TWELFTH NIGHT LAND CREDIT BANK

 Uncle Sam: Boys, by unanimous vote we agreed at our last meeting to devote tonight to the subjects that seem to lie close to the hearts of Mr. Farmer and Mr. Laboringman. You will remember that Mr. Farmer insisted that our work would not be complete unless we included in our plan a Land Credit Bank, while Mr. Laboringman declared that he had waited patiently to hear what we had to say about co?perative credit, but in vain.

 

Since Mr. Farmer is a member of the committee appointed by the agricultural society of his State to investigate the subject of Land Credit Banks, I presume he is loaded to the guards and can tell us all about it, and convince us, too, that he is right in his contention². I suggest that we let him lead off tonight.

 

Mr. Farmer: Well, gentlemen, I can assure you of my confidence of my ability to convince you of the importance of recognizing my contention; but I shall have to ask you all to be patient and agree to assist me in working out the plan that is best adapted to our needs and conditions. In studying this aspect of the banking³ problem, I think it will be well to follow the steps of development up to date, just as we have in considering other phases of this question, because experience is our surest guide to tell us what not to do as well as what we ought to do.

 

In the outset, however, I want to call your attention to the fact, that there is no subject of broader interest and more world-wide discussion than the productivity of the soil. You are all aware, no doubt, that there has been established at Rome the International Institute of Agriculture, and that last summer fifty different governments were represented there. Hon. David Lubin, of California, represented this government. The President[Pg 249] of the United States became intensely interested and with the help of our foreign representatives, particularly Hon. Myron T. Herrick, Ambassador to France, a vast amount of most valuable information has been gathered, studied, digested and classified. I think that we are now ready to take the matter up and legislate⁵ upon it. Our interest ought to be greater and more intense than that of any other nation on account of the number of our people engaged in agriculture and the staggering interest rates they are paying. Think of it.

 

The 12,000,000 farmers of the United States are adding over $8,400,000,000 to the national wealth each year. They are doing this on a borrowed capital of $6,040,000,000, on which $510,000,000 of interest is annually⁶ paid. Counting commissions and renewal⁷ charges, the rate averages at 8? per cent for this country as against 3? or 4? per cent for Germany. If the American farmers had a thoroughly⁸ organized system of co?perative associations they would not only save this difference of $200,000,000 or $250,000,000 to themselves individually, but in the course of time the entire debt would be transferred to the societies, the interest paid to them, an economic waste stopped, and this stupendous sum restored to agriculture. The assertion is neither fanciful nor extravagant⁹. It is below the actual ratio obtained by a comparison with the German figures.

 

There is practically no limit to the amount of capital that could be advantageously employed for rehabilitating¹⁰ worn-out and abandoned farms, opening up new areas, and introducing modern methods of cultivation¹¹; and it is of vital importance that this capital be obtainable at once in sufficient volume and on easy terms. The world-wide problem caused by the pressure of population upon the means of subsistence now confronts the United States in the very face of its matchless natural resources and vast acreage of arable¹² lands still remaining untouched by the plow¹³. The $385,000,000 of foodstuffs¹⁴ exported[Pg 250] last year barely equaled 76 per cent of the annual interest charges on the debts the farmers owe.

 

The cause of the trouble is the lack of capital, and the remedy lies in financing the farmer and the landowner. This is the indisputable conclusion logically reached from examination into the actual conditions and from comparisons furnished by recent European history. The solution of the problem concerns the general welfare as much as does the currency and monetary¹⁵ reform, and it is gratifying to note that it seems destined¹⁶ to go side by side along with this undertaking¹⁷. For as soon as the alarm was sounded the best talent of the nation became enlisted¹⁸, and now bankers, merchants, professional men, legislators, and private individuals in town and country, many impelled¹⁹ purely²⁰ by patriotic²¹ and disinterested²² motives²³, have combined their efforts to better the situation before it pass to the acute and critical stage.

 

The only instrument by which land-mortgage banks can finance themselves, draw money from the public for investment in loans, are the debenture²⁴ bonds, but these bonds will not circulate freely nor far from the place of issue unless they are known to have the same underlying²⁵ values and give the same rights to the holder²⁶, regardless of whether they be secured by mortgages in Texas, Massachusetts, or in any other State. But possessed²⁷ of these characteristics as guaranties of law, there is no reason why debentures²⁸ of large mortgage banks should not be listed in stock markets and sold, negotiated, and exchanged as readily as railway and municipal securities, and thus equalize and reduce interest rates for farmers throughout the country.

 

For our guidance that we may escape all cost of experience that has been paid for by others, I am going to give you the benefit of my study of the Government report upon this important subject and quote it extensively as the best authority we have.

 

You must all realize that this almost complete organization of land and rural credit in advanced European[Pg 251] nations was not a haphazard²⁹ and spontaneous growth. It was brought about by the insistence³⁰ of public and private individuals, philanthropists, scholars, bankers, legislators, agricultural societies, government commissions, and national assemblies, all studying and working in a common cause. The history of their efforts in the middle of the past century reads much like an account of the agitation³¹ which has been started in the United States by the American Bankers' Association, the Southern Commercial Congress, the Federal authorities at Washington, and other bodies and individuals, for financing the farmer, improving agricultural conditions, and encouraging the movement back to the soil. In Europe the agricultural banks and credit facilities were created before agricultural or even general education was attempted. The United States began at the opposite end. The American colleges and systems for teaching agriculture are among the oldest and best in the world, and millions of dollars have been appropriated by the Federal and State Legislatures since the passage of the Morrill Act in Lincoln's administration to aid this science in one way or another. Incalculable good has come therefrom, but the results would have been far greater if financial education had gone hand in hand with this work. It would have led to the study and introduction of the rural banking methods of Europe generations ago, and so familiarized the American farmers with the uses of credit that the lack of capital and excessive interest rates would not now be interfering³² with the agricultural development of the country.

 

The development and history of Land Credit banks in Germany is most interesting and is as follows:

 

The land-mortgage banks are either joint-stock corporations or societies of borrowers. These latter are typified by the well-known German Landschaften, and are the originals of all land banks. Before them the private money lender reigned³³ supreme³⁴. The organization of land credit, in fact, began with them. They undoubtedly³⁵[Pg 252] also suggested the co?perative idea to Herr Schulze, because five, with nearly $60,000,000 of mortgage loans, were in existence in 1848, when he was trying to start his personal-credit society at Delitzsche. These peculiar³⁶ institutions are associations of landowners, and have no shares and pay no dividends³⁸, the profits, if any, going to reduce the loans; and since they and their borrowers are identical, and managerial services gratuitous³⁹, they have been able to lend money at lower rates than any other kind of companies.

 

The establishment of the old Landschaften was the outcome of the indebtedness and distress⁴⁰ of the nobility, and their membership in Germany is still composed mainly of that class and large landed proprietors⁴¹. After the Seven Years' War the nobles, who owned nearly all the land, lacked the working capital necessary to repair and cultivate their damaged estates, and so were unable to pay their creditors⁴⁴. Frederick the Great ordered the suspension of interest on all estate debts for three years. The period was subsequently extended. The result was the withdrawal⁴⁵ of the money lenders from agriculture, the rise of interest to ruinous rates, and a financial stringency⁴⁶ that involved the public welfare. In order to relieve the situation this autocratic King decided⁴⁷ to adopt plans that had been submitted by Herr Bühring, a Berlin business man. Accordingly, in 1769, by a royal fiat⁴⁸, he forced the nobles of Silesia to join an association whether they wished to borrow or not, and their lands were made jointly⁴⁹ liable without limit for all loans granted by the association. Loans were granted only upon the consent of the directorate elected by the members themselves. Great care was naturally exercised, so no losses occurred, while immense credit came to the association.

 

This was the first Landschaft. Others were formed in the same fashion. Nine more were formed by the Provinces and one voluntarily. Then two companies were organized on the co?perative principle, so that there are now twenty-five Landschaften. The mortgages held[Pg 253] by them, all on farm lands, exceed $500,000,000, and the interest rate runs as low as 4 per cent and 3.5 per cent per annum. The bonds by which the money for these loans were obtained are secured by the mass of underlying mortgages and general assets of the issuing association, and ultimately by the unlimited⁵⁰ liability of all its members. The collective guaranty and the fact that loans are made only to members constitute the characterizing features of a true Landschaft; but there is a growing tendency to limit this liability and substitute reserves in place of it.

 

Originally a Landschaft did not give cash to a member in exchange for his mortgage. It gave him a bond which simply contained a promise to pay in the event the interest and principal could not be collected from the debtor⁵². The bond was of the exact size of the mortgage, primarily secured by it, and made payable⁵³ to bearer on a few months' notice. In case of default the holder had to resort to foreclosure proceedings⁵⁴, so the bonds had only a limited circulation, and were often sold below par⁴. This was but a slight advance on private money lending. Later the associations undertook to collect the interest and principal. Finally they assumed direct responsibility, and began to give cash to members for their mortgages, raising funds for this purpose by issuing and selling bonds of even denominations⁵⁶ for large and small amounts. The practice of requiring mortgages to be paid in lump was abolished, and in place thereof the loans were made repayable by annual installments⁵⁸ running through a long period of years, and the installments were set aside for redeeming⁵⁹ the bonds. These steps brought about a complete revolution in land credit and marked the beginning of the land-mortgage business as it is known today. The whole theory of the organization of land credit is based upon this debenture bond and system of amortization⁶⁰ and sinking funds devised and introduced by the Landschaften. One without the other two is useless. The three must be combined, and also[Pg 254] coupled with strong management under wise laws in order to attract a steady flow of cheap money to agriculture. It is remarkable⁶¹ that this truth has never been realized nor applied⁶² in the United States to farm-mortgage loans. In spite of the example of practically every nation in Europe for generations, the lending of money on mortgage in America still remains⁶³ largely a mere⁶⁴ brokerage business unrestricted by proper governing laws, either by individuals or corporations, while mortgages continue to be drawn⁶⁵ up for three or five years, when experience shows that the average life of a loan is far in excess of that period and needs to be renewed time and again, with added expense to the debtor and trouble for the creditor⁴³. Had the European amortization system been employed the companies dealing⁶⁶ in western farm mortgages between 1890 and 1894 probably would have escaped the misfortunes that brought them down to ruin.

 

Amortization is simply a method of paying off a loan by returning a little of the capital each year. These payments are called annuities⁶⁷ and are composed of the interest and contributions to the sinking fund and the cost of conducting business. They are calculated for periods of ten to seventy-five years, and at the end of the period the mortgaged debt becomes extinguished and the property returns to the owner free and clear of all encumbrances⁶⁹. The prevailing⁷⁰ interest rate on amortizable mortgages in France at present is 4.3 per cent. But by adding a little over 3.2 per cent to this, and paying 7.5 per cent a year, a French farmer can extinguish his debt within twenty years and obtain a satisfaction piece in full from his creditor. Thus, suppose he borrowed $10,000. He pays $750 annually twenty times for the interest, sinking fund and expenses. This makes a total of $15,000, interest included, and his debt is paid off. A farmer in the Southwestern States would pay this much for interest alone, and his debt would still be unsatisfied. Amortization has a two-fold value. It lessens⁷¹ the debtor's burden year by year and increases in an equal ratio the[Pg 255] security of the lender, provided, of course, the sinking fund created by the accumulated annuities be properly and honestly kept for the redemption of the debentures. The Landschaften were very particular in this respect. Hence, their debentures obtained the confidence of the public, and through their means they were able to draw capital from all parts of the country for distribution among their members at the lowest rates on record. If a holder of a bond wished his money back he had merely to sell his bond in the open market. In this way fluidity was given to real estate securities for the first time in history and the dream of "mobilizing the soil" accomplished⁷² at last. For these reasons the Landschaften hold the most prominent place in the literature on land credit, and everybody who studies that subject must begin with them.

 

The old Landschaften, however, have many characteristics peculiar to their own localities and dates of their foundation. They are in fact governmental institutions, and their head officers are public functionaries⁷³ clothed with summary executive and judiciary powers over the property, and, to some extent, over the actions of their associate members. These powers were simply an enlargement of the feudal⁷⁴ and manorial⁷⁵ rights possessed by princes in early times, and so, in many respects, are contrary to modern ideas. But the new Landschaften, which have adopted the best principles, present points worthy⁷⁶ of careful study. A description of these latter institutions is taken from the excellent report of Sir F.A. Nicholson to the Madras Presidency⁷⁷ in India.

 

These new institutions are of different patterns. Several are annexes⁷⁸ to the older societies, but most are independent and resemble ordinary mortgage banks, except in the essential point that they have no share capital, earning dividends. They are, as the old societies, simply syndicates of borrowers formed to supply proprietors with capital on the lowest possible terms and repayable in the easiest manner. They are gratuitous[Pg 256] intermediaries between the outside capitalists and the borrowers, and while performing services of the highest importance in testing the security offered by the borrowers and in guaranteeing to the public the safety of the capital lent by them, they charge absolutely nothing for their services beyond a small commission, perhaps one-fourth of 1 per cent, or even one-tenth of 1 per cent, to cover actual expenses. It is usual for each association to be restricted to a particular area of operations within which every proprietor⁴², whether noble or peasant, may obtain a loan if he can offer sufficient security. There is always a minimum limit either to loans or to the value of property on which loans will be given. This is usually low. In the new Brandenburg Landschaft, affiliated⁷⁹ to the old Kur-und-Neumark Landschaft, loans may be granted on property having a net income of only $25. The minimum limit is seldom even approached.

 

Members are those who borrow from the bank. They are generally responsible in all their property, not merely for their own borrowings, but for the debts of the society to the outside public. But in some cases only the property pledged to the society is responsible; in others they are bound, in case of need, to pay a sum proportionate to the amount of their own borrowing. There are no shares to be paid up except in two societies. These two resemble co?perative societies, for the shares are personal and nontransferable, are of unlimited number, varying with the number of members, and their value is claimable by a withdrawing member. The share seems to be demanded simply to provide a first working capital and the nucleus⁸⁰ of a reserve. The amount of the share is frequently a certain percentage of the amount of the loan required. Some societies demand an entrance fee of a few cents, which goes to the reserve. This reserve will be dealt with below.

 

The societies in general, having no share capital, do not lend their own funds. The candidate for a loan asks that debentures may be issued against a mortgage of his[Pg 257] property. This is then examined. If the security is approved the candidate executes a mortgage deed to the society, which thereupon issues debentures which are placed on the market and, being sold, provide the funds for the loan. In the old banks the debentures are simply handed to the borrower, who sells them for himself. In the new land banks either this is done or the bank sells them and pays the borrower the value if below par, or if they sell above par then the face value, the surplus going to the reserve; or they simply issue debentures on the market and pay the borrower the amount of the loan as settled. It will be seen, then, that the banks have no capital and no need for it.

 

The debentures are for the usual class, secured not by the particular mortgage on which they are issued, but by the whole mass of mortgages held by the bank and by all its proper forms of security, viz., the property of the members, the reserve or guaranty fund, and even the sinking funds. In some banks a debenture holder has the right (never needed, however) of requiring a court to assign a particular mortgage against his debenture as a specific security in case the bank should fail to pay him his interest or capital due. A debenture holder cannot demand payment of his debenture, except when it is drawn for payment. But the bank can call in any at six months' notice, besides withdrawing them by lot in the usual way. These debentures enjoy an excellent position, the 4 per cents selling usually at or above par. Since cheapness of loans is the sole object of the bank, it is customary to call in debentures selling at a premium⁸¹ and issue a fresh series at a lower rate.

