2014年6月英語(yǔ)四級(jí)翻譯練習(xí)：投機(jī)

　　請(qǐng)將下面這段話(huà)翻譯成英文：

　　既然投機(jī)有很大的帶來(lái)?yè)p失的風(fēng)險(xiǎn)，我們可能要問(wèn)為什么還會(huì)允許進(jìn)行投機(jī)呢。根本原因在于投機(jī)能在經(jīng)濟(jì)發(fā)展中發(fā)揮有益的功能。由于相信價(jià)格會(huì)上漲從而買(mǎi)商品或期貨加快了市場(chǎng)均衡，并能鼓勵(lì)更多的供應(yīng)商更快地進(jìn)入市場(chǎng)。如果價(jià)格變化滯后到商品短缺真正出現(xiàn)時(shí)才發(fā)生，那么價(jià)格波動(dòng)很可能更為劇烈、突然。采取補(bǔ)救措施增加供應(yīng)將刻不容緩。類(lèi)似的，如果投機(jī)者預(yù)見(jiàn)到某商品將過(guò)剩，他們就會(huì)賣(mài)出期貨，這樣做有助于在過(guò)剩真正發(fā)生之前在一定程度上降低價(jià)格。而當(dāng)投機(jī)者預(yù)見(jiàn)到將會(huì)出現(xiàn)短缺的時(shí)候，就會(huì)哄抬物價(jià)，這樣做也有助于保存當(dāng)前的供給。物價(jià)上漲時(shí)，商品購(gòu)買(mǎi)量就會(huì)變少，因?yàn)閮r(jià)格上漲將促使消費(fèi)者節(jié)約。同樣的，物價(jià)下跌將促使消費(fèi)者增加購(gòu)買(mǎi)，這樣就有助于將正在增加的過(guò)剩商品出售出去。

　　參考譯文：

　　One might ask why speculation is permitted when there is so real a danger of loss. The basic reason is that speculation can perform useful functions in the market equilibrium and encourages faster entry of more suppliers. If the price change lagged until after an actual commodity shortage had occurred, the fluctuation would probably be sharper and more sudden. Remedial supply action could not be further delayed. Similarly, if speculators foresee a surplus in some commodity, their selling of futures will help drive the price down to some extent before the surplus actually occurs. When speculators foresee a shortage and bid up the price, they are also helping to conserve the present supply. As the price goes up, less of the commodity is purchased; a rise in price encourages users to economize. Similarly, a lowering of price encourages users to buy more, thus helping to sell the surplus which is developing.