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1 distinction
dɪsˈtɪŋkʃən сущ.
1) различение, распознавание;
выделение, разграничение without distinction as to race, sex, or religion ≈ без разграничения рас, пола или религиозных убеждений Syn: differentiation, discrimination, distinguishing, discerning
2) отличие, различие all without distinction ≈ все без различия, без исключения clear-cut distinction ≈ явное различие dubious distinction ≈ сомнительное различие fine distinction, subtle distinction ≈ тонкое различие the distinction between 'imply' and 'infer' ≈ различие между 'imply' и 'infer' The jugglery of words was never more successful than in this distinction without a difference. ≈ Жонглирование словами никогда не приносило большего успеха, чем при этом кажущемся различии. draw a distinction make a distinction blur a distinction Syn: difference
1.
3) отличительная признак, отличительная особенность regional distinctions ≈ региональные особенности enjoy a distinction have a distinction hold a distinction
4) уважение, признание, почтительное отношение;
знак отличия, награда Some were beheaded with the sword, - a distinction reserved for persons of condition. ≈ Некоторые были обезглавлены с помощью меча - почесть, предназначенная для людей высокого положения. He won many distinctions. ≈ Он получил много наград.
5) а) известность, популярность a politician of some distinction ≈ политик, обладающий определенной популярностью б) высокие качества, исключительность The book has more quality and distinction than four-fifths of the novels which come under our notice. ≈ Эта книга обладала высоким качеством и исключительностью, которых были лишены четыре пятых всех привлекших наше внимание романов. различение, распознавание;
разграничение - nice /fine/ * умение тонко различать разница, отличие, различие - nice * тонкое различие - * in meaning различие в значении - * of degree количественное различие - without * без различия;
без исключения;
без разбора - in * from smth. в отличие от чего-л. - a * without a difference несущественное разграничение;
кажущееся /искусственное/ различие - to make /to draw/ a * between smth. провести различие между чем-л. - to make no * between traitors and spies не делать никакого различия между предателями и шпионами - to see no * between two things не видеть разницы между двумя вещами отличительный признак;
особенность, характерная черта - the chief * of Egyptian sculpture основная особенность египетской скульптуры почтительное отношение, почет;
почесть - academic *s академические почести - to load smb. with *s окружить кого-л. почетом - to give /to grant/ smb. *s оказывать кому-л. почести награда - to confer a * on smb. наградить кого-л. знатность - person of * знатная особа известность - man of * известный человек - writer of * популярный /выдающийся/ писатель - to gain * приобрести известность оригинальность;
индивидуальность, исключительность - * of style своеобразие стиля - the book has * в книге ощущается яркая индивидуальность, исключительность исключительность, безупречность - to serve with * безупречно служить - the book has * это замечательная книга all without ~ все без различия, без исключения distinction безупречность ~ высокие качества;
известность;
знатность;
poet of distinction выдающийся, знаменитый поэт ~ известность ~ индивидуальность ~ исключительность ~ награда ~ оригинальность ~ особенность ~ отличие;
знак отличия;
mark of distinction знак отличия ~ отличие ~ отличительная особенность, оригинальность, индивидуальность;
his style lacks distinction в его стиле нет индивидуальности ~ отличительный признак ~ почесть ~ почет ~ разграничение ~ различение;
распознавание;
разграничение ~ различение ~ различие, отличие;
разница;
nice distinction тонкое различие;
a distinction without a difference искусственное, (только) кажущееся различие ~ различие ~ разница ~ распознавание ~ характерная черта ~ различие, отличие;
разница;
nice distinction тонкое различие;
a distinction without a difference искусственное, (только) кажущееся различие ~ отличительная особенность, оригинальность, индивидуальность;
his style lacks distinction в его стиле нет индивидуальности ~ отличие;
знак отличия;
mark of distinction знак отличия ~ различие, отличие;
разница;
nice distinction тонкое различие;
a distinction without a difference искусственное, (только) кажущееся различие ~ высокие качества;
известность;
знатность;
poet of distinction выдающийся, знаменитый поэтБольшой англо-русский и русско-английский словарь > distinction
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2 distinction
noun1) (making a difference) Unterscheidung, dieby way of distinction, for distinction — zur Unterscheidung
2) (difference) Unterschied, dermake or draw a distinction between A and B — einen Unterschied zwischen A und B machen
3)have the distinction of being... — [Person:] sich dadurch auszeichnen, dass man... ist
4)a scientist of distinction — ein Wissenschaftler von Rang [und Namen]
* * *[-ʃən]1) ((the making of) a difference: He makes no distinction between male and female employees with regard to pay.) die Unterscheidung2) (a grade awarded that indicates outstanding ability or achievement: She passed her exams with distinction.) die Auszeichnung* * *dis·tinc·tion[dɪˈstɪŋ(k)ʃən]nclass \distinctions Klassenunterschiede pl\distinction without a difference künstlich geschaffener Unterschied, wo eigentlich gar keiner bestehtto blur a \distinction Unterschiede verwischento draw [or make] a \distinction between sth zwischen etw dat unterscheiden [o einen Unterschied machenof [great] \distinction von hohem Rang [o herausragender Bedeutungshe has the \distinction of being one of the few people to... sie hat die Ehre, zu den wenigen Menschen zu gehören, die...to hold the dubious [or doubtful] \distinction of doing sth die etwas zweifelhafte Ehre besitzen, etw zu tunto be granted a \distinction eine Auszeichnung verliehen bekommen▪ with \distinction ausgezeichnetto pass [an exam] with \distinction [ein Examen] mit Auszeichnung bestehen* * *[dI'stIŋkSən]nto make or draw a distinction (between two things) — (zwischen zwei Dingen) unterscheiden or einen Unterschied machen
he has the distinction of being the oldest living person — er zeichnet sich dadurch aus, dass er der älteste Mensch ist
3) (SCH, UNIV: grade) Auszeichnung fhe got a distinction in French —
he was awarded several academic distinctions — ihm sind mehrere akademische Auszeichnungen verliehen worden
* * *distinction [dıˈstıŋkʃn] s1. Unterscheidung f:a distinction without a difference eine spitzfindige Unterscheidung, ein nur nomineller Unterschied2. Unterschied m:in distinction from im Unterschied zu, zum Unterschied von;without distinction ohne Unterschied, unterschiedslos;without distinction of person(s) ohne Unterschied der Person3. Unterscheidungsmerkmal n, Kennzeichen n4. Auszeichnung f:a) Ehrung fb) Ehrenzeichen n5. Ruf m, Ruhm m, Ehre f6. hervorragende Eigenschaft7. (hoher) Rang:of distinction von Rang (u. Namen)8. Vornehmheit f, Würde f* * *noun1) (making a difference) Unterscheidung, dieby way of distinction, for distinction — zur Unterscheidung
2) (difference) Unterschied, dermake or draw a distinction between A and B — einen Unterschied zwischen A und B machen
3)have the distinction of being... — [Person:] sich dadurch auszeichnen, dass man... ist
4)gain or get a distinction in one's examination — das Examen mit Auszeichnung bestehen
a scientist of distinction — ein Wissenschaftler von Rang [und Namen]
* * *n.Auszeichnung f.Unterscheidung f. -
3 distinction
[dısʹtıŋ(k)ʃ(ə)n] n1. различение, распознавание; разграничениеnice /fine/ distinction - умение тонко различать [см. тж. 2]
2. разница, отличие, различиеnice [vital] distinction - тонкое [существенное] различие [см. тж. 1]
distinction of degree [of kind] - количественное [качественное] различие
without distinction - без различия; без исключения; без разбора
in distinction from smth. - в отличие от чего-л.