 

Loans are usually applied for to the district committee which each bank has, with a statement of the property, the amount required, and all documents necessary to prove title and freedom from encumbrance⁶⁸. Properties may be valued by a special valuation, or a multiple of the net income as assessed to the land tax may be taken. In both cases, however, an inspection⁸² of the property is[Pg 258] necessary unless under a special rule. Half to two-thirds of the estimated value is allowable as a loan. The interest paid by the borrower on the loans is that paid by the bank on the debentures, the bank being merely an intermediary between the borrower and the actual lending public. But where the bank pays the loan in cash it charges such interest as it thinks proper, in order to make up any loss should the debentures sell below par. Loans are repayable almost entirely⁸³ by amortization, usually in about fifty-three years. Some short-term loans are granted, with corresponding debentures. The bank cannot demand repayment⁸⁴ of a loan except in case of waste, deterioration⁸⁵, or the like. On the other hand, the borrower is at liberty to repay in whole or in part whenever he pleases, but must pay the entire interest for the half year in which he repays. The loan is repaid by an annuity⁸⁶ consisting of the interest, sinking fund (usually beginning at one-half of 1 per cent), with a contribution to the reserve or guaranty fund, and another for the expenses of administration. The annuities have totaled 6 per cent, but they now average around 4 per cent or lower; e.g., interest being 3 per cent, sinking fund one-half of 1 per cent, guaranty fund one-fourth of 1 per cent, and expenses one-fourth of 1 per cent. Some of the banks also require a lump payment on the grant of the loan of 1 or 2 per cent, to be credited either to the working or to the guaranty fund. The working fund is formed by the contribution made for the expenses of management and any special sources.

 

Hungary is the only nation outside of Germany that has a true Landschaft of the original type. But modified forms exist in Russia, Austria, Switzerland, Denmark and Roumania, where they have been useful in supplying agriculture with cheap capital. There is no older principle in land credit than the Landschaften idea. It has been tested and proved by over one hundred and thirty years of success, and could undoubtedly be employed to advantage by water users' associations in the[Pg 259] irrigated⁸⁷ regions of the West and in other parts of the United States where landowners might unite to raise funds for drainage or other improvements for their common good. Some of the banks of Switzerland and the credit associations of Denmark, with the laws governing them, perhaps furnish the best models, as appears from the reports of the American ministers to those countries that have been forwarded to the Secretary of State.

 

The most noticeable fact revealed by the investigation⁸⁸ of the European land-credit institution is the all-pervading presence of the state in every nation. Most of the older joint-stock corporations have a public character equal to that of the German Landschaften. Every one that dates back to 1850 or 1860 was directly organized by the state or brought into existence by a Government fiat or favoring legislation, subsidized in some way or other and granted special privileges. The supervision⁸⁹ now exercised over them all is most stringent⁹⁰, going into the minutest details and varying from direct control to surveillance by state officials, usually by special laws that impose heavy penalties for malfeasance or even neglect of regulations. Continental⁹² Europe is accustomed to state intervention⁹³. Commercial credit was organized by means of central banks connected with the Government, and so this régime was naturally followed in organizing the land credit. For this reason the results obtained, at least in some instances, cannot be used by way of comparison to illustrate⁹⁴ the possibilities of organization along the lines of private and independent endeavor.

 

But whatever may be the opinion entertained for the State intervention in the land-credit system of the Continent, there can be no doubt that the working principles and business methods of the European land-mortgage banks are the best ever devised, and that they will have to be introduced into the United States if it be hoped to make the farm mortgage a fluid and popular form of investment and direct a flow of capital in sufficient[Pg 260] volume to agriculture to enable it to keep pace with the progress of the Nation. The main features of this system are the limitation of the interest rate that can be charged, the amortization of the debt, and wise and equitable⁹⁵ regulations and restrictions⁹⁶ relative to loans and the issuance of debentures which protect the farmer from extortion and thriftless borrowing, and at the same time bring safety and a feeling of confidence to the investing public. These features, with modifications⁹⁸ and additions, appear in all European land banks, whether they be semipublic, as they are in France, Spain and Russia, or of a private character, as with some cases in Germany, or of the mixed type of Switzerland and Italy, but are best exemplified in the great Crédit Foncier of France—the largest and most successful land bank in the world.

 

But Germany has progressed very decidedly beyond the so-called Landschaften as exemplified by her great mortgage banks which, though of comparatively recent operation, largely exceed in business that of the Landschaften type, and it is here that we find many vital suggestions for our guidance. Germany has general laws under which these mortgage banks operate, but the rules of operation and supervision are of the strictest kind. The mortgage banks of Europe may be classified generally as public or semipublic, and as strictly⁹⁹ private institutions. The first have just been described. The latter are all those which, whether they consist of lenders or only of borrowers, operate under general laws and have absolutely no privileges. The State, however, does not leave these companies entirely to their own devices. They are limited in the conduct of their business by strict rules and regulations, and are subject to the most scrutinous supervision. The best law of this kind is that enacted¹⁰⁰ in Germany in 1899. It is the last word in legislation for private joint-stock mortgage banks, and with slight modifications could be easily adapted to the United States, as it was framed to overcome the troubles occa[Pg 261]sioned by the conflict of authority between the sovereign Provinces of which the Empire is composed. Remarkable as it may seem, these companies in Germany have outstripped¹⁰¹ the old established and specially¹⁰² privileged public banks. They now have $2,618,000,000 loaned out on mortgage, or over five times more than the Landschaften. The capital is $170,563,000, the smallest being $238,000 and the largest $14,000,000. The bonds in circulation amount to $2,548,009,000, with interest at 3? or 4 per cent per annum, while the average returns on mortgage loans are 4.22 to 4.33 per cent per annum. As 6 per cent and even 14 per cent dividends are yearly declared, the figures again furnish a favorable comparison with the Landschaften and Crédit Foncier. The provincial¹⁰³ head, however, selects the president of one of these newer German banks, while the Imperial Government watches over them all. The supervision is carried out by royal commissioners¹⁰⁵ and extends to the minutest detail. These inspecting officials have the right to verify the securities and cash on hand, and demand information regarding every separate transaction. They may also send a representative to general meetings of stockholders and to sittings of boards of directors and take all measures that may seem fit to enforce the proper conduct of business. They also approve the appointment of the auditor¹⁰⁷ and assistant auditor, who are charged in each bank with the duty of seeing that debentures are issued only upon the conditions and within the limits legally prescribed.

 

It will be observed that the mortgage business in Germany, as carried on today, is an evolution. The same fact is evident in the changes that have taken place in the Crédit Foncier, the greatest mortgage bank in the world. The history of this great institution is as follows:

 

It was formed in 1852 under the law enacted that year for organizing land credit and improving agricultural credit facilities. It was immediately placed under Government control, given a subsidy¹⁰⁹, and granted a monopoly for twenty-five years. The monopoly was not[Pg 262] renewed, but all its original special privileges remain, which perhaps accounts for its being the only land bank in France. Its relation with the State is very close, and many of its most important features were taken bodily from the Landschaften. Inasmuch as the institution has been the model for all Europe and is now being widely discussed in the American press, I will describe it at length.

 

The governor and two subgovernors of the Crédit Foncier are appointed for life by the President of the Republic. It is subject to the surveillance of the Treasury¹¹⁰ Department of the Government, and three of its directors must be high officers of the department. It may use the Government treasuries¹¹¹ for the receipt of its dues and the deposit of its surplus funds and enjoys a reduction in stamp and registration¹¹² duties.

 

Its debentures are registered or payable to bearer, and the claim of a third party to them cannot be made in court except in case of theft or loss. Trust and public funds may be invested in them. Its mortgages are exempt¹¹³ from the decennial registration and consequent charges required of other mortgages. It has a cheap and speedy method of "purging¹¹⁴" the title of real estate in case of disputes. In the event of default the courts cannot grant the debtor any delay and payments due it upon loans cannot be garnished¹¹⁵ or attached. It is allowed summary proceedings for attaching mortgage property in case of violation¹¹⁶ of contracts. If dues are not paid or if the property deteriorates¹¹⁷ it may attach and sell the property simply upon notice and publication. During attachment¹¹⁸ proceedings it has a right to all returns from the estate. The sale may be by auction¹¹⁹ in a civil court or at a notary¹²⁰ public's office, if the court permits, and no adverse¹²¹ claim to the proceeds of the sale can be allowed until its claims are fully¹²² satisfied.

 

The regulations under which the Crédit Foncier transacts¹²³ its business are very strict. The mortgage loans must be first liens¹²⁴. The property must have a clear and[Pg 263] unencumbered title and yield a certain and durable¹²⁵ income. Loans and theaters, mines, and quarries¹²⁶ are not accepted. The amount loaned on any property must not exceed half its value, or one-third the value for vine-yards, woods, orchards¹²⁷, and plantations¹²⁹. Factory buildings are estimated without regard to their value for particular purposes. A borrower cannot bind¹³⁰ himself to pay a greater annuity than the total annual income of the property mortgaged, while on the other hand the society is not allowed to charge borrowers 0.6 per cent over the rate at which it obtains money on its debentures issued at the time of the loans. An excess of only 0.45 per cent is allowed on loans to municipalities. The outstanding loans and debentures issued must exactly correspond in amounts.

 

After paying a 5 per cent dividend³⁷ the Crédit Foncier must set aside between 5 and 20 per cent of the balance of the profits each year for the obligatory¹³² reserve, and continue to do so as long as the same does not equal one-half of the capital stock. The investment of this reserve is left to the board of directors. The capital stock of the society must be always maintained at the ratio of one-twentieth or more of the debentures in circulation and is the primary guaranty of its obligations, especially the debentures. The capital at present is $40,000,000, divided into 400,000 shares of $100 each; but authority has been obtained to increase the same to $50,000,000, represented by 500,000 shares, which will be done before the debentures in circulation pass the legal limit. One-fourth of the capital must be invested in French rentes or other treasury bonds; one-fourth in office buildings of the society, or by loans to French colonies, or in securities deposited with the Bank of France as a guaranty for advances. Shares cannot be issued at a price below par. They are nonassessable. The surplus may be loaned on mortgages or to municipalities or may be used in other mortgage business allowed by the statutes¹³³; and for buying its own debentures, making advances to bor[Pg 264]rowers in arrears¹³⁴, or purchasing mortgaged property in foreclosure; and for acquiring commercial paper acceptable by the Bank of France or securities to be deposited with that bank.

 

The governor of the Crédit Foncier most be the owner of at least two hundred shares of stock of the society. He receives a salary of $8,000. The subgovernors must hold one hundred shares each. Their salaries are $4,000. They perform such functions as are delegated to them by the governor, and in order of their nomination⁵⁷ fulfill¹³⁵ his duties during his absence on account of illness or other causes. The governor appoints and dismisses all agents of the society and superintends the organization of the service in Paris and elsewhere. He countersigns¹³⁶ the debentures and signs the share certificates and all other papers and documents and must strive to promote the interests of the society in every way. The governor is the head of the board of directors, which is composed of himself, the two subgovernors, the auditors¹³⁷, and twenty to twenty-three directors. This body possesses the administrative¹³⁸ powers of the society and is beholden only to the laws and the general assembly of the stockholders for the proper exercise of the same. The three auditors are the guardians¹³⁹ of the society. Their duties are to watch, investigate, and make reports. The only power they have is to call extraordinary general meetings of the shareholders¹⁴¹.

 

The general assembly of the stockholders meets regularly once a year. It consists only of the two hundred largest stockholders, of whom forty make a quorum¹⁴² if they hold one-tenth of the stock of the society. Each member has one vote for every forty shares of stock held, but cannot cast more than five votes in his own name, nor more than ten in his own name or by proxy¹⁴³. He has, however, a right to one vote even though his shares be less than forty in number. The general assembly receives the report of the governor, and also of the auditors, if any. It elects the directors and auditors and de[Pg 265]cides on all resolutions or proposals for the increase of capital, the amendment¹⁴⁴ of the by-laws and constitution, and generally on all matters not otherwise specifically provided for.

 

The only places outside of France where the Crédit Foncier can do business are Algiers and Tunis. Under a clause in its charter which allows it, with the sanction of the Government, to enter into projects for improving the soil, developing agriculture, and to extinguish existing debts on real estate, etc., the society has been authorized¹⁴⁵ to finance drainage projects and to advance money on the paper of the Sous-Comptoir des Entrepreneurs, an incorporated association of builders. It may also receive deposits up to $20,000,000, one-fourth of which must be kept in the Government treasury and the balance invested in Government paper, treasury bonds, or high-class bankable commercial notes and securities. In connection with its banking house it has large deposit vaults¹⁴⁶.

 

The Crédit Foncier is permitted to take short-term mortgages and does a big business in that line. But the true purpose of its existence and the greatest part of its operations are the granting of long time loans. These are made on mortgages to individuals and without mortgage to municipalities and public establishments. The periods run from ten to seventy-five years. The annuities required to be paid for amortizing¹⁴⁷ the loan for the average period used are so small as to appear insignificant¹⁴⁸. The success achieved by the Crédit Foncier in popularizing the amortization principle for real estate loans is the chief cause of its great renown¹⁴⁹. At present its interest rate for mortgage loans is 4.3 per cent per annum, for public establishments 4.1 per cent, and 3.85 per cent for municipalities. The total annuity, including both interest and amortization sum, for a twenty-five year mortgage loan is a little over 6.5 per cent. With this small annual payment the debt is gradually wiped out, and nothing is left to be paid at the end of the term. The longer the term the smaller the annuity, and vice[Pg 266] versa. The loans now exceed $870,000,000. Here is an amortization table of the Crédit Foncier:

 

Annuity of a capital of $100, interest at 4.3 per cent, payable semiannually.

Duration. Annuities.

5 years $22.440405

10 years 12.409111

15 years 9.115217

20 years 7.504843

25 years 6.566976

30 years 5.964436

35 years 5.552593

40 years 5.259040

45 years 5.043495

50 years 4.881753

55 years 4.758395

60 years 4.663140

65 years 4.588881

70 years 4.530558

75 years 4.484483

 

The Crédit Foncier is obliged to keep the interest and amortization payments in separate accounts, the latter going to create a sinking fund for the retirement¹⁵⁰ of outstanding debentures. As stated above, the amounts of the loans and debentures must balance each other; consequently, as loans are paid up debentures must be paid off. Borrowers have the right to pay in advance, which they frequently exercise, so the proper adjustment of the balance is beyond the control of the society. It is for this reason that the debentures, although calculated to be redeemed¹⁵¹ synchronously¹⁵² with the loans they represent, have no fixed¹⁵³ time for maturity¹⁵⁴ and are recallable at option. In each issue a certain number are repayable by lots, with prizes for the lucky holders¹⁰⁶. A bond last year drew a prize of $40,000. The right to give prizes at[Pg 267] the lottery¹⁵⁵ drawings is one of the special privileges of the society. The debentures are of two kinds—those representing the mortgages are called "foncières" and those representing the loans to municipalities and public establishments are called "communales." They are issued in series. The smallest denomination⁵⁵ is $20. They may be bought by installments and are the most popular form of investment in France, being held largely by farmers and poor people in the cities. The issue of 1912 for $100,000,000 at 3 per cent, payable within seventy years, was oversubscribed eighteen times. The total land mortgages and municipal indebtedness in France is figured at $2,800,000,000. Nearly one-third of this is represented by the loans of the society.

 

Such is the Crédit Foncier of France. The control exercised over it by the State through the appointment of its head officers, the simplified foreclosure proceedings, and the other judicial¹⁵⁶, administrative, and fiscal¹⁵⁷ privileges accorded to it are common practices in continental Europe. As mentioned above, all the older banks are specially privileged, and consequently have a practical monopoly of the mortgage-bond business in some of the nations.

 

Now, gentlemen, I have gone into these details not to be slavishly copied, because I think we would make a very great mistake to load down our legislation with so much detail. It will be far better to allow the managers to work out a system of operation that will he suited to our conditions. In this way we will not be handicapped by red tape that is ill adapted to our situation. The same penal⁹¹ laws that are in force with respect to our national banks with any additions that the peculiarities¹⁵⁸ of this business call for ought, it seems to me, to suffice.

