (to live) in the South of our country, he cannot enjoy the beauty of St. Petersburg's White Nights in summer.

9. (to talk) to her neighbour in the street, she did not notice how a thief stole her money.

10. (to read) the story, she closed the book and put it on the shelf.

Exercise 13. Translate sentences paying attention to the absolute participial construction:

1. He started about five, Riggs having informed him that the way would take him three hours.

2. It having been decided that they should not go out on account of the weather, the members of the party were busy writing their notes.

3. The wind stirring among trees and bushes, we could hear nothing.

4. There being no chance of escape, the thief was arrested on the spot.

5. The bridge having been swept away by the flood, the train was late.

6. There being little time left, they hired a cab to get to the theatre in time.

7. It being pretty late, they decided to postpone their visit.

8. The hour being late, she hastened home.

9. The weather being cold, he put on his overcoat.

10. The weather having changed, we decided to stay where we were.

Exercise 14. Make the right choice:

1. He _________, his eyes closed.

►was reading

►was watching TV

►was thinking

2. The soldiers __________ at the rebels, their fingers on triggers.

►were aiming

►were sitting

►were putting

3. The man was drinking juice with his hands _____________

►washing

►shaking

►shaving

4. The children __________ , with their noses in cream.

►were eating the dessert

►were playing football

►were swimming in the river

5. The day was ___________ with a breeze blowing from the sea.

►rainy

►nasty

►wonderful

6. The man was ___________ with his hands tied.

►released

►questioned

►helped

7. ___________, they went to sleep.

►Lights out

►Lights in

►Lights up

8. The computer programmer was working with his eyes ________ on the screen.

►stuck

►fixed

►kept

9. After the «wild» party he lay on the sofa with his head _________.

►aching

►bleeding

►sweating

10. The young man walked down the street “walkman”.

►playing cards

►playing music

►playing the guitar