a distinction without a difference - несущественное разграничение; кажущееся /искусственное/ различие
to make /to draw/ a distinction between smth. - провести различие между чем-л.
to make no distinction between traitors and spies - не делать никакого различия между предателями и шпионами
to see no distinction between two things - не видеть разницы между двумя вещами
3. отличительный признак; особенность, характерная чертаthe chief distinction of Egyptian sculpture - основная особенность египетской скульптуры
4. 1) почтительное отношение, почёт; почестьto load smb. with distinctions - окружить кого-л. почётом
to give /to grant/ smb. distinctions - оказывать кому-л. почести
2) наградаto confer a distinction on smb. - наградить кого-л.
5. 1) знатность2) известностьwriter of distinction - популярный /выдающийся/ писатель
3) оригинальность; индивидуальность, исключительность4) исключительность, безупречность -
4 distinction
- ʃən1) ((the making of) a difference: He makes no distinction between male and female employees with regard to pay.) (skarpt) skille, forskjell, distinksjon2) (a grade awarded that indicates outstanding ability or achievement: She passed her exams with distinction.) hedersbevisning, preseteristeksamen, lauddifferensiering--------forskjellsubst. \/dɪˈstɪŋ(k)ʃ(ə)n\/1) forskjell, skilnad2) skjelning, det å skjelne mellom, distinksjon3) distinksjon, ære, æresbevisning4) særmerke, særtegn, kjennetegn5) ( om vitnemål e.l.) utmerkelse, hedersbevisning6) betydning, verdi7) egenart, stila distinction without a difference ingen egentlig forskjell, en kunstig forskjell, som kommer ut på ettdistinction of (-)forskjelldraw a distinction between gjøre forskjell på, trekke en grense mellomgain (rise to) distinctions vinne heder\/berømmelse, utmerke segin distinction to\/from til forskjell fraof distinction av rang, betydningsfullpass with distinction (om eksamen, vitnemål) få beste karakter -
5 ♦ distinction
♦ distinction /dɪˈstɪŋkʃn/n.1 [uc] distinzione: He makes no distinction between good and bad art, non fa nessuna distinzione tra arte di buona e di cattiva qualità; These distinctions are important, queste distinzioni sono importanti; without distinction of rank, senza distinzione di grado; to draw a distinction, fare una distinzione; a fine distinction, una distinzione sottile; a sharp distinction, una netta distinzione2 caratteristica distintiva: This building has the distinction of being the tallest of its kind in Scotland, la caratteristica distintiva di questo edificio è di essere il più alto del suo genere in Scozia; She held the distinction of being the first woman to qualify as a doctor, si è distinta per essere la prima donna a ottenere la qualifica di dottore3 [u] eccellenza; eminenza: a surgeon of distinction, un eminente chirurgo; Thomas Hardy is a writer of distinction, Thomas Hardy è uno scrittore d'eccellenza4 onorificenza; riconoscimento: He was awarded the highest distinction for bravery, ha ricevuto la più alta onorificenza al valore5 voto alto ( a un esame): to get (o to gain) a distinction, ottenere un'ottima votazione (a un esame)● a distinction without a difference, una differenza apparente □ the distinctions of birth, le differenze sociali □ He fought with great distinction, ha combattuto molto valorosamente; si è distinto in combattimento. -
6 distinction
[dɪ'stɪŋkʃ(ə)n]сущ.1) различение, распознавание; разграничениеwithout distinction as to race, sex, or religion — без разграничения рас, пола или религиозных убеждений
Syn:2) отличие, различиеall without distinction — все без различия, без исключения
fine / subtle distinction — тонкое различие
blurred distinction — неясное, смутное различие
to draw / make a distinction — различать
Syn:difference 1.3) отличительный признак, отличительная особенностьto enjoy / have / hold a distinction — иметь отличительный признак, отличаться чем-л.
4) уважение, признание, почтительное отношениеSome were beheaded with the sword, - a distinction reserved for persons of condition. — Некоторые были обезглавлены – такой почёт был оказан людям высокого положения.
5) знак отличия, наградаHe won many distinctions. — Он получил много наград.
7) известность, популярность8) высокие качества, исключительностьThe book has more quality and distinction than four-fifths of the novels which come under our notice. — Эта книга лучше, чем четыре пятых всех привлекающих наше внимание романов.