 

My suggestion would be a comparatively simple organization with broad powers to the board of directors. In this way we will soon have an American system of Land Credit Banks superior to any in the world, even[Pg 268] though we do start after all others have begun. Indeed, if we are wise, this is the very reason why we should surpass all others.

 

Now, if you will recall with me the points of change and progress made, you will find that the tendency is away from unlimited liability, as originally provided, and now toward a dependence¹⁵⁹ upon capital and reserves solely¹⁶⁰ for protection to the debenture holders.

 

In my judgment¹⁶¹ we should adopt the following as the basis of our Land Credit Bank:

 

First: We should confine the business to loans upon improved agricultural lands.

 

Second: We should make the institution strictly co?perative, but with a limited liability to the amount of the paid-up capital.

 

Third: Every local association, or primary unit, should be an association of men within a restricted locality and the business should also be confined to the immediate¹⁰⁸ vicinity of the association.

 

Fourth: I do not believe that the membership of a primary unit should be less than twenty-five, nor more than fifty.

 

Fifth: I think that the capital of a primary unit should not exceed $25,000, and that the shares should be $100 each. No person should own more than two hundred and fifty shares, or 10 per cent of the capital.

 

Sixth: All loans made should be recommended by the local association. In case of a loss by the sale of property taken over, one-quarter of such loss should be borne by the primary unit, of local association, making or recommending the loan upon which the loss was made.

 

Seventh: All expenses connected with the examination and recommendation of a loan shall be paid by the primary unit, or local association.

 

Eighth: The application for a loan should then go to a state organization, which should be created by a union of all the local associations. I suggest a central organization in each state for the purpose of lessening¹⁶² the[Pg 269] expenses over the entire state, as the laws affecting real estate in the several states have some peculiarities to those states.

 

Ninth: Each state organization should have charge of all the business done in that particular state; the examination and final approval of the security; the examination and approval of the title; the collection of all interest; the payment of all taxes and insurance, and the final repayment of the loan.

 

Tenth: The state organization should be a union of all the local associations in any particular state, and should hold one-quarter of the capital of all the local associations as its own for the purpose of carrying on the business of that state.

 

Eleventh: All property upon which loans are made should be conveyed absolutely to the state institution where located with a waiver of all rights of foreclosure; but, providing for the advertisement and sale of the property, as if a judgment had been rendered. This is essential to save the cost of foreclosure.

 

Twelfth: In case of a loss, as the result of the sale of any real estate taken over, one-quarter of it shall be borne by the state organization.

 

I make this provision because no local association could carry all its losses, and yet it should be responsible for a sufficient amount of loss to impose a serious obligation upon the local association recommending the loan, and also a serious obligation upon the state institution for having finally approved and completed the loan.

 

Thirteenth: All the expenses of the state institution incurred¹⁶³ by way of caring for the business of all the local associations should be paid by a percentage charge on all the business done in the state. This is desirable so that the mortgages shall go to the national organization, free and clear from any charges and obligations whatever.

 

Fourteenth: I would have a national organization which should fix the rate of interest to be paid by the[Pg 270] borrowers, and the rate of interest of all the bonds and debentures sold. All bonds and debentures should be sold by the national organization, which should be under national supervision for the purpose of giving to the debentures the highest possible credit wherever they may be offered for sale.

 

Fifteenth: I think that one-half of all the capital of all the local associations in the United States should be transferred to the national organization, and be held and treated by it as if it were its own capital. And such capital shall be holden to the debenture holders as a guarantee, and for the purpose of securing the best possible credit for the national organization.

 

Sixteenth: The national organization, and all state associations, and all local associations, shall be under the supervision, and be examined by an auditor appointed by the President of the United States.

 

Seventeenth: To secure unqualified success for a Land Credit Bank in the United States, no business should be attempted until the capital paid in shall amount to at least $25,000,000; that is, until the national organization shall have a cash capital of its own of $12,500,000 in order that its debentures may bear the lowest possible rate of interest that a large capital with a national organization under national supervision will insure.

 

Eighteenth: The debentures of a national organization should be free of all taxes, local or national.

 

In general these are my recommendations, which I hope will be incorporated in the measure we are to prepare.

 

Mr. Merchant: Mr. Farmer, I notice that you propose to confine the loans to agricultural land. Don't you think that a good and equally helpful business could be carried on by loaning money on city and urban property?

 

Mr. Farmer: Possibly that is so, but I do not think so, and in any event, I never would combine these two classes of loans. If we are to have national Land Credit Banks doing a country and city or urban business, let them be kept entirely separate. The general business permitted[Pg 271] and carried on by the Crédit Foncier is a just ground for severe criticism. It is permitted to take deposits. An American Land Credit Bank should have no such power. It should be confined, in my judgment, with extreme strictness to loaning money upon improved agricultural land. Mind you, I do not say that there should be no other Land Credit Bank to do some other kind of business. That is a matter for future and separate consideration.

 

Mr. Laboringman: Mr. Farmer, in all that you have said you have not once even mentioned Credit unions or Mutual¹⁶⁴ Credit societies. I had been betting on you to help me out in my fight for a recognition of the principle of co?peration, but it looks as if you had deserted¹⁶⁵ me.

 

Mr. Farmer: No, Mr. Laboringman, on the contrary, I will do anything in my power to help you or anyone work out the great saving principle of co?peration; but since I have been attending these talks two or three things have stuck in my crop and I could not get them out even if I tried, and one thing in particular applies especially to the agricultural societies, called credit unions.

 

Mutual credit societies or credit unions are organized to furnish capital for production; that is, it is commercial capital, or credit for commercial purposes, not for investment purposes at all. Not a single dollar of a credit union should ever be loaned upon real estate. Not a single dollar! Not a single cent!! Such a practice would literally¹⁶⁶ destroy the principle upon which they are founded; mutual aid to assist in production, not investment. Don't you remember how Mr. Banker pounded that into us; and convinced us all, too? But more convincing than anything else as to this great economic truth, that not one single dollar of credit union money should ever be loaned upon land, is the history of them. We must not forget that they were organized to secure personal credit and to depart from that practice[Pg 272] is a perversion¹⁶⁷ of their purpose and just to that extent must result in failure.

 

The co?perative idea for personal credit was originated in Germany by Francis Frederick Schulze, a little before the middle of the nineteenth century. It passed over into Austria and Hungary in 1851, into Italy in 1860, into Belgium in 1864, into France in 1883, into Scotland in 1889, and into Ireland in 1894. These dates are given to show the order of advance and the recentness of the movement in some parts of Europe. The first German association was formed in 1849 by Frederick William Raiffeisen. Herr Schulze did not get his started until the following year.

 

Herr Raiffeisen was poorly educated but deeply imbued¹⁶⁸ with religious feelings. He lived among peasants in a sparsely¹⁶⁹ settled and impoverished¹⁷⁰ locality, and his object was to help the lowest classes. The associations which grew up under his guiding hand were mutual societies confined to small farming districts. The thought of profit was discarded and they were managed by the gratuitous services of their members. Herr Schulze was a talented writer and speaker, and when he took up his life work was holding a judicial post in his native town of Delitzsche. His philanthropy, although intense, leaned to the practical side. He believed in paid services and fair returns for money. The associations formed under his leadership were located mainly in towns. They were managed by salaried officers, and membership was dependent upon the purchase of shares on which dividends were allowed. But both kinds were founded upon the fundamental principle of combining persons together and using the credit created by their united guaranty for providing funds for members who might wish to borrow.

 

In the early days the mutual credit associations were formed simply by articles of agreement in the nature of a partnership¹⁷¹ contract, and members were jointly and severally liable without limit for all the loans that were[Pg 273] made. In course of time, when the Government began to take official recognition of the associations, some of the followers¹⁷² of Schulze favored a limit to this liability. Hence the mark of distinction became clearly defined between "Raiffeisenism" and the "Schulze-Delitzsche" propaganda. The German law, as it now stands, requires mutual banks to have share capital, but allows them to be organized upon the limited or unlimited liability plan. All true Raiffeisen banks, in order to preserve their character, have shares of only a nominal¹⁷³ value and devote dividends to educational or charitable purposes. In Germany these local banks are grouped under central banks, which in turn are linked together by two general central banks, and their funds are made to move freely for agriculture throughout the Empire. The centralization of the system has also been inaugurated in France.

 

Personal credit in agricultural Europe is obtained usually by means of the co?perative credit associations. They are also used by artisans and small tradespeople in the towns and cities. These associations are in fact the only banks which the farmers will patronize for short-time loans in the nations where they abound¹⁷⁴ in the greatest numbers. With their aid poverty and usury¹⁷⁵ have been banished¹⁷⁶, sterile¹⁷⁷ fields have been made fertile, production has been increased, and agriculture and agricultural science raised to the highest point. Their educational influence is no less marked. They have taught the farmers the uses of credit as well as of cash, given them a commercial instinct and business knowledge, and stimulated¹⁷⁸ them to associated action. They have encouraged thrift⁹⁷ and saving, created a feeling of independence and self-reliance, and even elevated their moral tone.

 

The picture can hardly be overdrawn¹⁷⁹. Every traveler who visits the places where these little associations exist speaks in glowing phrases of the prosperity and contentment that prevail. They are organized on such simple lines that their management requires only ordinary in[Pg 274]telligence. Failures have rarely occurred. In France and other countries they hold a record of having never lost a cent. The working capital and number of members of individual associations are so small as to be insignificant, yet they do one-third of the banking business of Italy; while the combined amount of their operations in Germany equal that of the commercial banks. But the mutual banks, both in town and country, are looked upon with favor in the financial world because they keep millions of dollars of petty sums in circulation which, except for them, would be idle and hoarded¹⁸⁰. They are, in fact, feeders for the commercial banking system.

 

In 1909 in Belgium 458 banks, with a membership of 25,762, had outstanding (roughly calculated) $4,000,000 of loans; in France ninety-six regional banks did upward of $25,000,000 of business on a capital of $2,983,646, while the 2,983 local banks, with a membership of 133,382 farmers, had $2,622,241 of capital and a record of over $20,500,000 of operations. There were nearly 6,000 banks in Austria. The membership was over 725,666, and the loans ran over $86,500,000. In Italy 690 banks that furnished reports had a working capital of over $170,091,946. In Germany there is one bank for every 1,600 of the population, and the total business done was over $4,888,000,000. In one Province there is a bank for every 3,000 acres of land; and so on for all other nations that have co?perative credit institutions. The rate of interest charged was one or two points lower than in commercial circles, yet these banks, with a few exceptions, made a fair profit on the turnover¹⁸¹ of their capital. In some instances it ran as high as 5 per cent and 7 per cent.

 

With this striking array of figures to show its stability and usefulness, it is remarkable that the farmers of the United States have been so slow to adopt this system of banking for temporary loans on personal security. It has existed in Canada for twenty-two years. In the Province of Quebec there are a number of mutual banks that[Pg 275] have loaned hundreds of thousands of dollars. But Massachusetts is the only State in our country that has made an attempt to encourage its introduction. It already has a law allowing the incorporation¹⁸² of credit unions. It was passed in 1909 after a careful study of European legislation, and furnishes an excellent example for the other States. The first concern to start under this law was the Myrick Credit union at Springfield. In twelve months it had one hundred and five members, a capital of $3,000 and $10,000 of outstanding loans. Interest rates have been low, yet it paid over 6 per cent dividends on its capital. Thirteen new unions were formed in 1911 and have $25,000 of capital. A pamphlet issued by the State bank commissioner¹⁰⁴ gives a comprehensive description of the fundamental principles that a mutual association for personal credit must adhere to. I cannot do better than to quote from it. They are as follows:

 

First: The association shall be organized on co?perative lines. As the members may be either borrowers or lenders, according to circumstances, its affairs must be conducted in such a way as to give fair and equitable treatment to both classes.

 

Second: The association shall be one of persons and not of shares. To this end each shareholder¹⁴⁰ has one vote, irrespective of the number of shares he holds. Furthermore, a limit is set to the number of shares or the amount of deposit which a member may have in the association, in order that no one person may have a too dominating influence or be able to damage the association by suddenly withdrawing large sums.

 

Third: Loans shall be made only for the purposes which promise to result in a saving or a profit to the borrower. Each applicant¹⁸³ for a loan must state the object for which he desires to borrow, in order that the credit committee, which passes on all loans, may rigidly¹⁸⁴ exclude thriftless and improvident¹⁸⁵ borrowing.

 

Fourth: As loans are made only to members and as[Pg 276] any member may become a borrower, care must be taken to admit to membership only men and women of honesty and industry.

 

Fifth: As personal knowledge of the character of the members is essential, the membership in an association must be restricted to citizens of a small community, or of a small subdivision of a large city, or to a small group or organization of individuals.

 

Sixth: Every provision must be made to bring the association within the reach of the humblest citizen. The par value of the shares should be small (it averages about $5), and they should be payable in very small installments. Loans of very small amounts should be made and should be repayable by installments if desired.

 

Seventh: In making loans it should be recognized that character and industry are the basis of credit, and a loan may be made to a member who has not adequate security to pledge for it, provided he can obtain the guaranty of one or more other members, but no member is obliged to guarantee the loan of another member unless he desires to do so.

 

Eighth: Borrowers must carry out to the letter the conditions of repayment and agreed upon at the time their loans are made. Prompt payment of obligations is a fundamental requirement of these associations.

 

It should not be inferred from the great success and good accomplished that the co?perative credit associations could be taken as models in their entirety or that the establishment of such societies would act as an immediate panacea¹⁸⁶ for all the troubles that beset¹⁸⁷ agriculture in America. They seem to be adapted only for localities where the population is fixed and settled and welded together in close relation by community of interests.

 

Let me call your attention to what the Government report says in support of this position. The Germans have had their sad experiences and it would be the height of folly¹⁸⁸ for us to travel over the same road again, only[Pg 277] to learn by our own experience what we can now know without paying for it.

 

Too much emphasis cannot be laid on the fact that these small credit societies are not organized for making loans on real estate. The deposits and funds received by them are withdrawable on short notice. This privilege must be allowed in order to attract the capital needed. But as loans to members yield interest considerably¹⁸⁹ under the ordinary market rate, the only way they have of paying for the use of this capital is by making quick and numerous turnovers¹⁹⁰ with it. In Germany they have taken long-time mortgages, but the practice is strongly denounced by all students who have investigated into the cause of the remarkable success of the Raiffeisen and Schulze-Delitzsche systems as contrary to the theory on which they are founded. Credit is indispensable to every business. It is the means whereby $1 is made to do the work of $50, as the saying goes, but its classifications and limitations cannot be ignored without danger. A loan to acquire something merely for consumption is not tolerated, no matter what may be the security offered. The loan must be strictly for a creative purpose. This is the first cardinal¹⁹¹ principle, and so rigorously is it adhered to in Europe that the credit societies invite to their circle only those who are producers of wealth.

 

Another principle is that personal and real credit are inherently and irreconcilably¹⁹² separate and distinct, and each must have specially adapted institutions for carrying on its operations. This is only a reaffirmation of what we have already decided over and over again.