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7 distinction
n1) отличие, различие
- patentable distinction
- distinction in kind
- without distinction
- draw distinctions
- make distinctionsEnglish-russian dctionary of contemporary Economics > distinction
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8 distinction
1. n различение, распознавание; разграничение2. n разница, отличие, различиеwithout distinction — без различия; без исключения; без разбора
a distinction without a difference — несущественное разграничение; кажущееся различие
3. n отличительный признак; особенность, характерная черта4. n почтительное отношение, почёт; почесть5. n награда6. n знатность7. n известностьto acquire distinction — достичь известности, приобрести известность
8. n оригинальность; индивидуальность, исключительность9. n исключительность, безупречностьСинонимический ряд:1. characteristic (noun) characteristic; earmark; particular; peculiarity2. difference (noun) contrast; difference; differentiation; discrimination; disparity; feature; marking; nicety; separation; sharpness3. discrimination (noun) differentiation; discrimination; separation4. dissimilarity (noun) alterity; discrepancy; dissemblance; dissimilarity; dissimilitude; distance; divarication; divergence; divergency; otherness; unlikeness5. excellence (noun) account; celebrity; credit; excellence; fame; glory; greatness; luster; lustre; prestige; superiority6. honor (noun) accolade; award; badge; bays; decoration; honor; honour; kudos; laurels7. merit (noun) beauty; merit; perfection; virtue8. note (noun) eminence; illustriousness; importance; mark; notability; note; preeminence; pre-eminence; prominence; prominency; renownАнтонимический ряд:combination; debasement; degradation; dishonor; dishonour; disrepute; humility; identity; indifference; inferiority; insignificance; mediocrity; meekness; mixture; similarity -
9 Bessemer, Sir Henry
SUBJECT AREA: Metallurgy[br]b. 19 January 1813 Charlton (near Hitchin), Hertfordshire, Englandd. 15 January 1898 Denmark Hill, London, England[br]English inventor of the Bessemer steelmaking process.[br]The most valuable part of Bessemer's education took place in the workshop of his inventor father. At the age of only 17 he went to London to seek his fortune and set himself up in the trade of casting art works in white metal. He went on to the embossing of metals and other materials and this led to his first major invention, whereby a date was incorporated in the die for embossing seals, thus preventing the wholesale forgeries that had previously been committed. For this, a grateful Government promised Bessemer a paid position, a promise that was never kept; recognition came only in 1879 with a belated knighthood. Bessemer turned to other inventions, mainly in metalworking, including a process for making bronze powder and gold paint. After he had overcome technical problems, the process became highly profitable, earning him a considerable income during the forty years it was in use.The Crimean War presented inventors such as Bessemer with a challenge when weaknesses in the iron used to make the cannon became apparent. In 1856, at his Baxter House premises in St Paneras, London, he tried fusing cast iron with steel. Noticing the effect of an air current on the molten mixture, he constructed a reaction vessel or converter in which air was blown through molten cast iron. There was a vigorous reaction which nearly burned the house down, and Bessemer found the iron to be almost completely decarburized, without the slag threads always present in wrought iron. Bessemer had in fact invented not only a new process but a new material, mild steel. His paper "On the manufacture of malleable iron and steel without fuel" at the British Association meeting in Cheltenham later that year created a stir. Bessemer was courted by ironmasters to license the process. However, success was short-lived, for they found that phosphorus in the original iron ore passed into the metal and rendered it useless. By chance, Bessemer had used in his trials pig-iron, derived from haematite, a phosphorus-free ore. Bessemer tried hard to overcome the problem, but lacking chemical knowledge he resigned himself to limiting his process to this kind of pig-iron. This limitation was removed in 1879 by Sidney Gilchrist Thomas, who substituted a chemically basic lining in the converter in place of the acid lining used by Bessemer. This reacted with the phosphorus to form a substance that could be tapped off with the slag, leaving the steel free from this harmful element. Even so, the new material had begun to be applied in engineering, especially for railways. The open-hearth process developed by Siemens and the Martin brothers complemented rather than competed with Bessemer steel. The widespread use of the two processes had a revolutionary effect on mechanical and structural engineering and earned Bessemer around £1 million in royalties before the patents expired.[br]Principal Honours and DistinctionsKnighted 1879. FRS 1879. Royal Society of Arts Albert Gold Medal 1872.Bibliography1905, Sir Henry Bessemer FRS: An Autobiography, London.LRD -
10 Laithwaite, Eric Roberts
[br]b. 14 June 1921 Atherton, Lancashire, England[br]English engineer, notable contributor to the development of linear electric motors.[br]Laithwaite's education at Kirkham Grammar School and Regent Street Polytechnic, London, was followed by service in the Royal Air Force. After entering Manchester University in 1946 and graduating in 1949, he joined the university staff and became Secretary to the Inaugural Conference of the Ferranti Mark I computer. In 1964 he moved to Imperial College of Science and Technology, London, and became Professor of Heavy Electrical Engineering. From 1967 to 1976 he also held the post of External Professor of Applied Electricity at the Royal Institution. Research into the use of linear induction motors as shuttle drives in weaving looms was followed by investigations into their application to conveyors in industrial processes and as high-speed propulsion units for railway vehicles. With considerable involvement in a tracked hovercraft project in the 1960s and 1970s, he proposed the concept of transverse flux and the magnetic river high-speed linear induction machine. Linear motors and electromagnetic levitation have been applied to high-speed propulsion in the United States, France and Japan.Laithwaite has written five books and over one hundred papers on the subjects of linear motors and electromagnetic levitation. Two series of Christmas lectures were presented by him at the Royal Institution.[br]Principal Honours and DistinctionsRoyal Society S.G.Brown Medal 1966. Institute of Electronic and Electrical Engineers Nikola Tesla Award 1986.Bibliography1966, Induction Machines for Special Purposes, London.1970, Propulsion Without Wheels, London (discusses properties and applications of linear induction motors).1977 (ed.), Transport Without Wheels, London (describes the design and applications of linear electric motors).1987, A History of Linear Electric Motors, London (provides a general historical survey).Further ReadingB.Bowers, 1982, A History of Electric Light and Power, London, pp. 261–4 (provides an account of early linear motors).M.Poloujadoff, 1980, The Theory of Linear Induction Motors, Oxford (for a comparison of analytical methods recommended by various investigators).GWBiographical history of technology > Laithwaite, Eric Roberts
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11 Stephenson, George
[br]b. 9 June 1781 Wylam, Northumberland, Englandd. 12 August 1848 Tapton House, Chesterfield, England[br]English engineer, "the father of railways".[br]George Stephenson was the son of the fireman of the pumping engine at Wylam colliery, and horses drew wagons of coal along the wooden rails of the Wylam wagonway past the house in which he was born and spent his earliest childhood. While still a child he worked as a cowherd, but soon moved to working at coal pits. At 17 years of age he showed sufficient mechanical talent to be placed in charge of a new pumping engine, and had already achieved a job more responsible than that of his father. Despite his position he was still illiterate, although he subsequently learned to read and write. He was largely self-educated.In 1801 he was appointed Brakesman of the winding engine at Black Callerton pit, with responsibility for lowering the miners safely to their work. Then, about two years later, he became Brakesman of a new winding engine erected by Robert Hawthorn at Willington Quay on the Tyne. Returning collier brigs discharged ballast into wagons and the engine drew the wagons up an inclined plane to the top of "Ballast Hill" for their contents to be tipped; this was one of the earliest applications of steam power to transport, other than experimentally.In 1804 Stephenson moved to West Moor pit, Killingworth, again as Brakesman. In 1811 he demonstrated his mechanical skill by successfully modifying a new and unsatisfactory atmospheric engine, a task that had defeated the efforts of others, to enable it to pump a drowned pit clear of water. The following year he was appointed Enginewright at Killingworth, in charge of the machinery in all the collieries of the "Grand Allies", the prominent coal-owning families of Wortley, Liddell and Bowes, with authorization also to work for others. He built many stationary engines and he closely examined locomotives of John Blenkinsop's type on the Kenton \& Coxlodge wagonway, as well as those of William Hedley at Wylam.It was in 1813 that Sir Thomas Liddell requested George Stephenson to build a steam locomotive for the Killingworth wagonway: Blucher made its first trial run on 25 July 1814 and was based on Blenkinsop's locomotives, although it lacked their rack-and-pinion drive. George Stephenson is credited with building the first locomotive both to run on edge rails and be driven by adhesion, an arrangement that has been the conventional one ever since. Yet Blucher was far from perfect and over the next few years, while other engineers ignored the steam locomotive, Stephenson built a succession of them, each an improvement on the last.During this period many lives were lost in coalmines from explosions of gas ignited by miners' lamps. By observation and experiment (sometimes at great personal risk) Stephenson invented a satisfactory safety lamp, working independently of the noted scientist Sir Humphry Davy who also invented such a lamp around the same time.In 1817 George Stephenson designed his first locomotive for an outside customer, the Kilmarnock \& Troon Railway, and in 1819 he laid out the Hetton Colliery Railway in County Durham, for which his brother Robert was Resident Engineer. This was the first railway to be worked entirely without animal traction: it used inclined planes with stationary engines, self-acting inclined planes powered by gravity, and locomotives.On 19 April 1821 Stephenson was introduced to Edward Pease, one of the main promoters of the Stockton \& Darlington Railway (S \& DR), which by coincidence received its Act of Parliament the same day. George Stephenson carried out a further survey, to improve the proposed line, and in this he was assisted by his 18-year-old son, Robert Stephenson, whom he had ensured received the theoretical education which he himself lacked. It is doubtful whether either could have succeeded without the other; together they were to make the steam railway practicable.At George Stephenson's instance, much of the S \& DR was laid with wrought-iron rails recently developed by John Birkinshaw at Bedlington Ironworks, Morpeth. These were longer than cast-iron rails and were not brittle: they made a track well suited for locomotives. In June 1823 George and Robert Stephenson, with other partners, founded a firm in Newcastle upon Tyne to build locomotives and rolling stock and to do general engineering work: after its Managing Partner, the firm was called Robert Stephenson \& Co.In 1824 the promoters of the Liverpool \& Manchester Railway (L \& MR) invited George Stephenson to resurvey their proposed line in order to reduce opposition to it. William James, a wealthy land agent who had become a visionary protagonist of a national railway network and had seen Stephenson's locomotives at Killingworth, had promoted the L \& MR with some merchants of Liverpool and had carried out the first survey; however, he overreached himself in business and, shortly after the invitation to Stephenson, became bankrupt. In his own survey, however, George Stephenson lacked the assistance of his son Robert, who had left for South America, and he delegated much of the detailed work to incompetent assistants. During a devastating Parliamentary examination in the spring of 1825, much of his survey was shown to be seriously inaccurate and the L \& MR's application for an Act of Parliament was refused. The railway's promoters discharged Stephenson and had their line surveyed yet again, by C.B. Vignoles.The Stockton \& Darlington Railway was, however, triumphantly opened in the presence of vast crowds in September 1825, with Stephenson himself driving the locomotive Locomotion, which had been built at Robert Stephenson \& Co.'s Newcastle works. Once the railway was at work, horse-drawn and gravity-powered traffic shared the line with locomotives: in 1828 Stephenson invented the horse dandy, a wagon at the back of a train in which a horse could travel over the gravity-operated stretches, instead of trotting behind.Meanwhile, in May 1826, the Liverpool \& Manchester Railway had successfully obtained its Act of Parliament. Stephenson was appointed Engineer in June, and since he and Vignoles proved incompatible the latter left early in 1827. The railway was built by Stephenson and his staff, using direct labour. A considerable controversy arose c. 1828 over the motive power to be used: the traffic anticipated was too great for horses, but the performance of the reciprocal system of cable haulage developed by Benjamin Thompson appeared in many respects superior to that of contemporary locomotives. The company instituted a prize competition for a better locomotive and the Rainhill Trials were held in October 1829.Robert Stephenson had been working on improved locomotive designs since his return from America in 1827, but it was the L \& MR's Treasurer, Henry Booth, who suggested the multi-tubular boiler to George Stephenson. This was incorporated into a locomotive built by Robert Stephenson for the trials: Rocket was entered by the three men in partnership. The other principal entrants were Novelty, entered by John Braithwaite and John Ericsson, and Sans Pareil, entered by Timothy Hackworth, but only Rocket, driven by George Stephenson, met all the organizers' demands; indeed, it far surpassed them and demonstrated the practicability of the long-distance steam railway. With the opening of the Liverpool \& Manchester Railway in 1830, the age of railways began.Stephenson was active in many aspects. He advised on the construction of the Belgian State Railway, of which the Brussels-Malines section, opened in 1835, was the first all-steam railway on the European continent. In England, proposals to link the L \& MR with the Midlands had culminated in an Act of Parliament for the Grand Junction Railway in 1833: this was to run from Warrington, which was already linked to the L \& MR, to Birmingham. George Stephenson had been in charge of the surveys, and for the railway's construction he and J.U. Rastrick were initially Principal Engineers, with Stephenson's former pupil Joseph Locke under them; by 1835 both Stephenson and Rastrick had withdrawn and Locke was Engineer-in-Chief. Stephenson remained much in demand elsewhere: he was particularly associated with the construction of the North Midland Railway (Derby to Leeds) and related lines. He was active in many other places and carried out, for instance, preliminary surveys for the Chester \& Holyhead and Newcastle \& Berwick Railways, which were important links in the lines of communication between London and, respectively, Dublin and Edinburgh.He eventually retired to Tapton House, Chesterfield, overlooking the North Midland. A man who was self-made (with great success) against colossal odds, he was ever reluctant, regrettably, to give others their due credit, although in retirement, immensely wealthy and full of honour, he was still able to mingle with people of all ranks.[br]Principal Honours and DistinctionsPresident, Institution of Mechanical Engineers, on its formation in 1847. Order of Leopold (Belgium) 1835. Stephenson refused both a knighthood and Fellowship of the Royal Society.Bibliography1815, jointly with Ralph Dodd, British patent no. 3,887 (locomotive drive by connecting rods directly to the wheels).1817, jointly with William Losh, British patent no. 4,067 (steam springs for locomotives, and improvements to track).Further ReadingL.T.C.Rolt, 1960, George and Robert Stephenson, Longman (the best modern biography; includes a bibliography).S.Smiles, 1874, The Lives of George and Robert Stephenson, rev. edn, London (although sycophantic, this is probably the best nineteenthcentury biography).PJGR -
12 Yourkevitch, Vladimir Ivanovitch