 

The recognition and observance of these principles have done much to prevent thriftless debt among farmers, and are undoubtedly the reasons why the land credit is so thoroughly organized on the European Continent. A loan on chattel¹⁹³ or character security should naturally be for a short time and for temporary purposes, for such security is perishable¹⁹⁴ and subject to loss or[Pg 278] change. The long-time loan requires an unchanging and permanent security, and the only thing possessing this quality is mother earth herself. But when capital is once sunk in land it becomes fixed and can never be recovered except from the income created thereby¹⁹⁵ or the amortization sums paid in representation of that income. A debtor should not be called upon to pay back the loan in a lump or in advance of his receipts from the land. To do so leads only to further borrowing, usually on more burdensome terms, when the mortgage expires. On the other hand, a private individual cannot be expected to take his money back in driblets or wait long years for its complete return. So private lending on real estate is a theoretical and also a practical wrong. The proof of this lies in vast numbers of foreclosures and the excessive interest rates of farm mortgages in western United States, where they are largely held by persons. The smallness of the annual payments and the length of an ordinary loan in Europe are shown in the tables of the Crédit Foncier, which have been given already. A glance at them makes it apparent that amortization, the basic principle of a land loan, can be brought into full play only by the aid of large corporations or associations with charters perpetual or lasting¹⁹⁶ a long time.

 

Mr. Banker: It does not seem to me, under the circumstances, as though we could treat the Mutual Credit Associations or Credit unions wisely. Indeed, I am of the opinion that legislation by us would interfere¹⁹⁷ with and retard¹⁹⁸ the progress of such associations.

 

Uncle Sam: Mr. Laboringman has waited patiently to have his say about co?peration.

 

Mr. Laboringman: Yes, I have been biding¹⁹⁹ my time, for I have something to say that ought to interest all of you, as a possibility at least, and if it is reasonable to do so, I hope that you will include some sympathetic laws by way of encouragement.

 

England was the birthplace of modern industrialism, as you all know. There, too, was started the great move[Pg 279]ment of modern co?peration. Small and insignificant was the beginning. In 1844 the Rochdale pioneers put all their little savings²⁰⁰ into the pot, and they amounted to only $140. With this they started a store. By 1845 they had seventy-four members and $900 of capital, and did $3,500 worth of business, by keeping their little business open only two evenings a week. They were an object of derision and all sorts of jibes²⁰¹.

 

S.P. Orth describes the situation as follows: Last year the British Government made a careful and complete report on co?peration in England, and found more than three million persons in the membership of the various societies, and over three times that number under the immediate sphere of co?perative influence. That means that one person in every five in the United Kingdom is now interested or influenced by this vast association of producers and consumers. During the past ten years, the increase of membership has been 55 per cent and the trade 75 per cent.

 

The productive and distributive business alone amounts to $640,000,000. The retail²⁰² societies have $200,000,000 of capital. "Last year the sales of these retail societies totaled more than $352,000,000, or about $142.50 per member." It is most significant that the societies, in their own mills and factories, produced nearly 50 per cent of these goods themselves; that is, production and distribution are going hand in hand. They began by making boots and butter; now they make cloth, iron and all sorts of things.

 

The average profits for the last ten years have been nearly 15 per cent and there is now a serious discussion whether the cost of articles to the customer should not be lowered.

 

In some of the districts, notably²⁰³ some of the mining districts, the co?perative stores have a virtual monopoly, and their system of banking or keeping the surplus credits for the customer is a great boon²⁰⁴. But in other very poor districts, keeping up the prices has worked some[Pg 280] hardship. It is now proposed by some of the stronger societies to open special stores in the poorer districts and cut the prices.

 

All business, until a few years ago, was done on a strictly cash basis, but recently the insidious²⁰⁵ credit system has crept in, and it may lead to serious consequences.

 

Last year, out of its surplus, the union of Co?perative Societies, a federation²⁰⁶ of all English co?perativists, voted $230,000 to charity, $450,000 to education, i.e., libraries, lectures, and concerts, and $50,000 to propaganda.

 

The early retail societies found it hard to get good terms from wholesale²⁰⁷ houses, owing to the enmity of the private merchants. The law did not allow them to amalgamate²⁰⁸ and start a wholesale business of their own. But in 1862 the law was changed, and at once two co?perative wholesale societies were organized, the English and the Scotch²⁰⁹. They are the models for the world. The two societies are virtually one, although maintaining different officers, rules, and stockholders. In fact, the wholesale societies are the federation of the retail and productive societies of England and Scotland. The English society requires the constituent²¹⁰ societies to hold one $25 share for every five of its membership; the Scotch society one $5 share for every one of its members: i. e., an English co?perative shoe factory of two hundred members wishing to join the English Wholesale Society would take forty $25 shares, or two hundred $5 shares in the Scotch Society.

 

These Wholesale Societies are the grand Clearing House of nearly all the co?perative shops and factories of the kingdom, and the suppliers of all the co?perative retail stores.

 

And they are monumental institutions. In 1907 they had a membership of more than 2,615,000, a capital of more than $169,000,000, a surplus of $85,000,000. Their annual sales amount to more than $600,000,000, and their profits more than $60,000,000.

 

The English Society is the larger. It is a corporation[Pg 281] that not only engages in wholesale trade but is a manufacturer, banker, importer; it packs meat, cures bacon, refines lard, binds²¹¹ books, grows tea, blends coffee, founders²¹² iron; it manufactures flour, butter, biscuit, sugar, pickles²¹⁴, cocoa, tobacco, candles, glycerine, starch²¹⁵, saddlery, furniture, clothing, corsets, underwear, brushes, crockery, tinplate, woolens²¹⁶, carpets and almost everything else that an average British home may need. It deals in coal, apricots, and wheat; has offices in New York, Toronto, Rouen, France; Denia, Spain; Copenhagen and Guthenberg, Sweden; has twenty-seven creameries in Ireland, tallow and oil works in Sydney, Australia; a "bacon factory" in Denmark, a tea plantation¹²⁸ in Ceylon, and fruit farms in Shropshire and Hereford. Besides, it owns four steamers for the trade between Rouen and Manchester.

 

Its main offices on Balloon Street, Manchester, are enormous and palatial²¹⁷. Together with warehouses²¹⁹ and stores, they cover a number of city blocks. Their offices in London compare favorably with any private establishment, and for efficiency they are second to none. Nearly 20,000 men are employed by this society. Some of its factories are large, e, g., the Leicester Shoe Works employ 1,446 men; the Irlam Soap Works, 702 men; Long Sight Printing Works, 941 men; the Middleton Pickle²¹³ Works, 564, etc.

 

The chief offices of the Scotch Society are on Morrison Street, Glasgow. They manufacture umbrellas, tweeds, paislies, oatmeal, Aberdeen finnan-haddie, and other characteristic Scotch merchandise. Its capital is about $17,000,000.

 

Germany and Belgium, too, are furnishing successful co?perative associations. Mr. Orth describes them so well that I want to read what he says.

 

There are about two thousand of the co?perative supply societies among the farmers, with nearly one hundred and fifty thousand members. There are also about three thousand co?perative dairies, with two hundred and[Pg 282] thirty thousand members, and one hundred and sixty co?perative wine cellars and two hundred and fifty-five co?perative warehouses and grain elevators.

 

It was natural that retail stores should be established next, on a co?perative basis. For some reason they did not thrive until about ten years ago. At that time a split occurred in the co?perative ranks, due to politics, and two federations²²⁰ or unions of Co?perative Societies were organized; the General union or Liberal union, and the Central union or Socialist²²¹ union. The former is remaining stationary²²², the latter growing by leaps and bounds.

 

In every large city the co?perative retail society has a central plant. It usually includes a warehouse²¹⁸ and bakery. The one located at Berlin is a good type. It is situated²²⁴ at Lichtenberg, a suburb. Here you see splendid buildings, in good architectural style, fitted up in the most modern manner; telephones to all departments, electricity, central heating plant, a uniform clock system for keeping time, etc. The whole plant cost $1,750,000. The great warehouse is full of groceries.

 

Although only a year in the buildings, they are already overtaxed and additions are planned. This central supply house looks after the sixty co?perative grocery stores in Berlin. It has a string of fine delivery autos. Any one can become a member by paying fifty pfennigs (12-1/2c.) admission, and forty marks ($10) a year. This, however, is taken out of his dividends.

 

The society also owns a fine row of apartment houses, which are leased to members at a low rental²²⁵. The goods used are bought in the open market, or are supplied by the German Co?perative Wholesale Society of Hamburg. There is very little productive co?peration in Germany. There are 2,311 retail societies, more than two million members, and more than $5,000,000 in their reserve fund.

 

The Wholesale Society had a hard time of it until the spurt²²⁶ in favor of co?peration began a decade ago. Now it thrives, doing about $12,000,000 business a year.

 

[Pg 283]

 

There are a great many local co?perative building societies, with two hundred thousand members, and many other evidences that the spirit of co?peration is abroad in the land. In 1908 there were 4,105,594 persons actively²²⁷ interested in one form or another of German co?peration. In 1911 the number had increased to nearly five million.

 

In the little land of Belgium co?peration is at its best; not at its greatest showiness, nor maximum figures. But here, in this land of congested population, of illiteracy²²⁸, of low wages and depressing conditions, the abject²²⁹ workingmen have taken hold of their own problems, asking neither sympathy nor favor, and have worked out a scheme of industrial co?peration that is a genuine achievement.

 

In 1873 bread was very dear in Ghent. Times were very hard. So high was the price of flour that many workingmen went hungry. A few of these workers united to do what they could to supply loaves at cheaper rates. They had $17 capital. They found an old cellar with an old oven in it, hired an old baker²²³, and peddled²³⁰ the bread in baskets. Today there is a fine workingmen's clubhouse in Ghent, called "Vooruit." Across the fa?ade stands the motto, "The Brotherhood²³¹ of Workingmen Means Peace on Earth." This is the outgrowth of the cellar bakeshop. "Vooruit" stands for everything that is superb in co?peration. Here is not only a large lecture hall and café and offices of the unions; here is the studio of Van Biesbroeck, the workman-sculptor; here is a library, and in the neighborhood are stores, ware-rooms and shops. A few years ago it was found that many women were ruining their health by the long hours of service at the looms²³². "Vooruit" started a co?perative weaving shed, where the women work eight and three-quarter hours a day.

 

The bakery now does almost $1,000,000 worth of business a year; it makes 110,000 loaves a week. The eight thousand members of "Vooruit" have six drug stores,[Pg 284] coal yards, many grocery stores and meat shops, a dry goods store, and other industries. All done by workmen in thirty years, workmen who were never highly paid and who trained themselves to do these things.

 

They meet every year, the eight thousand members, and vote on the price of bread. Sometimes it is one cent higher than the commercial rate, but their dividends more than cover this.

 

In Brussels is the famous "Maison du Peuple," the House of the People. It, too, began with a small bakery, employing two men and turning out five hundred and fifty-two loaves the first week. Today the "Maison" has twenty-five thousand members, two great bakeries, six warehouses, four butcher shops, twenty-five grocery stores, and numerous shops where various articles are made.

 

This "House," standing¹³¹ on Rue⁵¹ Joseph Stephen, cost $375,000 and was paid for by the Brussels workingmen out of their co?perative funds. The café, seating eight hundred people, is an animated²³³ place; every one seems content. The office of the savings bank is doing a rushing business, women and children bringing in the savings of the family for the week; the committee rooms are full of workmen planning some new enterprise. In the evening the lecture hall or theatre is crowded, the two thousand five hundred seats all taken, to see a play produced by an amateur company, all members of the "Maison."

 

All this, and more, in the form of co?peration. In 1907-8 the "Maison" made a profit of $134,000; of this about three-quarters was distributed as personal dividends to shareholders. The rest was spent on social benefits and a reserve fund.

 

In Belgium, then, you find all the co?perative activities united in each city under one general management. It includes groceries and clothing, medical aid, insurance, savings bank, clubhouse privileges, lectures, libraries, entertainments.

 

[Pg 285]

 

There are one hundred, and sixty-one distributive societies with 119,581 members; sixteen productive societies with 1,583 members. The Productive Societies include weaving, printing, cabinetmaking, tobacco and cigars, hardware and bakery. The total co?perative business is $6,800,000 a year, a large amount when you consider the diminutive²³⁴ size of the country and the poverty of the people.

 

The fact that in all of these countries co?peration is growing at a rate of increase of 20 per cent to 40 per cent proves that a need for it exists.

 

Now, Uncle Sam, we are starting these co?perative stores here, and the question with us and the one we are constantly asking, is what protection are we going to have from the trusts and monopolies which can, if permitted to do so, destroy us with low prices at any point, while they rob the people at some other point, to make up the losses, while ruining us. What we must have is legislation, to protect us, and if we can get it into this bill, I want it.

 

Uncle Sam: I do not see how any phase of what you have said can be governed by a financial and banking bill. It is true, that incidentally you may do a banking business in your co?perative societies. So far as you do, you ought to conform your practices with whatever we may decide upon in the way of banking laws. So far as you buy and sell, or manufacture, you are engaged in production and commerce, and not in the banking business. Under the circumstances, you are entitled to an answer, although a little aside from the subject in hand. Let me tell you, however, right here, and you may set it down as settled. That, if you start any co?perative associations for the production or distribution of goods of any kind, you shall have a square deal. I have been waiting patiently, but getting ready all the while, to put some of the managers of these monopolies in jail. You can take my word for it. You are going to have equal opportunities under the operation of just laws, if there[Pg 286] is any way of giving them to you. And if your Uncle Samuel understands the situation, I think there is. Unfair chances, special privileges and monopolies cannot naturally and properly have any place in a country where all men are born free and equal under the law. The fact is, the law is sufficient now, but there is not a public sentiment strong enough to compel the courts to put men in jail for robbing their fellows through the forms of law; even if it is known that the laws by which they rob their fellows or are permitted or enabled to rob their fellows were passed expressly for that purpose. That is the fault of the times through which we have just passed. The time is now at hand when all this is to be reversed. The people have come to realize and appreciate the fact that it is ethically²³⁵, morally, and justly speaking, as wrong to rob a man through the forms of law, as for the bully²³⁷ to fell a man in the streets and pick his pockets. The people are forming new ideals, and the judges are getting new ideas. These new ideals, and these new ideas, will soon handcuff and incarcerate²³⁸ the business culprits, the business bullies²³⁹, just as the ancient ideals of the people, and the old ideas of the judges have, in the past, put the physical bully and the material thief in the dark, dank dungeon²⁴⁰. I have altogether too many men, who are always inquiring how near they can go to the jail door and not get in. You mark my word, I am going to push some of them in very soon now. What I want is a nation of men who are imbued with a sense of justice and fair play in business; and who will regard business relations as moral obligations, and paramount²⁴¹ to the technical letter of the law. When that day comes, one banker will not want his fellow-bankers to carry his reserves for him. The principle is the same, whatever the relation of men may be; therefore, you can take my word for it, that all those who want to co?perate to secure a greater degree of the profits of their labor¹, a greater degree of justice among their fellows, will find Uncle Samuel co?perating with them, in[Pg 287] the preparation and execution of those laws which will make for a juster Government. Since this Government springs from the people, and belongs to the people, no part of the people, certainly no small part of the people, should be able to take unfair advantages and undue²⁴² profits, by any legalized special privileges, or by the power of monopoly. I say to you now, that these should be, and will be destroyed, and that all men shall be equal before and under the law. This is the predestined purpose of this Government, and it will never come into its fulfillment until you learn, my boys, that you are your brother's keepers.

 

Mr. Merchant: Uncle Sam, that's pretty good preaching; but how are you going to apply it to this banking question?

 

Uncle Sam: Did not Mr. Laboringman just appeal to me to find out whether co?perative societies were going to have a fair show? I have just told him "Yes," and I intend they shall have it, and I know of no better place to begin than here and now. I am going to construct two or three pieces of machinery—a guillotine for the monopolies, and an electric chair for special privileges, and concoct²⁴³ a barrel of anesthetics for stealthy, statutory stealing.

 

Mr. Lawyer: But all this kind of legislation must come under the sphere of the Sherman Anti-Trust Law. I think no one will contend that any aspect of co?peration, as represented by Mr. Laboringman, should be incorporated in our banking bill.