SUBJECT AREA: Ports and shipping[br]b. 17 June 1885 Moscow, Russiad. 14 December 1964 USA[br]Russian (naturalized American) naval architect who worked in Russia, Western Europe and the United States and who profoundly influenced the hull design of large ships.[br]Yourkevitch came from an academic family, but one without any experience or tradition of sea service. Despite this he decided to become a naval architect, and after secondary education at Moscow and engineering training at the St Petersburg Polytechnic, he graduated in 1909. For the following ten years he worked designing battleships and later submarines, mostly at the Baltic Shipyard in St Petersburg. Around 1910 he became a full member of the Russian Naval Constructors Corps, and in 1915 he was a founder member and first Scientific Secretary of the Society of Naval Engineers.Using the published data of the American Admiral D.W. Taylor and taking advantage of access to the Norddeutscher Lloyd Testing Tank at Bremerhaven, Yourkevitch proposed a new hull form with bulbous bow and long entrances and runs. This was the basis for the revolutionary battleships then laid down at St Petersburg, the "Borodino" class. Owing to the war these ships were launched but never completed. At the conclusion of the war Yourkevitch found himself in Constantinople, where he experienced the life of a refugee, and then he moved to Paris where he accepted almost any work on offer. Fortunately in 1928, through an introduction, he was appointed a draughtsman at the St Nazaire shipyard. Despite his relatively lowly position, he used all his personality to persuade the French company to alter the hull form of the future record breaker Normandie. The gamble paid off and Yourkevitch was able to set up his own naval architecture company, BECNY, which designed many well-known liners, including the French Pasteur.In 1939 he settled in North America, becoming a US citizen in 1945. On the night of the fire on the Normandie, he was in New York but was prevented from going close to the ship by the police, and the possibility of saving the ship was thrown away. He was involved in many projects as well as lecturing at Ann Arbor, Michigan, and at the Massachusetts Institute of Technology. He maintained connections with his technical colleagues in St Petersburg in the later years of his life. His unfulfilled dream was the creation of a superliner to carry 5,000 passengers and thus able to make dramatic cuts in the cost of transatlantic travel. Yourkevitch was a fine example of a man whose vision enabled him to serve science and engineering without consideration of inter-national boundaries.[br]Principal Honours and DistinctionsAK/FMWBiographical history of technology > Yourkevitch, Vladimir Ivanovitch
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13 near cash
!гос. фин. The resource budget contains a separate control total for “near cash” expenditure, that is expenditure such as pay and current grants which impacts directly on the measure of the golden rule.This paper provides background information on the framework for the planning and control of public expenditure in the UK which has been operated since the 1998 Comprehensive Spending Review (CSR). It sets out the different classifications of spending for budgeting purposes and why these distinctions have been adopted. It discusses how the public expenditure framework is designed to ensure both sound public finances and an outcome-focused approach to public expenditure.The UK's public spending framework is based on several key principles:"consistency with a long-term, prudent and transparent regime for managing the public finances as a whole;" "the judgement of success by policy outcomes rather than resource inputs;" "strong incentives for departments and their partners in service delivery to plan over several years and plan together where appropriate so as to deliver better public services with greater cost effectiveness; and"the proper costing and management of capital assets to provide the right incentives for public investment.The Government sets policy to meet two firm fiscal rules:"the Golden Rule states that over the economic cycle, the Government will borrow only to invest and not to fund current spending; and"the Sustainable Investment Rule states that net public debt as a proportion of GDP will be held over the economic cycle at a stable and prudent level. Other things being equal, net debt will be maintained below 40 per cent of GDP over the economic cycle.Achievement of the fiscal rules is assessed by reference to the national accounts, which are produced by the Office for National Statistics, acting as an independent agency. The Government sets its spending envelope to comply with these fiscal rules.Departmental Expenditure Limits ( DEL) and Annually Managed Expenditure (AME)"Departmental Expenditure Limit ( DEL) spending, which is planned and controlled on a three year basis in Spending Reviews; and"Annually Managed Expenditure ( AME), which is expenditure which cannot reasonably be subject to firm, multi-year limits in the same way as DEL. AME includes social security benefits, local authority self-financed expenditure, debt interest, and payments to EU institutions.More information about DEL and AME is set out below.In Spending Reviews, firm DEL plans are set for departments for three years. To ensure consistency with the Government's fiscal rules departments are set separate resource (current) and capital budgets. The resource budget contains a separate control total for “near cash” expenditure, that is expenditure such as pay and current grants which impacts directly on the measure of the golden rule.To encourage departments to plan over the medium term departments may carry forward unspent DEL provision from one year into the next and, subject to the normal tests for tautness and realism of plans, may be drawn down in future years. This end-year flexibility also removes any incentive for departments to use up their provision as the year end approaches with less regard to value for money. For the full benefits of this flexibility and of three year plans to feed through into improved public service delivery, end-year flexibility and three year budgets should be cascaded from departments to executive agencies and other budget holders.Three year budgets and end-year flexibility give those managing public services the stability to plan their operations on a sensible time scale. Further, the system means that departments cannot seek to bid up funds each year (before 1997, three year plans were set and reviewed in annual Public Expenditure Surveys). So the credibility of medium-term plans has been enhanced at both central and departmental level.Departments have certainty over the budgetary allocation over the medium term and these multi-year DEL plans are strictly enforced. Departments are expected to prioritise competing pressures and fund these within their overall annual limits, as set in Spending Reviews. So the DEL system provides a strong incentive to control costs and maximise value for money.There is a small centrally held DEL Reserve. Support from the Reserve is available only for genuinely unforeseeable contingencies which departments cannot be expected to manage within their DEL.AME typically consists of programmes which are large, volatile and demand-led, and which therefore cannot reasonably be subject to firm multi-year limits. The biggest single element is social security spending. Other items include tax credits, Local Authority Self Financed Expenditure, Scottish Executive spending financed by non-domestic rates, and spending financed from the proceeds of the National Lottery.AME is reviewed twice a year as part of the Budget and Pre-Budget Report process reflecting the close integration of the tax and benefit system, which was enhanced by the introduction of tax credits.AME is not subject to the same three year expenditure limits as DEL, but is still part of the overall envelope for public expenditure. Affordability is taken into account when policy decisions affecting AME are made. The Government has committed itself not to take policy measures which are likely to have the effect of increasing social security or other elements of AME without taking steps to ensure that the effects of those decisions can be accommodated prudently within the Government's fiscal rules.Given an overall envelope for public spending, forecasts of AME affect the level of resources available for DEL spending. Cautious estimates and the AME margin are built in to these AME forecasts and reduce the risk of overspending on AME.Together, DEL plus AME sum to Total Managed Expenditure (TME). TME is a measure drawn from national accounts. It represents the current and capital spending of the public sector. The public sector is made up of central government, local government and public corporations.Resource and Capital Budgets are set in terms of accruals information. Accruals information measures resources as they are consumed rather than when the cash is paid. So for example the Resource Budget includes a charge for depreciation, a measure of the consumption or wearing out of capital assets."Non cash charges in budgets do not impact directly on the fiscal framework. That may be because the national accounts use a different way of measuring the same thing, for example in the case of the depreciation of departmental assets. Or it may be that the national accounts measure something different: for example, resource budgets include a cost of capital charge reflecting the opportunity cost of holding capital; the national accounts include debt interest."Within the Resource Budget DEL, departments have separate controls on:"Near cash