 

Mr. Banker: I agree with both Mr. Farmer and Mr. Lawyer, that we cannot make any provision for it at this stage of its development in this country; but who shall prophesy²⁴⁴ about a movement that has spread over the world, as this has, and is now growing at such a rapid rate? It is estimated that at least ten million in Great Britain are interested in it; more than five million in Germany, and that the outstanding co?perative investments in Continental Europe must exceed $5,000,000,000[Pg 288] by this time. Of course, these figures mean some banking sooner or later, in this country, when the movement once gets under way.

 

Mr. Farmer: Yes, I agree to that, but any attempt on our part at this time to legislate in advance, would do more harm than good.

 

Mr. Laboringman: That is probably true, as it might interfere, as you say, with the movement. All I ask then, is that we have a fair field, so that we can develop along natural lines, and be protected in the exercise of our mutual co?perative rights. I thank you, gentlemen, for giving me, and my particular cause, so much of your time.

 

Uncle Sam: Mr. Laboringman, your cause is their cause. Your cause is my cause. Your cause is our cause. Your cause is the cause of humanity. The principles upon which your cause rests, pushed to their logical conclusion, will secure social and industrial justice. There are many who have taken millions, yes, hundreds of millions, through the forms of law, but without any ethical²³⁶ right whatever. From them these millions will be taken away in time, through the forms of law; through the power of taxation²⁴⁵ by progressive income and inheritance taxes, and the injustice²⁴⁶ of today will be righted by the justice of tomorrow.

 

Mr. Banker: Uncle Sam, you have suggested a programme outside of banking legislation; but I must confess incidental to the cause presented by Mr. Laboringman.

 

Mr. Farmer: Gentlemen, we have stayed longer tonight than on any previous night, and I must go now. So, good night.

 

Uncle Sam: Mr. Farmer has forced an adjournment²⁴⁷.

 

1 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

2 contention   

n.争论，争辩，论战；论点，主张

参考例句：

• The pay increase is the key point of contention. 加薪是争论的焦点。
• The real bone of contention,as you know,is money.你知道，争论的真正焦点是钱的问题。

3 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

4 par   

n.标准，票面价值，平均数量；adj.票面的，平常的，标准的

参考例句：

• Sales of nylon have been below par in recent years.近年来尼龙织品的销售额一直不及以往。
• I don't think his ability is on a par with yours.我认为他的能力不能与你的能力相媲美。

5 legislate   

vt.制定法律；n.法规，律例；立法

参考例句：

• Therefore,it is very urgent to legislate for the right of privacy.因此，为隐私权立法刻不容缓。
• It's impossible to legislate for every contingency.为每一偶发事件都立法是不可能的。

6 annually   

adv.一年一次，每年

参考例句：

• Many migratory birds visit this lake annually.许多候鸟每年到这个湖上作短期逗留。
• They celebrate their wedding anniversary annually.他们每年庆祝一番结婚纪念日。

7 renewal   

adj.(契约)延期，续订，更新，复活，重来

参考例句：

• Her contract is coming up for renewal in the autumn.她的合同秋天就应该续签了。
• Easter eggs symbolize the renewal of life.复活蛋象征新生。

8 thoroughly   

adv.完全地，彻底地，十足地

参考例句：

• The soil must be thoroughly turned over before planting.一定要先把土地深翻一遍再下种。
• The soldiers have been thoroughly instructed in the care of their weapons.士兵们都系统地接受过保护武器的训练。

9 extravagant   

adj.奢侈的；过分的；(言行等)放肆的

参考例句：

• They tried to please him with fulsome compliments and extravagant gifts.他们想用溢美之词和奢华的礼品来取悦他。
• He is extravagant in behaviour.他行为放肆。

10 rehabilitating   

改造（罪犯等）( rehabilitate的现在分词 )； 使恢复正常生活； 使恢复原状； 修复

参考例句：

• a unit for rehabilitating drug addicts 帮助吸毒者恢复正常生活的机构
• She was more concerned about protecting the public than rehabilitating the criminal. 她比较关心保护百姓，而不大关心改造罪犯。

11 cultivation   

n.耕作，培养，栽培（法），养成

参考例句：

• The cultivation in good taste is our main objective.培养高雅情趣是我们的主要目标。
• The land is not fertile enough to repay cultivation.这块土地不够肥沃，不值得耕种。

12 arable   

adj.可耕的，适合种植的

参考例句：

• The terrain changed quickly from arable land to desert.那个地带很快就从耕地变成了沙漠。
• Do you know how much arable land has been desolated?你知道什么每年有多少土地荒漠化吗？

13 plow   

n.犁，耕地，犁过的地；v.犁，费力地前进[英]plough

参考例句：

• At this time of the year farmers plow their fields.每年这个时候农民们都在耕地。
• We will plow the field soon after the last frost.最后一场霜过后，我们将马上耕田。

14 foodstuffs   

食物，食品( foodstuff的名词复数 )

参考例句：

• Imports of foodstuffs accounted for a small proportion of total imports. 食物进口仅占总进口额的一小部份。
• Many basic foodstuffs, such as bread and milk, are tax-free. 许多基本食物如牛奶和面包是免税的。

15 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

16 destined   

adj.命中注定的；(for)以…为目的地的

参考例句：

• It was destined that they would marry.他们结婚是缘分。
• The shipment is destined for America.这批货物将运往美国。

17 undertaking   

n.保证，许诺，事业

参考例句：

• He gave her an undertaking that he would pay the money back with in a year.他向她做了一年内还钱的保证。
• He is too timid to venture upon an undertaking.他太胆小，不敢从事任何事业。

18 enlisted   

adj.应募入伍的v.（使）入伍， （使）参军( enlist的过去式和过去分词 )；获得（帮助或支持）

参考例句：

• enlisted men and women 男兵和女兵
• He enlisted with the air force to fight against the enemy. 他应募加入空军对敌作战。 来自《现代汉英综合大词典》

19 impelled   

v.推动、推进或敦促某人做某事( impel的过去式和过去分词 )

参考例句：

• He felt impelled to investigate further. 他觉得有必要作进一步调查。
• I feel impelled to express grave doubts about the project. 我觉得不得不对这项计划深表怀疑。 来自《简明英汉词典》

20 purely   

adv.纯粹地，完全地

参考例句：

• I helped him purely and simply out of friendship.我帮他纯粹是出于友情。
• This disproves the theory that children are purely imitative.这证明认为儿童只会单纯地模仿的理论是站不住脚的。

21 patriotic   

adj.爱国的，有爱国心的

参考例句：

• His speech was full of patriotic sentiments.他的演说充满了爱国之情。
• The old man is a patriotic overseas Chinese.这位老人是一位爱国华侨。

22 disinterested   

adj.不关心的，不感兴趣的

参考例句：

• He is impartial and disinterested.他公正无私。
• He's always on the make,I have never known him do a disinterested action.他这个人一贯都是唯利是图，我从来不知道他有什么无私的行动。

23 motives   

n.动机，目的( motive的名词复数 )

参考例句：

• to impeach sb's motives 怀疑某人的动机
• His motives are unclear. 他的用意不明。

24 debenture   

n.债券；信用债券；（海关）退税凭单

参考例句：

• Debenture holder has priority over ordinary shareholder.债券持有人比普通股东享有优先权。
• Debenture holders have a prior claim and accept the least risk.债券持有人有优先索赔权，风险最小。

25 underlying   

adj.在下面的，含蓄的，潜在的

参考例句：

• The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
• This word has its underlying meaning.这个单词有它潜在的含义。

26 holder   

n.持有者，占有者；(台，架等)支持物

参考例句：

• The holder of the office of chairman is reponsible for arranging meetings.担任主席职位的人负责安排会议。
• That runner is the holder of the world record for the hundred-yard dash.那位运动员是一百码赛跑世界纪录的保持者。

27 possessed   

adj.疯狂的；拥有的，占有的

参考例句：

• He flew out of the room like a man possessed.他像着了魔似地猛然冲出房门。
• He behaved like someone possessed.他行为举止像是魔怔了。

28 debentures   

n.公司债券( debenture的名词复数 )

参考例句：

• My money is invested in debentures. 我把钱用于买债券。 来自《现代汉英综合大词典》
• Owners of debentures do not have voting rights. 信用债券的所有人没有选择权。 来自辞典例句

29 haphazard   

adj.无计划的，随意的，杂乱无章的

参考例句：

• The town grew in a haphazard way.这城镇无计划地随意发展。
• He regrerted his haphazard remarks.他悔不该随口说出那些评论话。

30 insistence   

n.坚持；强调；坚决主张

参考例句：

• They were united in their insistence that she should go to college.他们一致坚持她应上大学。
• His insistence upon strict obedience is correct.他坚持绝对服从是对的。

31 agitation   

n.搅动；搅拌；鼓动，煽动

参考例句：

• Small shopkeepers carried on a long agitation against the big department stores.小店主们长期以来一直在煽动人们反对大型百货商店。
• These materials require constant agitation to keep them in suspension.这些药剂要经常搅动以保持悬浮状态。

32 interfering   

adj. 妨碍的 动词interfere的现在分词

参考例句：

• He's an interfering old busybody! 他老爱管闲事！
• I wish my mother would stop interfering and let me make my own decisions. 我希望我母亲不再干预，让我自己拿主意。

33 reigned   

vi.当政，统治（reign的过去式形式）

参考例句：

• Silence reigned in the hall. 全场肃静。 来自《现代汉英综合大词典》
• Night was deep and dead silence reigned everywhere. 夜深人静，一片死寂。 来自《现代汉英综合大词典》

34 supreme   

adj.极度的，最重要的；至高的，最高的

参考例句：

• It was the supreme moment in his life.那是他一生中最重要的时刻。
• He handed up the indictment to the supreme court.他把起诉书送交最高法院。

35 undoubtedly   

adv.确实地，无疑地

参考例句：

• It is undoubtedly she who has said that.这话明明是她说的。
• He is undoubtedly the pride of China.毫无疑问他是中国的骄傲。

36 peculiar   

adj.古怪的，异常的；特殊的，特有的

参考例句：

• He walks in a peculiar fashion.他走路的样子很奇特。
• He looked at me with a very peculiar expression.他用一种很奇怪的表情看着我。

37 dividend   

n.红利，股息；回报，效益

参考例句：

• The company was forced to pass its dividend.该公司被迫到期不分红。
• The first quarter dividend has been increased by nearly 4 per cent.第一季度的股息增长了近 4%。

38 dividends   

红利( dividend的名词复数 )； 股息； 被除数； （足球彩票的）彩金

参考例句：

• Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
• Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。

39 gratuitous   

adj.无偿的，免费的；无缘无故的，不必要的

参考例句：

• His criticism is quite gratuitous.他的批评完全没有根据。
• There's too much crime and gratuitous violence on TV.电视里充斥着犯罪和无端的暴力。

40 distress   

n.苦恼，痛苦，不舒适；不幸；vt.使悲痛

参考例句：

• Nothing could alleviate his distress.什么都不能减轻他的痛苦。
• Please don't distress yourself.请你不要忧愁了。

41 proprietors   

n.所有人，业主( proprietor的名词复数 )

参考例句：

• These little proprietors of businesses are lords indeed on their own ground. 这些小业主们，在他们自己的行当中，就是真正的至高无上的统治者。 来自英汉文学 - 嘉莉妹妹
• Many proprietors try to furnish their hotels with antiques. 许多经营者都想用古董装饰他们的酒店。 来自辞典例句

42 proprietor   

n.所有人；业主；经营者

参考例句：

• The proprietor was an old acquaintance of his.业主是他的一位旧相识。
• The proprietor of the corner grocery was a strange thing in my life.拐角杂货店店主是我生活中的一个怪物。

43 creditor   

n.债仅人，债主，贷方

参考例句：

• The boss assigned his car to his creditor.那工头把自己的小汽车让与了债权人。
• I had to run away from my creditor whom I made a usurious loan.我借了高利贷不得不四处躲债。

44 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

45 withdrawal   

n.取回，提款；撤退，撤军；收回，撤销

参考例句：

• The police were forced to make a tactical withdrawal.警方被迫进行战术撤退。
• They insisted upon a withdrawal of the statement and a public apology.他们坚持要收回那些话并公开道歉。

46 stringency   

n.严格，紧迫，说服力；严格性；强度

参考例句：

• Bankers say financial stringency constitutes a serious threat to the country. 银行家们说信用紧缩对国家构成了严重的威胁。 来自辞典例句
• The gaze were filled with care, stringency, trust, and also hope! 有呵护，有严格，有信任，更有希望！ 来自互联网

47 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

48 fiat   

n.命令，法令，批准；vt.批准，颁布

参考例句：

• The opening of a market stall is governed by municipal fiat.开设市场摊位受市政法令管制。
• He has tried to impose solutions to the country's problems by fiat.他试图下令强行解决该国的问题。

49 jointly   

ad.联合地，共同地

参考例句：

• Tenants are jointly and severally liable for payment of the rent. 租金由承租人共同且分别承担。
• She owns the house jointly with her husband. 她和丈夫共同拥有这所房子。

50 unlimited   

adj.无限的，不受控制的，无条件的

参考例句：

• They flew over the unlimited reaches of the Arctic.他们飞过了茫茫无边的北极上空。
• There is no safety in unlimited technological hubris.在技术方面自以为是会很危险。

51 rue   

n.懊悔，芸香，后悔；v.后悔，悲伤，懊悔

参考例句：

• You'll rue having failed in the examination.你会悔恨考试失败。
• You're going to rue this the longest day that you live.你要终身悔恨不尽呢。

52 debtor   

n.借方，债务人

参考例句：

• He crowded the debtor for payment.他催逼负债人还债。
• The court granted me a lien on my debtor's property.法庭授予我对我债务人财产的留置权。

53 payable   

adj.可付的，应付的，有利益的

参考例句：

• This check is payable on demand.这是一张见票即付的支票。
• No tax is payable on these earnings.这些收入不须交税。

54 proceedings   

n.进程，过程，议程；诉讼(程序)；公报

参考例句：

• He was released on bail pending committal proceedings. 他交保获释正在候审。
• to initiate legal proceedings against sb 对某人提起诉讼

55 denomination   

n.命名，取名，(度量衡、货币等的)单位

参考例句：

• The firm is still operating under another denomination.这家公司改用了名称仍在继续营业。
• Litre is a metric denomination.升是公制单位。

56 denominations   

n.宗派( denomination的名词复数 )；教派；面额；名称

参考例句：

• Christians of all denominations attended the conference. 基督教所有教派的人都出席了这次会议。
• The service was attended by Christians of all denominations. 这次礼拜仪式各教派的基督徒都参加了。 来自《简明英汉词典》

57 nomination   

n.提名，任命，提名权

参考例句：

• John is favourite to get the nomination for club president.约翰最有希望被提名为俱乐部主席。
• Few people pronounced for his nomination.很少人表示赞成他的提名。

58 installments   

部分( installment的名词复数 )

参考例句：

• The first two installments were pretty close together in 1980. 第一次和节二次提款隔得很近，都是在1980年提的。
• You have an installments sales contract. 你已经订立了一份分期付款的买卖契约了。

59 redeeming   

补偿的，弥补的

参考例句：

• I found him thoroughly unpleasant, with no redeeming qualities whatsoever. 我觉得他一点也不讨人喜欢，没有任何可取之处。
• The sole redeeming feature of this job is the salary. 这份工作唯其薪水尚可弥补一切之不足。

60 amortization   

n.摊销，摊还，分期偿付

参考例句：

• Repayment of the bond is conditioned on 10 years'amortization.此项债券规定分十年偿还。
• The low-value consumables are price with the one-off amortization method.低值易耗品核算采用一次性摊销法。

61 remarkable   

adj.显著的，异常的，非凡的，值得注意的

参考例句：

• She has made remarkable headway in her writing skills.她在写作技巧方面有了长足进步。
• These cars are remarkable for the quietness of their engines.这些汽车因发动机没有噪音而不同凡响。