spending, the sub set of Resource Budgets which impacts directly on the Golden Rule; and"The amount of their Resource Budget DEL that departments may spend on running themselves (e.g. paying most civil servants’ salaries) is limited by Administration Budgets, which are set in Spending Reviews. Administration Budgets are used to ensure that as much money as practicable is available for front line services and programmes. These budgets also help to drive efficiency improvements in departments’ own activities. Administration Budgets exclude the costs of frontline services delivered directly by departments.The Budget preceding a Spending Review sets an overall envelope for public spending that is consistent with the fiscal rules for the period covered by the Spending Review. In the Spending Review, the Budget AME forecast for year one of the Spending Review period is updated, and AME forecasts are made for the later years of the Spending Review period.The 1998 Comprehensive Spending Review ( CSR), which was published in July 1998, was a comprehensive review of departmental aims and objectives alongside a zero-based analysis of each spending programme to determine the best way of delivering the Government's objectives. The 1998 CSR allocated substantial additional resources to the Government's key priorities, particularly education and health, for the three year period from 1999-2000 to 2001-02.Delivering better public services does not just depend on how much money the Government spends, but also on how well it spends it. Therefore the 1998 CSR introduced Public Service Agreements (PSAs). Each major government department was given its own PSA setting out clear targets for achievements in terms of public service improvements.The 1998 CSR also introduced the DEL/ AME framework for the control of public spending, and made other framework changes. Building on the investment and reforms delivered by the 1998 CSR, successive spending reviews in 2000, 2002 and 2004 have:"provided significant increase in resources for the Government’s priorities, in particular health and education, and cross-cutting themes such as raising productivity; extending opportunity; and building strong and secure communities;" "enabled the Government significantly to increase investment in public assets and address the legacy of under investment from past decades. Departmental Investment Strategies were introduced in SR2000. As a result there has been a steady increase in public sector net investment from less than ¾ of a per cent of GDP in 1997-98 to 2¼ per cent of GDP in 2005-06, providing better infrastructure across public services;" "introduced further refinements to the performance management framework. PSA targets have been reduced in number over successive spending reviews from around 300 to 110 to give greater focus to the Government’s highest priorities. The targets have become increasingly outcome-focused to deliver further improvements in key areas of public service delivery across Government. They have also been refined in line with the conclusions of the Devolving Decision Making Review to provide a framework which encourages greater devolution and local flexibility. Technical Notes were introduced in SR2000 explaining how performance against each PSA target will be measured; and"not only allocated near cash spending to departments, but also – since SR2002 - set Resource DEL plans for non cash spending.To identify what further investments and reforms are needed to equip the UK for the global challenges of the decade ahead, on 19 July 2005 the Chief Secretary to the Treasury announced that the Government intends to launch a second Comprehensive Spending Review (CSR) reporting in 2007.A decade on from the first CSR, the 2007 CSR will represent a long-term and fundamental review of government expenditure. It will cover departmental allocations for 2008-09, 2009-10 and 2010 11. Allocations for 2007-08 will be held to the agreed figures already announced by the 2004 Spending Review. To provide a rigorous analytical framework for these departmental allocations, the Government will be taking forward a programme of preparatory work over 2006 involving:"an assessment of what the sustained increases in spending and reforms to public service delivery have achieved since the first CSR. The assessment will inform the setting of new objectives for the decade ahead;" "an examination of the key long-term trends and challenges that will shape the next decade – including demographic and socio-economic change, globalisation, climate and environmental change, global insecurity and technological change – together with an assessment of how public services will need to respond;" "to release the resources needed to address these challenges, and to continue to secure maximum value for money from public spending over the CSR period, a set of zero-based reviews of departments’ baseline expenditure to assess its effectiveness in delivering the Government’s long-term objectives; together with"further development of the efficiency programme, building on the cross cutting areas identified in the Gershon Review, to embed and extend ongoing efficiency savings into departmental expenditure planning.The 2007 CSR also offers the opportunity to continue to refine the PSA framework so that it drives effective delivery and the attainment of ambitious national standards.Public Service Agreements (PSAs) were introduced in the 1998 CSR. They set out agreed targets detailing the outputs and outcomes departments are expected to deliver with the resources allocated to them. The new spending regime places a strong emphasis on outcome targets, for example in providing for better health and higher educational standards or service standards. The introduction in SR2004 of PSA ‘standards’ will ensure that high standards in priority areas are maintained.The Government monitors progress against PSA targets, and departments report in detail twice a year in their annual Departmental Reports (published in spring) and in their autumn performance reports. These reports provide Parliament and the public with regular updates on departments’ performance against their targets.Technical Notes explain how performance against each PSA target will be measured.To make the most of both new investment and existing assets, there needs to be a coherent long term strategy against which investment decisions are taken. Departmental Investment Strategies (DIS) set out each department's plans to deliver the scale and quality of capital stock needed to underpin its objectives. The DIS includes information about the department's existing capital stock and future plans for that stock, as well as plans for new investment. It also sets out the systems that the department has in place to ensure that it delivers its capital programmes effectively.This document was updated on 19 December 2005.Near-cash resource expenditure that has a related cash implication, even though the timing of the cash payment may be slightly different. For example, expenditure on gas or electricity supply is incurred as the fuel is used, though the cash payment might be made in arrears on aquarterly basis. Other examples of near-cash expenditure are: pay, rental.Net cash requirement the upper limit agreed by Parliament on the cash which a department may draw from theConsolidated Fund to finance the expenditure within the ambit of its Request forResources. It is equal to the agreed amount of net resources and net capital less non-cashitems and working capital.Non-cash cost costs where there is no cash transaction but which are included in a body’s accounts (or taken into account in charging for a service) to establish the true cost of all the resourcesused.Non-departmental a body which has a role in the processes of government, but is not a government public body, NDPBdepartment or part of one. NDPBs accordingly operate at arm’s length from governmentMinisters.Notional cost of a cost which is taken into account in setting fees and charges to improve comparability with insuranceprivate sector service providers.The charge takes account of the fact that public bodies donot generally pay an insurance premium to a commercial insurer.the independent body responsible for collecting and publishing official statistics about theUK’s society and economy. (At the time of going to print legislation was progressing tochange this body to the Statistics Board).Office of Government an office of the Treasury, with a status similar to that of an agency, which aims to maximise Commerce, OGCthe government’s purchasing power for routine items and combine professional expertiseto bear on capital projects.Office of the the government department responsible for discharging the Paymaster General’s statutoryPaymaster General,responsibilities to hold accounts and make payments for government departments and OPGother public bodies.Orange bookthe informal title for Management of Risks: Principles and Concepts, which is published by theTreasury