62 applied   

adj.应用的；v.应用，适用

参考例句：

• She plans to take a course in applied linguistics.她打算学习应用语言学课程。
• This cream is best applied to the face at night.这种乳霜最好晚上擦脸用。

63 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

64 mere   

adj.纯粹的；仅仅，只不过

参考例句：

• That is a mere repetition of what you said before.那不过是重复了你以前讲的话。
• It's a mere waste of time waiting any longer.再等下去纯粹是浪费时间。

65 drawn   

v.拖，拉，拔出；adj.憔悴的，紧张的

参考例句：

• All the characters in the story are drawn from life.故事中的所有人物都取材于生活。
• Her gaze was drawn irresistibly to the scene outside.她的目光禁不住被外面的风景所吸引。

66 dealing   

n.经商方法，待人态度

参考例句：

• This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
• His fair dealing earned our confidence.他的诚实的行为获得我们的信任。

67 annuities   

n.养老金；年金( annuity的名词复数 )；（每年的）养老金；年金保险；年金保险投资

参考例句：

• Many companies in this country grant their old employees annuities after they retire. 这个国家的许多公司在老年雇员退休后发给他们养老年金。 来自辞典例句
• Can I interest you in one of our Easter Annuities or IRA accounts? 您对我们的复活节年金保险或者个人退休金帐户有兴趣吗？ 来自电影对白

68 encumbrance   

n.妨碍物，累赘

参考例句：

• Only by overcoming our weaknesses can we advance without any encumbrance;only by uniting ourselves in our struggle can we be invincible.克服缺点才能轻装前进，团结战斗才能无往不胜。
• Now I should be an encumbrance.现在我成为累赘了。

69 encumbrances   

n.负担( encumbrance的名词复数 )；累赘；妨碍；阻碍

参考例句：

• All encumbrances were cleared out for dancing. 为了跳舞，所有碍手碍脚的东西都被清理出去了。 来自辞典例句
• If he wanted to get away, he had better leave these encumbrances behind. 他要打算逃命，还是得放弃这几个累赘。 来自汉英文学 - 骆驼祥子

70 prevailing   

adj.盛行的；占优势的；主要的

参考例句：

• She wears a fashionable hair style prevailing in the city.她的发型是这个城市流行的款式。
• This reflects attitudes and values prevailing in society.这反映了社会上盛行的态度和价值观。

71 lessens   

变少( lessen的第三人称单数 )； 减少（某事物）

参考例句：

• Eating a good diet significantly lessens the risk of heart disease. 良好的饮食习惯能大大减少患心脏病的机率。
• Alcohol lessens resistance to diseases. 含有酒精的饮料会减弱对疾病的抵抗力。

72 accomplished   

adj.有才艺的；有造诣的；达到了的

参考例句：

• Thanks to your help,we accomplished the task ahead of schedule.亏得你们帮忙,我们才提前完成了任务。
• Removal of excess heat is accomplished by means of a radiator.通过散热器完成多余热量的排出。

73 functionaries   

n.公职人员，官员( functionary的名词复数 )

参考例句：

• The Indian transmitters were court functionaries, not missionaries. 印度文化的传递者都是朝廷的官员而不是传教士。 来自辞典例句
• All government institutions functionaries must implement state laws, decrees and policies. 所有政府机关极其工作人员都必须认真执行国家的法律，法规和政策。 来自互联网

74 feudal   

adj.封建的，封地的，领地的

参考例句：

• Feudal rulers ruled over the country several thousand years.封建统治者统治这个国家几千年。
• The feudal system lasted for two thousand years in China.封建制度在中国延续了两千年之久。

75 manorial   

adj.庄园的

参考例句：

• In time the manorial court was regarded as having two natures. 当时，采邑法庭被认为具有两种类型。 来自辞典例句
• Traditional manorial organization provided scant encouragement for economic growth. 传统的庄园组织没有为经济发展提供足够的激励。 来自互联网

76 worthy   

adj.(of)值得的，配得上的；有价值的

参考例句：

• I did not esteem him to be worthy of trust.我认为他不值得信赖。
• There occurred nothing that was worthy to be mentioned.没有值得一提的事发生。

77 presidency   

n.总统(校长，总经理)的职位(任期)

参考例句：

• Roosevelt was elected four times to the presidency of the United States.罗斯福连续当选四届美国总统。
• Two candidates are emerging as contestants for the presidency.两位候选人最终成为总统职位竞争者。

78 annexes   

并吞( annex的名词复数 )； 兼并； 强占； 并吞（国家、地区等）； 附加物，附属建筑( annexe的名词复数 )

参考例句：

• The Annexes to this Agreement are an integral part of this Agreement. 本协定的附件为本协定的组成部分。
• Annexes 1 to 2 form the integral part of the Contract. 附件一至二将作为本合同的有效组成部分。

79 affiliated   

adj. 附属的, 有关连的

参考例句：

• The hospital is affiliated with the local university. 这家医院附属于当地大学。
• All affiliated members can vote. 所有隶属成员都有投票权。

80 nucleus   

n.核，核心，原子核

参考例句：

• These young people formed the nucleus of the club.这些年轻人成了俱乐部的核心。
• These councils would form the nucleus of a future regime.这些委员会将成为一个未来政权的核心。

81 premium   

n.加付款；赠品；adj.高级的；售价高的

参考例句：

• You have to pay a premium for express delivery.寄快递你得付额外费用。
• Fresh water was at a premium after the reservoir was contaminated.在水库被污染之后，清水便因稀而贵了。

82 inspection   

n.检查，审查，检阅

参考例句：

• On random inspection the meat was found to be bad.经抽查，发现肉变质了。
• The soldiers lined up for their daily inspection by their officers.士兵们列队接受军官的日常检阅。

83 entirely   

ad.全部地，完整地；完全地，彻底地

参考例句：

• The fire was entirely caused by their neglect of duty. 那场火灾完全是由于他们失职而引起的。
• His life was entirely given up to the educational work. 他的一生统统献给了教育工作。

84 repayment   

n.偿还，偿还款；报酬

参考例句：

• I am entitled to a repayment for the damaged goods.我有权利索取货物损坏赔偿金。
• The tax authorities have been harrying her for repayment.税务局一直在催她补交税款。

85 deterioration   

n.退化；恶化；变坏

参考例句：

• Mental and physical deterioration both occur naturally with age. 随着年龄的增长，心智和体力自然衰退。
• The car's bodywork was already showing signs of deterioration. 这辆车的车身已经显示出了劣化迹象。

86 annuity   

n.年金；养老金

参考例句：

• The personal contribution ratio is voluntary in the annuity program.企业年金中个人缴费比例是自愿的。
• He lives on his annuity after retirement.他退休后靠退休金维生。

87 irrigated   

[医]冲洗的

参考例句：

• They irrigated their crops with water from this river. 他们用这条小河里的水浇庄稼。
• A crop can be sown, weeded, irrigated, and fertilized uniformly. 一种作物可以均匀一致地进行播种，除草，灌溉和施肥。

88 investigation   

n.调查，调查研究

参考例句：

• In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
• He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。

89 supervision   

n.监督，管理

参考例句：

• The work was done under my supervision.这项工作是在我的监督之下完成的。
• The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

90 stringent   

adj.严厉的；令人信服的；银根紧的

参考例句：

• Financiers are calling for a relaxation of these stringent measures.金融家呼吁对这些严厉的措施予以放宽。
• Some of the conditions in the contract are too stringent.合同中有几项条件太苛刻。

91 penal   

adj.刑罚的；刑法上的

参考例句：

• I hope you're familiar with penal code.我希望你们熟悉本州法律规则。
• He underwent nineteen years of penal servitude for theft.他因犯了大窃案受过十九年的苦刑。

92 continental   

adj.大陆的，大陆性的，欧洲大陆的

参考例句：

• A continental climate is different from an insular one.大陆性气候不同于岛屿气候。
• The most ancient parts of the continental crust are 4000 million years old.大陆地壳最古老的部分有40亿年历史。

93 intervention   

n.介入，干涉，干预

参考例句：

• The government's intervention in this dispute will not help.政府对这场争论的干预不会起作用。
• Many people felt he would be hostile to the idea of foreign intervention.许多人觉得他会反对外来干预。

94 illustrate   

v.举例说明，阐明；图解，加插图

参考例句：

• The company's bank statements illustrate its success.这家公司的银行报表说明了它的成功。
• This diagram will illustrate what I mean.这个图表可说明我的意思。

95 equitable   

adj.公平的；公正的

参考例句：

• This is an equitable solution to the dispute. 这是对该项争议的公正解决。
• Paying a person what he has earned is equitable. 酬其应得,乃公平之事。

96 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

97 thrift   

adj.节约，节俭；n.节俭，节约

参考例句：

• He has the virtues of thrift and hard work.他具备节俭和勤奋的美德。
• His thrift and industry speak well for his future.他的节俭和勤勉预示着他美好的未来。

98 modifications   

n.缓和( modification的名词复数 )；限制；更改；改变

参考例句：

• The engine was pulled apart for modifications and then reassembled. 发动机被拆开改型，然后再组装起来。 来自《简明英汉词典》
• The original plan had undergone fairly extensive modifications. 原计划已经作了相当大的修改。 来自《简明英汉词典》

99 strictly   

adv.严厉地，严格地；严密地

参考例句：

• His doctor is dieting him strictly.他的医生严格规定他的饮食。
• The guests were seated strictly in order of precedence.客人严格按照地位高低就座。

100 enacted   

制定（法律），通过（法案）( enact的过去式和过去分词 )

参考例句：

• legislation enacted by parliament 由议会通过的法律
• Outside in the little lobby another scene was begin enacted. 外面的小休息室里又是另一番景象。 来自英汉文学 - 嘉莉妹妹

101 outstripped   

v.做得比…更好，（在赛跑等中）超过( outstrip的过去式和过去分词 )

参考例句：

• That manufacturer outstripped all his competitors in sales last year. 那个制造商家去年的销售量超过了所有竞争对手。 来自《简明英汉词典》
• The imagination of her mother and herself had outstripped the truth. 母亲和她自己的想象力远远超过了事实。 来自辞典例句

102 specially   

adv.特定地；特殊地；明确地

参考例句：

• They are specially packaged so that they stack easily.它们经过特别包装以便于堆放。
• The machine was designed specially for demolishing old buildings.这种机器是专为拆毁旧楼房而设计的。

103 provincial   

adj.省的，地方的；n．外省人，乡下人

参考例句：

• City dwellers think country folk have provincial attitudes.城里人以为乡下人思想迂腐。
• Two leading cadres came down from the provincial capital yesterday.昨天从省里下来了两位领导干部。

104 commissioner   

n.（政府厅、局、处等部门）专员，长官，委员

参考例句：

• The commissioner has issued a warrant for her arrest.专员发出了对她的逮捕令。
• He was tapped for police commissioner.他被任命为警务处长。

105 commissioners   

n.专员( commissioner的名词复数 )；长官；委员；政府部门的长官

参考例句：

• The Commissioners of Inland Revenue control British national taxes. 国家税收委员管理英国全国的税收。 来自《简明英汉词典》
• The SEC has five commissioners who are appointed by the president. 证券交易委员会有５名委员，是由总统任命的。 来自英汉非文学 - 政府文件

106 holders   

支持物( holder的名词复数 )； 持有者； （支票等）持有人； 支托（或握持）…之物

参考例句：

• Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
• It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识，才使得死刑的提倡者指控主张废除死刑的人感情用事，同情谋杀犯胜过同情受害者。

107 auditor   

n.审计员，旁听着

参考例句：

• The auditor was required to produce his working papers.那个审计员被要求提供其工作底稿。
• The auditor examines the accounts of all county officers and departments.审计员查对所有县官员及各部门的帐目。

108 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

109 subsidy   

n.补助金，津贴

参考例句：

• The university will receive a subsidy for research in artificial intelligence.那个大学将得到一笔人工智能研究的补助费。
• The living subsidy for senior expert's family is included in the remuneration.报酬已包含高级专家家人的生活补贴。

110 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

111 treasuries   

n.（政府的）财政部( treasury的名词复数 )；国库，金库

参考例句：

• Yields on Treasuries, Bunds and gilts can remain at historically low levels. 美国国债、德国国债和英国国债的收益率仍然可以维持在历史低位。 来自互联网
• Treasuries and gold rose in response but the dollar fell sharply. 接着，国债和黄金的价格上涨，而美元价格则猛跌。 来自互联网

112 registration   

n.登记，注册，挂号

参考例句：

• Marriage without registration is not recognized by law.法律不承认未登记的婚姻。
• What's your registration number?你挂的是几号？

113 exempt   

adj.免除的；v.使免除；n.免税者，被免除义务者

参考例句：

• These goods are exempt from customs duties.这些货物免征关税。
• He is exempt from punishment about this thing.关于此事对他已免于处分。

114 purging   

清洗； 清除； 净化； 洗炉

参考例句：

• You learned the dry-mouthed, fear-purged, purging ecstasy of battle. 你体会到战斗中那种使人嘴巴发干的，战胜了恐惧并排除其他杂念的狂喜。
• Purging databases, configuring, and making other exceptional requests might fall into this category. 比如清空数据库、配置，以及其他特别的请求等都属于这个类别。 来自About Face 3交互设计精髓

115 garnished   

v.给（上餐桌的食物）加装饰( garnish的过去式和过去分词 )

参考例句：

• Her robes were garnished with gems. 她的礼服上装饰着宝石。 来自《简明英汉词典》
• Serve the dish garnished with wedges of lime. 给这道菜配上几角酸橙。 来自《简明英汉词典》

116 violation   

n.违反(行为)，违背(行为)，侵犯

参考例句：

• He roared that was a violation of the rules.他大声说，那是违反规则的。
• He was fined 200 dollars for violation of traffic regulation.他因违反交通规则被罚款200美元。

117 deteriorates   

恶化，变坏( deteriorate的第三人称单数 )

参考例句：

• After a few years' planting, the quality of the potato crop deteriorates. 土豆种了几年之后就会退化。
• Virus activity deteriorates in plasma stored at room temperature. 在室温下储藏的血浆中病毒活动逐渐衰退。

118 attachment   

n.附属物，附件；依恋；依附

参考例句：

• She has a great attachment to her sister.她十分依恋她的姐姐。
• She's on attachment to the Ministry of Defense.她现在隶属于国防部。

119 auction   

n.拍卖；拍卖会；vt.拍卖

参考例句：

• They've put the contents of their house up for auction.他们把房子里的东西全都拿去拍卖了。
• They bought a new minibus with the proceeds from the auction.他们用拍卖得来的钱买了一辆新面包车。

120 notary   

n.公证人，公证员

参考例句：

• She is the town clerk and a certified public accountant and notary public.她身兼城镇文书、执业会计师和公证人数职。
• That notary is authorised to perform the certain legal functions.公证人被授权执行某些法律职能。

121 adverse   

adj.不利的；有害的；敌对的，不友好的

参考例句：

• He is adverse to going abroad.他反对出国。
• The improper use of medicine could lead to severe adverse reactions.用药不当会产生严重的不良反应。

122 fully   

adv.完全地，全部地，彻底地；充分地

参考例句：

• The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
• They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。

123 transacts   

v.办理（业务等）( transact的第三人称单数 )；交易，谈判

参考例句：

• He transacts business with a large number of stores. 他与很多商店进行交易。 来自辞典例句
• He transacts business with stores all over the country. 他与全国各地的商店做交易。 来自互联网

124 liens   

n.留置权，扣押权( lien的名词复数 )

参考例句：

• Car les liens économiques n'ont jamais été aussi forts. 因为经济纽带从来没有如此强大。 来自互联网
• Chapter XI Procedures for Publicizing Notice for Assertion of Maritime Liens. 第十一章船舶优先权催告程序。 来自互联网