for the guidance of public sector bodies.Office for NationalStatistics, ONS60Managing Public Money————————————————————————————————————————"GLOSSARYOverdraftan account with a negative balance.Parliament’s formal agreement to authorise an activity or expenditure.Prerogative powerspowers exercisable under the Royal Prerogative, ie powers which are unique to the Crown,as contrasted with common-law powers which may be available to the Crown on the samebasis as to natural persons.Primary legislationActs which have been passed by the Westminster Parliament and, where they haveappropriate powers, the Scottish Parliament and the Northern Ireland Assembly. Begin asBills until they have received Royal Assent.arrangements under which a public sector organisation contracts with a private sectorentity to construct a facility and provide associated services of a specified quality over asustained period. See annex 7.5.Proprietythe principle that patterns of resource consumption should respect Parliament’s intentions,conventions and control procedures, including any laid down by the PAC. See box 2.4.Public Accountssee Committee of Public Accounts.CommitteePublic corporationa trading body controlled by central government, local authority or other publiccorporation that has substantial day to day operating independence. See section 7.8.Public Dividend finance provided by government to public sector bodies as an equity stake; an alternative to Capital, PDCloan finance.Public Service sets out what the public can expect the government to deliver with its resources. EveryAgreement, PSAlarge government department has PSA(s) which specify deliverables as targets or aimsrelated to objectives.a structured arrangement between a public sector and a private sector organisation tosecure an outcome delivering good value for money for the public sector. It is classified tothe public or private sector according to which has more control.Rate of returnthe financial remuneration delivered by a particular project or enterprise, expressed as apercentage of the net assets employed.Regularitythe principle that resource consumption should accord with the relevant legislation, therelevant delegated authority and this document. See box 2.4.Request for the functional level into which departmental Estimates may be split. RfRs contain a number Resources, RfRof functions being carried out by the department in pursuit of one or more of thatdepartment’s objectives.Resource accountan accruals account produced in line with the Financial Reporting Manual (FReM).Resource accountingthe system under which budgets, Estimates and accounts are constructed in a similar wayto commercial audited accounts, so that both plans and records of expenditure allow in fullfor the goods and services which are to be, or have been, consumed – ie not just the cashexpended.Resource budgetthe means by which the government plans and controls the expenditure of resources tomeet its objectives.Restitutiona legal concept which allows money and property to be returned to its rightful owner. Ittypically operates where another person can be said to have been unjustly enriched byreceiving such monies.Return on capital the ratio of profit to capital employed of an accounting entity during an identified period.employed, ROCEVarious measures of profit and of capital employed may be used in calculating the ratio.Public Privatepartnership, PPPPrivate Finance Initiative, PFIParliamentaryauthority61Managing Public Money"————————————————————————————————————————GLOSSARYRoyal charterthe document setting out the powers and constitution of a corporation established underprerogative power of the monarch acting on Privy Council advice.Second readingthe second formal time that a House of Parliament may debate a bill, although in practicethe first substantive debate on its content. If successful, it is deemed to denoteParliamentary approval of the principle of the proposed legislation.Secondary legislationlaws, including orders and regulations, which are made using powers in primary legislation.Normally used to set out technical and administrative provision in greater detail thanprimary legislation, they are subject to a less intense level of scrutiny in Parliament.European legislation is,however,often implemented in secondary legislation using powers inthe European Communities Act 1972.Service-level agreement between parties, setting out in detail the level of service to be performed.agreementWhere agreements are between central government bodies, they are not legally a contractbut have a similar function.Shareholder Executive a body created to improve the government’s performance as a shareholder in businesses.Spending reviewsets out the key improvements in public services that the public can expect over a givenperiod. It includes a thorough review of departmental aims and objectives to find the bestway of delivering the government’s objectives, and sets out the spending plans for the givenperiod.State aidstate support for a domestic body or company which could distort EU competition and sois not usually allowed. See annex 4.9.Statement of Excessa formal statement detailing departments’ overspends prepared by the Comptroller andAuditor General as a result of undertaking annual audits.Statement on Internal an annual statement that Accounting Officers are required to make as part of the accounts Control, SICon a range of risk and control issues.Subheadindividual elements of departmental expenditure identifiable in Estimates as single cells, forexample cell A1 being administration costs within a particular line of departmental spending.Supplyresources voted by Parliament in response to Estimates, for expenditure by governmentdepartments.Supply Estimatesa statement of the resources the government needs in the coming financial year, and forwhat purpose(s), by which Parliamentary authority is sought for the planned level ofexpenditure and income.Target rate of returnthe rate of return required of a project or enterprise over a given period, usually at least a year.Third sectorprivate sector bodies which do not act commercially,including charities,social and voluntaryorganisations and other not-for-profit collectives. See annex 7.7.Total Managed a Treasury budgeting term which covers all current and capital spending carried out by the Expenditure,TMEpublic sector (ie not just by central departments).Trading fundan organisation (either within a government department or forming one) which is largely orwholly financed from commercial revenue generated by its activities. Its Estimate shows itsnet impact, allowing its income from receipts to be devoted entirely to its business.Treasury Minutea formal administrative document drawn up by the Treasury, which may serve a wide varietyof purposes including seeking Parliamentary approval for the use of receipts asappropriations in aid, a remission of some or all of the principal of voted loans, andresponding on behalf of the government to reports by the Public Accounts Committee(PAC).62Managing Public Money————————————————————————————————————————GLOSSARY63Managing Public MoneyValue for moneythe process under which organisation’s procurement, projects and processes aresystematically evaluated and assessed to provide confidence about suitability, effectiveness,prudence,quality,value and avoidance of error and other waste,judged for the public sectoras a whole.Virementthe process through which funds are moved between subheads such that additionalexpenditure on one is met by savings on one or more others.Votethe process by which Parliament approves funds in response to supply Estimates.Voted expenditureprovision for expenditure that has been authorised by Parliament. Parliament ‘votes’authority for public expenditure through the Supply Estimates process. Most expenditureby central government departments is authorised in this way.Wider market activity activities undertaken by central government organisations outside their statutory duties,using spare capacity and aimed at generating a commercial profit. See annex 7.6.Windfallmonies received by a department which were not anticipated in the spending review.———————————————————————————————————————— -
14 ♦ level