125 durable   

adj.持久的，耐久的

参考例句：

• This raincoat is made of very durable material.这件雨衣是用非常耐用的料子做的。
• They frequently require more major durable purchases.他们经常需要购买耐用消费品。

126 quarries   

n.（采）石场( quarry的名词复数 )；猎物（指鸟，兽等）；方形石；（格窗等的）方形玻璃v.从采石场采得( quarry的第三人称单数 )；从（书本等中）努力发掘（资料等）；在采石场采石

参考例句：

• This window was filled with old painted glass in quarries. 这窗户是由旧日的彩色菱形玻璃装配的。 来自《简明英汉词典》
• They hewed out the stones for the building from nearby quarries. 他们从邻近的采石场开凿出石头供建造那栋房子用。 来自辞典例句

127 orchards   

（通常指围起来的）果园( orchard的名词复数 )

参考例句：

• They turned the hills into orchards and plains into granaries. 他们把山坡变成了果园，把平地变成了粮仓。
• Some of the new planted apple orchards have also begun to bear. 有些新开的苹果园也开始结苹果了。

128 plantation   

n.种植园，大农场

参考例句：

• His father-in-law is a plantation manager.他岳父是个种植园经营者。
• The plantation owner has possessed himself of a vast piece of land.这个种植园主把大片土地占为己有。

129 plantations   

n.种植园，大农场( plantation的名词复数 )

参考例句：

• Soon great plantations, supported by slave labor, made some families very wealthy. 不久之后出现了依靠奴隶劳动的大庄园，使一些家庭成了富豪。 来自英汉非文学 - 政府文件
• Winterborne's contract was completed, and the plantations were deserted. 维恩特波恩的合同完成后，那片林地变得荒废了。 来自辞典例句

130 bind   

vt.捆，包扎；装订；约束；使凝固；vi.变硬

参考例句：

• I will let the waiter bind up the parcel for you.我让服务生帮你把包裹包起来。
• He wants a shirt that does not bind him.他要一件不使他觉得过紧的衬衫。

131 standing   

n.持续，地位；adj.永久的，不动的，直立的，不流动的

参考例句：

• After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
• They're standing out against any change in the law.他们坚决反对对法律做任何修改。

132 obligatory   

adj.强制性的，义务的，必须的

参考例句：

• It is obligatory for us to obey the laws.我们必须守法。
• It is obligatory on every citizen to safeguard our great motherland.保卫我们伟大的祖国是每一个公民应尽的义务。

133 statutes   

成文法( statute的名词复数 )； 法令； 法规； 章程

参考例句：

• The numerous existing statutes are complicated and poorly coordinated. 目前繁多的法令既十分复杂又缺乏快调。 来自英汉非文学 - 环境法 - 环境法
• Each agency is also restricted by the particular statutes governing its activities. 各个机构的行为也受具体法令限制。 来自英汉非文学 - 环境法 - 环境法

134 arrears   

n.到期未付之债，拖欠的款项；待做的工作

参考例句：

• The payments on that car loan are in arrears by three months.购车贷款的偿付被拖欠了三个月。
• They are urgent for payment of arrears of wages.他们催讨拖欠的工钱。

135 fulfill   

vt.履行，实现，完成；满足，使满意

参考例句：

• If you make a promise you should fulfill it.如果你许诺了，你就要履行你的诺言。
• This company should be able to fulfill our requirements.这家公司应该能够满足我们的要求。

136 countersigns   

v.连署，副署，会签 （文件）( countersign的第三人称单数 )

参考例句：

137 auditors   

n.审计员，稽核员( auditor的名词复数 )；（大学课程的）旁听生

参考例句：

• The company has been in litigation with its previous auditors for a full year. 那家公司与前任审计员已打了整整一年的官司。
• a meeting to discuss the annual accounts and the auditors' report thereon 讨论年度报表及其审计报告的会议

138 administrative   

adj.行政的，管理的

参考例句：

• The administrative burden must be lifted from local government.必须解除地方政府的行政负担。
• He regarded all these administrative details as beneath his notice.他认为行政管理上的这些琐事都不值一顾。

139 guardians   

监护人( guardian的名词复数 )； 保护者，维护者

参考例句：

• Farmers should be guardians of the countryside. 农民应是乡村的保卫者。
• The police are guardians of law and order. 警察是法律和秩序的护卫者。

140 shareholder   

n.股东，股票持有人

参考例句：

• The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
• A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。

141 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

142 quorum   

n.法定人数

参考例句：

• The meeting is adjourned since there is no quorum.因为没有法定人数会议休会。
• Three members shall constitute a quorum.三名成员可组成法定人数。

143 proxy   

n.代理权，代表权；（对代理人的）委托书；代理人

参考例句：

• You may appoint a proxy to vote for you.你可以委托他人代你投票。
• We enclose a form of proxy for use at the Annual General Meeting.我们附上委任年度大会代表的表格。

144 amendment   

n.改正，修正，改善，修正案

参考例句：

• The amendment was rejected by 207 voters to 143.这项修正案以207票对143票被否决。
• The Opposition has tabled an amendment to the bill.反对党已经就该议案提交了一项修正条款。

145 authorized   

a.委任的，许可的

参考例句：

• An administrative order is valid if authorized by a statute.如果一个行政命令得到一个法规的认可那么这个命令就是有效的。

146 vaults   

n.拱顶( vault的名词复数 )；地下室；撑物跳高；墓穴

参考例句：

• It was deposited in the vaults of a bank. 它存在一家银行的保险库里。 来自《简明英汉词典》
• They think of viruses that infect an organization from the outside.They envision hackers breaking into their information vaults. 他们考虑来自外部的感染公司的病毒，他们设想黑客侵入到信息宝库中。 来自《简明英汉词典》

147 amortizing   

v.分期偿还（债务）( amortize的现在分词 )

参考例句：

• The straight-line method normally is used for amortizing intangible assets. 摊销无形资产通常用直线折旧法。 来自互联网
• For an amortizing transaction, the amount will be listed in an amortization schedule. 为偿还交易，金额将列入一份摊销时间表。 来自互联网

148 insignificant   

adj.无关紧要的，可忽略的，无意义的

参考例句：

• In winter the effect was found to be insignificant.在冬季，这种作用是不明显的。
• This problem was insignificant compared to others she faced.这一问题与她面临的其他问题比较起来算不得什么。

149 renown   

n.声誉，名望

参考例句：

• His renown has spread throughout the country.他的名声已传遍全国。
• She used to be a singer of some renown.她曾是位小有名气的歌手。

150 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

151 redeemed   

adj. 可赎回的，可救赎的 动词redeem的过去式和过去分词形式

参考例句：

• She has redeemed her pawned jewellery. 她赎回了当掉的珠宝。
• He redeemed his watch from the pawnbroker's. 他从当铺赎回手表。

152 synchronously   

ad.同时地

参考例句：

• Both numbers may slide synchronously in opposite directions. 两数可以同步地向相反方向移位。
• The strong suction motor can synchronously pump the water. 双刷盘设计，清洗效果更强，强劲吸水电机同步抽走污水。

153 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

154 maturity   

n.成熟；完成；(支票、债券等)到期

参考例句：

• These plants ought to reach maturity after five years.这些植物五年后就该长成了。
• This is the period at which the body attains maturity.这是身体发育成熟的时期。

155 lottery   

n.抽彩；碰运气的事，难于算计的事

参考例句：

• He won no less than ￡5000 in the lottery.他居然中了5000英镑的奖券。
• They thought themselves lucky in the lottery of life.他们认为自己是变幻莫测的人生中的幸运者。

156 judicial   

adj.司法的，法庭的，审判的，明断的，公正的

参考例句：

• He is a man with a judicial mind.他是个公正的人。
• Tom takes judicial proceedings against his father.汤姆对他的父亲正式提出诉讼。

157 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

158 peculiarities   

n. 特质, 特性, 怪癖, 古怪

参考例句：

• the cultural peculiarities of the English 英国人的文化特点
• He used to mimic speech peculiarities of another. 他过去总是模仿别人讲话的特点。

159 dependence   

n.依靠，依赖；信任，信赖；隶属

参考例句：

• Doctors keep trying to break her dependence of the drug.医生们尽力使她戒除毒瘾。
• He was freed from financial dependence on his parents.他在经济上摆脱了对父母的依赖。

160 solely   

adv.仅仅，唯一地

参考例句：

• Success should not be measured solely by educational achievement.成功与否不应只用学业成绩来衡量。
• The town depends almost solely on the tourist trade.这座城市几乎完全靠旅游业维持。

161 judgment   

n.审判；判断力，识别力，看法，意见

参考例句：

• The chairman flatters himself on his judgment of people.主席自认为他审视人比别人高明。
• He's a man of excellent judgment.他眼力过人。

162 lessening   

减轻，减少，变小

参考例句：

• So however much he earned, she spent it, her demands growing and lessening with his income. 祥子挣多少，她花多少，她的要求随着他的钱涨落。 来自汉英文学 - 骆驼祥子
• The talks have resulted in a lessening of suspicion. 谈话消减了彼此的怀疑。

163 incurred   

[医]招致的，遭受的； incur的过去式

参考例句：

• She had incurred the wrath of her father by marrying without his consent 她未经父亲同意就结婚，使父亲震怒。
• We will reimburse any expenses incurred. 我们将付还所有相关费用。

164 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。

165 deserted   

adj.荒芜的，荒废的，无人的，被遗弃的

参考例句：

• The deserted village was filled with a deathly silence.这个荒废的村庄死一般的寂静。
• The enemy chieftain was opposed and deserted by his followers.敌人头目众叛亲离。

166 literally   

adv.照字面意义，逐字地；确实

参考例句：

• He translated the passage literally.他逐字逐句地翻译这段文字。
• Sometimes she would not sit down till she was literally faint.有时候，她不走到真正要昏厥了，决不肯坐下来。

167 perversion   

n.曲解；堕落；反常

参考例句：

• In its most general sense,corruption means the perversion or abandonment.就其最一般的意义上说，舞弊就是堕落，就是背离准则。
• Her account was a perversion of the truth.她所讲的歪曲了事实。

168 imbued   

v.使（某人/某事）充满或激起（感情等）( imbue的过去式和过去分词 )；使充满；灌输；激发（强烈感情或品质等）

参考例句：

• Her voice was imbued with an unusual seriousness. 她的声音里充满着一种不寻常的严肃语气。
• These cultivated individuals have been imbued with a sense of social purpose. 这些有教养的人满怀着社会责任感。 来自《简明英汉词典》

169 sparsely   

adv.稀疏地；稀少地；不足地；贫乏地

参考例句：

• Relative to the size, the city is sparsely populated. 与其面积相比，这个城市的人口是稀少的。 来自《简明英汉词典》
• The ground was sparsely covered with grass. 地面上稀疏地覆盖草丛。 来自《简明英汉词典》

170 impoverished   

adj.穷困的，无力的，用尽了的v.使（某人）贫穷( impoverish的过去式和过去分词 )；使（某物）贫瘠或恶化

参考例句：

• the impoverished areas of the city 这个城市的贫民区
• They were impoverished by a prolonged spell of unemployment. 他们因长期失业而一贫如洗。 来自《简明英汉词典》

171 partnership   

n.合作关系，伙伴关系

参考例句：

• The company has gone into partnership with Swiss Bank Corporation.这家公司已经和瑞士银行公司建立合作关系。
• Martin has taken him into general partnership in his company.马丁已让他成为公司的普通合伙人。

172 followers   

追随者( follower的名词复数 )； 用户； 契据的附面； 从动件

参考例句：

• the followers of Mahatma Gandhi 圣雄甘地的拥护者
• The reformer soon gathered a band of followers round him. 改革者很快就获得一群追随者支持他。

173 nominal   

adj.名义上的；(金额、租金)微不足道的

参考例句：

• The king was only the nominal head of the state. 国王只是这个国家名义上的元首。
• The charge of the box lunch was nominal.午餐盒饭收费很少。

174 abound   

vi.大量存在；(in，with)充满，富于

参考例句：

• Oranges abound here all the year round.这里一年到头都有很多橙子。
• But problems abound in the management of State-owned companies.但是在国有企业的管理中仍然存在不少问题。

175 usury   

n.高利贷

参考例句：

• The interest of usury is unfairly high.高利贷的利息惊人得高。
• He used to practise usury frequently.他过去经常放高利贷。

176 banished   

v.放逐，驱逐( banish的过去式和过去分词 )

参考例句：

• He was banished to Australia, where he died five years later. 他被流放到澳大利亚，五年后在那里去世。
• He was banished to an uninhabited island for a year. 他被放逐到一个无人居住的荒岛一年。 来自《简明英汉词典》

177 sterile   

adj.不毛的，不孕的，无菌的，枯燥的，贫瘠的

参考例句：

• This top fits over the bottle and keeps the teat sterile.这个盖子严实地盖在奶瓶上，保持奶嘴无菌。
• The farmers turned the sterile land into high fields.农民们把不毛之地变成了高产田。

178 stimulated   

a.刺激的

参考例句：

• The exhibition has stimulated interest in her work. 展览增进了人们对她作品的兴趣。
• The award has stimulated her into working still harder. 奖金促使她更加努力地工作。

179 overdrawn   

透支( overdraw的过去分词 )； (overdraw的过去分词)

参考例句：

• The characters in this novel are rather overdrawn. 这本小说中的人物描写得有些夸张。
• His account of the bank robbery is somewhat overdrawn. 他对银行抢案的叙述有些夸张。

180 hoarded   

v.积蓄并储藏（某物）( hoard的过去式和过去分词 )

参考例句：

• It owned great properties and often hoarded huge treasures. 它拥有庞大的财产，同时往往窖藏巨额的财宝。 来自辞典例句
• Sylvia among them, good-naturedly applaud so much long-hoarded treasure of useless knowing. 西尔维亚也在他们中间，为那些长期珍藏的无用知识，友好地、起劲地鼓掌。 来自互联网

181 turnover   

n.人员流动率，人事变动率；营业额，成交量

参考例句：

• The store greatly reduced the prices to make a quick turnover.这家商店实行大减价以迅速周转资金。
• Our turnover actually increased last year.去年我们的营业额竟然增加了。

182 incorporation   

n.设立，合并，法人组织

参考例句：

• The incorporation of air bubbles in the glass spoiled it.玻璃含有气泡，使它质量降低。
• The company will be retooled after the incorporation.合并之后的公司要进行重组。

183 applicant   

n.申请人，求职者，请求者

参考例句：

• He was the hundredth applicant for the job. 他是第100个申请这项工作的人。
• In my estimation, the applicant is well qualified for this job. 据我看, 这位应征者完全具备这项工作的条件。

184 rigidly   

adv.刻板地，僵化地

参考例句：

• Life today is rigidly compartmentalized into work and leisure. 当今的生活被严格划分为工作和休闲两部分。
• The curriculum is rigidly prescribed from an early age. 自儿童时起即已开始有严格的课程设置。

185 improvident   

adj.不顾将来的，不节俭的，无远见的

参考例句：

• Her improvident speech at the meeting has set a stone rolling.她在会上的发言缺乏远见，已产生严重后果。
• He must bear the consequences of his improvident action.他必须对自己挥霍浪费所造成的后果负责。

186 panacea   

n.万灵药；治百病的灵药

参考例句：

• Western aid may help but will not be a panacea. 西方援助可能会有所帮助，但并非灵丹妙药。
• There's no single panacea for the country's economic ills. 国家经济弊病百出,并无万灵药可以医治。

187 beset   

v.镶嵌；困扰，包围

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• The plan was beset with difficulties from the beginning.这项计划自开始就困难重重。

188 folly   

n.愚笨，愚蠢，蠢事，蠢行，傻话

参考例句：

• Learn wisdom by the folly of others.从别人的愚蠢行动中学到智慧。
• Events proved the folly of such calculations.事情的进展证明了这种估计是愚蠢的。

189 considerably   

adv.极大地；相当大地；在很大程度上

参考例句：

• The economic situation has changed considerably.经济形势已发生了相当大的变化。
• The gap has narrowed considerably.分歧大大缩小了。

190 turnovers   

n.营业额( turnover的名词复数 )；失误（篮球术语）；职工流动率；（商店的）货物周转率

参考例句：

• However, one other thing we continue to have issues with are turnovers. 然而，另外一件我们仍然存在的问题就是失误。 来自互联网
• The Shanghai team took advantage of a slew of Jiangxi turnovers. 上海队利用江西队的频繁失球占了上风。 来自互联网

191 cardinal   

n.(天主教的)红衣主教；adj.首要的，基本的

参考例句：

• This is a matter of cardinal significance.这是非常重要的事。
• The Cardinal coloured with vexation. 红衣主教感到恼火，脸涨得通红。

192 irreconcilably   

（观点、目标或争议）不可调和的，不相容的

参考例句：

• This view is irreconcilable with common sense. 这个观点有悖于常识。
• These practices are irreconcilable with the law of the Church. 这种做法与教规是相悖的。

193 chattel   

n.动产；奴隶

参考例句：

• They were slaves,to be bought and sold as chattels.他们是奴隶，将被作为财产买卖。
• A house is not a chattel.房子不是动产。

194 perishable   

adj.（尤指食物）易腐的，易坏的

参考例句：

• Many fresh foods are highly perishable.许多新鲜食物都极易腐败。
• Fruits are perishable in transit.水果在运送时容易腐烂。

195 thereby   

adv.因此，从而

参考例句：

• I have never been to that city,,ereby I don't know much about it.我从未去过那座城市，因此对它不怎么熟悉。
• He became a British citizen,thereby gaining the right to vote.他成了英国公民，因而得到了投票权。

196 lasting   

adj.永久的，永恒的；vbl.持续，维持

参考例句：

• The lasting war debased the value of the dollar.持久的战争使美元贬值。
• We hope for a lasting settlement of all these troubles.我们希望这些纠纷能获得永久的解决。

197 interfere   

v.(in)干涉，干预；(with)妨碍，打扰

参考例句：

• If we interfere, it may do more harm than good.如果我们干预的话，可能弊多利少。
• When others interfere in the affair,it always makes troubles. 别人一卷入这一事件，棘手的事情就来了。

198 retard   

n.阻止，延迟；vt.妨碍，延迟，使减速

参考例句：

• Lack of sunlight will retard the growth of most plants.缺乏阳光会妨碍大多数植物的生长。
• Continuing violence will retard negotiations over the country's future.持续不断的暴力活动会阻碍关系到国家未来的谈判的进行。

199 biding   

v.等待，停留( bide的现在分词 )；居住；（过去式用bided）等待；面临

参考例句：

• He was biding his time. 他正在等待时机。 来自辞典例句
• Applications:used in carbide alloy, diamond tools, biding admixture, high-temperature alloy, rechargeable cell. 用作硬质合金，磁性材料，金刚石工具，高温合金，可充电池等。 来自互联网

200 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

201 jibes   

n.与…一致( jibe的名词复数 )；（与…）相符；相匹配v.与…一致( jibe的第三人称单数 )；（与…）相符；相匹配

参考例句：

• He made several cheap jibes at his opponent during the interview. 在采访中他好几次对他的对手粗俗地加以嘲讽。
• The report jibes with the facts. 报告与事实相符。 来自辞典例句

202 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

203 notably   

adv.值得注意地，显著地，尤其地，特别地

参考例句：

• Many students were absent,notably the monitor.许多学生缺席，特别是连班长也没来。
• A notably short,silver-haired man,he plays basketball with his staff several times a week.他个子明显较为矮小，一头银发，每周都会和他的员工一起打几次篮球。

204 boon   

n.恩赐，恩物，恩惠

参考例句：

• A car is a real boon when you live in the country.在郊外居住，有辆汽车确实极为方便。
• These machines have proved a real boon to disabled people.事实证明这些机器让残疾人受益匪浅。

205 insidious   

adj.阴险的，隐匿的，暗中为害的，（疾病）不知不觉之间加剧

参考例句：

• That insidious man bad-mouthed me to almost everyone else.那个阴险的家伙几乎见人便说我的坏话。
• Organized crime has an insidious influence on all who come into contact with it.所有和集团犯罪有关的人都会不知不觉地受坏影响。

206 federation   

n.同盟，联邦，联合，联盟，联合会

参考例句：

• It is a federation of 10 regional unions.它是由十个地方工会结合成的联合会。
• Mr.Putin was inaugurated as the President of the Russian Federation.普京正式就任俄罗斯联邦总统。

207 wholesale   

n.批发；adv.以批发方式；vt.批发，成批出售

参考例句：

• The retail dealer buys at wholesale and sells at retail.零售商批发购进货物，以零售价卖出。
• Such shoes usually wholesale for much less.这种鞋批发出售通常要便宜得多。

208 amalgamate   

v.(指业务等)合并，混合

参考例句：

• Their company is planning to amalgamate with ours.他们公司正计划同我们公司合并。
• The unions will attempt to amalgamate their groups into one national body.工会将试图合并其群体纳入一个国家机构。

209 scotch   

n.伤口，刻痕；苏格兰威士忌酒；v.粉碎，消灭，阻止；adj.苏格兰(人)的

参考例句：

• Facts will eventually scotch these rumours.这种谣言在事实面前将不攻自破。
• Italy was full of fine views and virtually empty of Scotch whiskey.意大利多的是美景，真正缺的是苏格兰威士忌。

210 constituent   

n.选民；成分，组分；adj.组成的，构成的

参考例句：

• Sugar is the main constituent of candy.食糖是糖果的主要成分。
• Fibre is a natural constituent of a healthy diet.纤维是健康饮食的天然组成部分。

211 binds   

v.约束( bind的第三人称单数 )；装订；捆绑；（用长布条）缠绕

参考例句：

• Frost binds the soil. 霜使土壤凝结。 来自《简明英汉词典》
• Stones and cement binds strongly. 石头和水泥凝固得很牢。 来自《简明英汉词典》

212 founders   

n.创始人( founder的名词复数 )

参考例句：

• He was one of the founders of the university's medical faculty. 他是该大学医学院的创建人之一。 来自辞典例句
• The founders of our religion made this a cornerstone of morality. 我们宗教的创始人把这看作是道德的基石。 来自辞典例句

213 pickle   

n.腌汁，泡菜；v.腌，泡

参考例句：

• Mother used to pickle onions.妈妈过去常腌制洋葱。
• Meat can be preserved in pickle.肉可以保存在卤水里。

214 pickles   

n.腌菜( pickle的名词复数 )；处于困境；遇到麻烦；菜酱

参考例句：

• Most people eat pickles at breakfast. 大多数人早餐吃腌菜。 来自《简明英汉词典》
• I want their pickles and wines, and that.' 我要他们的泡菜、美酒和所有其他东西。” 来自英汉文学 - 金银岛

215 starch   

n.淀粉；vt.给...上浆

参考例句：

• Corn starch is used as a thickener in stews.玉米淀粉在炖煮菜肴中被用作增稠剂。
• I think there's too much starch in their diet.我看是他们的饮食里淀粉太多了。

216 woolens   

毛织品，毛料织物； 毛织品，羊毛织物，毛料衣服( woolen的名词复数 )

参考例句：

• This is a good fabric softener for woolens. 这是一种很好的羊毛织物柔软剂。
• They are rather keen on your new-type woolens. 他们对你的新型毛织品颇感兴趣。

217 palatial   

adj.宫殿般的，宏伟的

参考例句：

• Palatial office buildings are being constructed in the city.那个城市正在兴建一些宫殿式办公大楼。
• He bought a palatial house.他买了套富丽堂皇的大房子。

218 warehouse   

n.仓库；vt.存入仓库

参考例句：

• We freighted the goods to the warehouse by truck.我们用卡车把货物运到仓库。
• The manager wants to clear off the old stocks in the warehouse.经理想把仓库里积压的存货处理掉。

219 warehouses   

仓库，货栈( warehouse的名词复数 )

参考例句：

• The whisky was taken to bonded warehouses at Port Dundee. 威士忌酒已送到邓迪港的保稅仓库。
• Row upon row of newly built warehouses line the waterfront. 江岸新建的仓库鳞次栉比。

220 federations   

n.联邦( federation的名词复数 )；同盟；联盟；联合会

参考例句：

• These problems are women's special problems and special work of women's federations. 这样的问题，就是妇女的特殊问题，就是妇联的特殊工作。 来自互联网
• The Bridge Federate is a feasible solution to achieve multi-federations interconnection. 基于桥接成员实现多联邦互连是目前较为通用和可行的方法。 来自互联网

221 socialist   

n.社会主义者；adj.社会主义的

参考例句：

• China is a socialist country,and a developing country as well.中国是一个社会主义国家，也是一个发展中国家。
• His father was an ardent socialist.他父亲是一个热情的社会主义者。

222 stationary   

adj.固定的，静止不动的

参考例句：

• A stationary object is easy to be aimed at.一个静止不动的物体是容易瞄准的。
• Wait until the bus is stationary before you get off.你要等公共汽车停稳了再下车。

223 baker   

n.面包师

参考例句：

• The baker bakes his bread in the bakery.面包师在面包房内烤面包。
• The baker frosted the cake with a mixture of sugar and whites of eggs.面包师在蛋糕上撒了一层白糖和蛋清的混合料。

224 situated   

adj.坐落在...的，处于某种境地的

参考例句：

• The village is situated at the margin of a forest.村子位于森林的边缘。
• She is awkwardly situated.她的处境困难。

225 rental   

n.租赁，出租，出租业

参考例句：

• The yearly rental of her house is 2400 yuan.她这房子年租金是2400元。
• We can organise car rental from Chicago O'Hare Airport.我们可以安排提供从芝加哥奥黑尔机场出发的租车服务。

226 spurt   

v.喷出；突然进发；突然兴隆

参考例句：

• He put in a spurt at the beginning of the eighth lap.他进入第八圈时便开始冲刺。
• After a silence, Molly let her anger spurt out.沉默了一会儿，莫莉的怒气便迸发了出来。

227 actively   

adv.积极地，勤奋地

参考例句：

• During this period all the students were actively participating.在这节课中所有的学生都积极参加。
• We are actively intervening to settle a quarrel.我们正在积极调解争执。

228 illiteracy   

n.文盲

参考例句：

• It is encouraging to read that illiteracy is declining.从读报中了解文盲情况正在好转，这是令人鼓舞的。
• We must do away with illiteracy.我们必须扫除文盲。

229 abject   

adj.极可怜的，卑屈的

参考例句：

• This policy has turned out to be an abject failure.这一政策最后以惨败而告终。
• He had been obliged to offer an abject apology to Mr.Alleyne for his impertinence.他不得不低声下气，为他的无礼举动向艾莱恩先生请罪。

230 peddled   

（沿街）叫卖( peddle的过去式和过去分词 )； 兜售； 宣传； 散播

参考例句：

• He has peddled the myth that he is supporting the local population. 他散布说他支持当地群众。
• The farmer peddled his fruit from house to house. 那个农民挨家挨户兜售他的水果。

231 brotherhood   

n.兄弟般的关系，手中情谊

参考例句：

• They broke up the brotherhood.他们断绝了兄弟关系。
• They live and work together in complete equality and brotherhood.他们完全平等和兄弟般地在一起生活和工作。

232 looms   

n.织布机( loom的名词复数 )v.隐约出现，阴森地逼近( loom的第三人称单数 )；隐约出现，阴森地逼近

参考例句：

• All were busily engaged,men at their ploughs,women at their looms. 大家都很忙，男的耕田，女的织布。 来自《简明英汉词典》
• The factory has twenty-five looms. 那家工厂有25台织布机。 来自《简明英汉词典》

233 animated   

adj.生气勃勃的，活跃的，愉快的

参考例句：

• His observations gave rise to an animated and lively discussion.他的言论引起了一场气氛热烈而活跃的讨论。
• We had an animated discussion over current events last evening.昨天晚上我们热烈地讨论时事。

234 diminutive   

adj.小巧可爱的，小的

参考例句：

• Despite its diminutive size,the car is quite comfortable.尽管这辆车很小，但相当舒服。
• She has diminutive hands for an adult.作为一个成年人，她的手显得非常小。

235 ethically   

adv.在伦理上，道德上

参考例句：

• Ethically , we have nothing to be ashamed about . 从伦理上说，我们没有什么好羞愧的。
• Describe the appropriate action to take in an ethically ambiguous situation. 描述适当行为采取在一个道德地模棱两可的情况。

236 ethical   

adj.伦理的，道德的，合乎道德的

参考例句：

• It is necessary to get the youth to have a high ethical concept.必须使青年具有高度的道德观念。
• It was a debate which aroused fervent ethical arguments.那是一场引发强烈的伦理道德争论的辩论。

237 bully   

n.恃强欺弱者，小流氓；vt.威胁，欺侮

参考例句：

• A bully is always a coward.暴汉常是懦夫。
• The boy gave the bully a pelt on the back with a pebble.那男孩用石子掷击小流氓的背脊。

238 incarcerate   

v.监禁，禁闭

参考例句：

• Why do you incarcerate yourself in the room every afternoon?你为何每天下午将自己关在房间里？
• Many people think that it is wrong to incarcerate criminals in confined quarters for as long as thirty years.很多人认为把罪犯监禁在禁闭营里达30年之久是不对的。

239 bullies   

n.欺凌弱小者, 开球 vt.恐吓, 威胁, 欺负

参考例句：

• Standing up to bullies takes plenty of backbone. 勇敢地对付暴徒需有大无畏精神。
• Bullies can make your life hell. 恃强欺弱者能让你的日子像活地狱。

240 dungeon   

n.地牢，土牢

参考例句：

• They were driven into a dark dungeon.他们被人驱赶进入一个黑暗的地牢。
• He was just set free from a dungeon a few days ago.几天前，他刚从土牢里被放出来。

241 paramount   

a.最重要的，最高权力的

参考例句：

• My paramount object is to save the Union and destroy slavery.我的最高目标是拯救美国，摧毁奴隶制度。
• Nitrogen is of paramount importance to life on earth.氮对地球上的生命至关重要。

242 undue   

adj.过分的；不适当的；未到期的

参考例句：

• Don't treat the matter with undue haste.不要过急地处理此事。
• It would be wise not to give undue importance to his criticisms.最好不要过分看重他的批评。

243 concoct   

v.调合，制造

参考例句：

• I gave her a tip on how to concoct a new kind of soup.我教她配制一种新汤的诀窍。
• I began to concoct explanations of my own.我开始思考自己的解释。

244 prophesy   

v.预言；预示

参考例句：

• He dares to prophesy what will happen in the future.他敢预言未来将发生什么事。
• I prophesy that he'll be back in the old job.我预言他将重操旧业。

245 taxation   

n.征税，税收，税金

参考例句：

• He made a number of simplifications in the taxation system.他在税制上作了一些简化。
• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。

246 injustice   

n.非正义，不公正，不公平，侵犯（别人的）权利

参考例句：

• They complained of injustice in the way they had been treated.他们抱怨受到不公平的对待。
• All his life he has been struggling against injustice.他一生都在与不公正现象作斗争。

247 adjournment   

休会； 延期； 休会期； 休庭期

参考例句：

• The adjournment of the case lasted for two weeks. 该案休庭期为两周。
• The solicitor moved for an adjournment of the case. 律师请求将这个案件的诉讼延期。