♦ level /ˈlɛvl/A n.1 ( anche fig.) livello: the level of water [of oil], il livello dell'acqua [dell'olio]; to be on a level with (st.), essere a livello di (qc.); five hundred feet above sea level, cinquecento piedi sul livello del mare; the level of prices, il livello dei prezzi; They're at the same level, sono allo stesso livello; noise level, livello di rumore; subsistence level, livello di sussistenza3 piano; superficie piana; piano orizzontale4 piana; spianata; terreno pianeggiante5 (fam.) altitudine: Water boils faster at this level, l'acqua bolle più rapidamente a questa altitudine6 (elettr., elettron.) livello8 (ind. costr.) canaletto di scoloB a.3 al posto giusto; a posto; assennato: to have a level head, avere la testa a posto; essere equilibrato; to keep a level head, tenere la testa a posto; restare calmoC avv.1 a livello; allo stesso livello; alla pari: to run level with, correre allo stesso livello di (qc.); essere alla pari di (q.) in una corsa; ( sport) to finish level, finire alla pari● (aeron., mil.) level bombing, bombardamento in quota □ (autom., ferr.) level crossing, passaggio a livello □ level crossing with [without] barrier or gate, passaggio a livello custodito [incustodito] □ (ind. min.) level drive, galleria di livello □ (aeron.) level flight, volo orizzontale □ level-headed, che ha la testa a posto; equilibrato; dotato di buonsenso □ level-headedness, l'avere la testa a posto; equilibrio; quadratura mentale □ (econ.) the level of living, il livello (o tenore) di vita □ ( anche sport) to be level on points, avere lo stesso punteggio □ ( sport) level pegging, parità di punteggio □ (fig.) level playing field, parità di condizioni; situazione imparziale □ (ass.) level premium, premio costante □ (fam.) to do one's level best, fare del proprio meglio □ to find one's level, ( di liquido) livellarsi; (fig.) raggiungere una posizione sociale adeguata □ to give sb. a level glance, guardare q. diritto negli occhi (o in faccia) □ to keep level with sb., andare di pari passo con q. □ on the level, (avv.) in piano, su terreno pianeggiante; (fig. fam.) onestamente, in buona fede; su giuste basi; (agg.) onesto, sincero; a posto: ( sport) Racing today on the level at Newmarket, oggi corse piane a Newmarket; His credentials are on the level, le sue credenziali sono a posto.(to) level /ˈlɛvl/A v. t.1 livellare ( anche fig.); spianare; uguagliare; rendere uguale: to level a road, spianare una strada2 spianare; demolire; radere al suolo; abbattere, atterrare ( una persona): The earthquake levelled the whole town, il terremoto rase al suolo l'intera città4 rivolgere, lanciare, scagliare ( un'accusa, ecc.): to level severe criticism at sb., rivolgere severe critiche a q.B v. i.1 livellarsi; farsi pianeggiante● to level away social distinctions, abolire le distinzioni sociali □ to level a blow at sb., assestare (o vibrare) un colpo a q. □ to level st. to the ground, spianare qc.; radere al suolo qc. -
15 distinction
dis·tinc·tion [dɪʼstɪŋ(k)ʃən] nclass \distinctions Klassenunterschiede mpl;\distinction without a difference künstlich geschaffener Unterschied, wo eigentlich gar keiner besteht;to blur a \distinction Unterschiede verwischen;to draw [or make] a \distinction between sth zwischen etw dat unterscheiden [o einen Unterschied machen];of [great] \distinction von hohem Rang [o herausragender Bedeutung];she has the \distinction of being one of the few people to... sie hat die Ehre, zu den wenigen Menschen zu gehören, die...;to hold the dubious [or doubtful] \distinction of doing sth die etwas zweifelhafte Ehre besitzen, etw zu tunto be granted a \distinction eine Auszeichnung verliehen bekommenwith \distinction ausgezeichnet;to gain a \distinction in sth in etw dat die bestmögliche Note bekommen;to pass [an exam] with \distinction [ein Examen] mit Auszeichnung bestehen -
16 soft dollaring
See:Another reason managers are interested in controlling client commissions deserves special attention. "Soft dollaring" has got to be one of the most misunderstood and controversial practices in the money management business. The very term "soft dollars" suggests something shady and conjures up images of money exchanging hands in dark alleyways. Among laymen, soft dollars may be confused with "soft money" political contributions. There is a thin connection between "soft dollars" and "soft money." Since brokerage firms are not subject to the same rules pertaining to political contributions as municipal underwriting firms, large "soft money" contributions from owners of brokerage firms do find their way into politicians' coffers more easily than contributions from underwriters. However, it is important to not confuse the two terms.So what is "soft dollaring?" Soft dollaring is the practice whereby money managers use client brokerage commissions to purchase investment research. When a manager pays for products or services with his own money, directly from the research provider, this is referred to as "hard dollars." Payment with client commissions, financed through a brokerage firm, is referred to as "soft dollars." Through soft dollar arrangements money managers are permitted to shift an expense related to the management of assets they would otherwise have to bear, onto their clients. The amount of this research expense the money management industry transfers onto its clients is in the billions annually. As a result, any analysis of the economics of the money management industry should include the effects of soft dollaring; however, we are unaware of any that has. In the institutional marketplace, strange as it may seem, it is possible for a money manager to profit more from soft dollars than from the negotiated asset management fee he receives.The general rule under the federal and state securities laws is that a fiduciary, the money manager, cannot use client assets for his own benefit or the benefit of other clients. To simplify matters greatly, soft dollaring is a legally prescribed exception to this rule. Congress, the SEC and other regulators have agreed that as long as the research purchased assists the manager in making investment decisions, the clients benefit and its legally acceptable. A tremendous amount of strained analysis has gone into the precise policies and procedures that managers must follow in purchasing research with client commission dollars. Over the years a distinction has been made between "proprietary" research or in-house research distributed to brokerage customers without a price tag attached and "independent third-party" research or research written by a third party and sold to managers at a stated price. Third party research has been most frequently criticized because its cost is separately stated and the benefit to managers most obvious. In this latter case, a breach of fiduciary duty seems most glaring. However, it is well known that proprietary research, offered for "free, " is produced to stimulate sales of dealer inventory. So presumably this research lacks credibility and is less beneficial to clients. There have been distinctions drawn between products and services, such as computers, which are "mixed-use, " i.e., which may serve dual purposes, providing both research and administrative uses. An adviser must make a reasonable allocation of the cost of the product according to its uses, the SEC has said. Some portion must be paid for with "hard" dollars and the other with "soft." There are several articles in our Library of Articles that describe soft dollar practices, rule changes and our proposal to Chairman Levitt to reform the soft dollar business.The issue that soft dollaring raises is: when is it acceptable for a manager to benefit from his client's commissions? For purposes of this article we would like to introduce a new and more useful perspective for pensions in their analysis of soft dollars or any other brokerage issue. That is, all brokerage commissions controlled by managers, benefit managers in some way. Brokerage decision-making by managers rarely, if ever, is simply based upon what firm can execute the trade at the best price. Brokerage is a commodity. Almost all brokerage firms offer reasonably competent, "best execution" services. If they didn't, they'd get sued and soon be out of business. Most savvy brokerage marketers don't even try to differentiate their firms with long-winded explanations about best-execution capabilities. Best execution is a given and impossible to prove. If you want to understand how your money manager allocates brokerage, study his business as a whole, including his marketing and affiliates-not just the investment process.The new English-Russian dictionary of financial markets > soft dollaring
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17 cut
A n1 ( incision) gen entaille f ; ( in surgery) incision f ; to make a cut in faire une entaille dans [cloth, wood] ; [surgeon] faire une incision dans [flesh] ;4 ○ ( share) part f ; a cut of the profits/takings une part des bénéfices/recettes ; she takes a 25% cut of the total sum elle prend 25% de la somme globale ;5 ( reduction) réduction f (in de) ; a cut in prices, a price cut une baisse des prix ; a cut in the interest/unemployment rate une baisse du taux d'intérêt/de chômage ; job cuts suppression f d'emplois ; he agreed to take a cut in salary il a accepté qu'on lui diminue son salaire ;9 Cin ( removal of footage) coupure f ; ( shot) plan m de raccord (from de ; to à) ; final cut final cut m ;11 ( shorter route) raccourci m ;13 Sport coup m tranchant ;1 ( slice) couper [bread, fabric, metal, paper, slice, wood] ; faire [hole, slit] ; to cut sth out of couper qch dans [fabric] ; découper qch dans [magazine] ; to cut sth in half ou in two couper qch en deux ; to cut sth into quarters/slices/pieces couper qch en quartiers/tranches/morceaux ; to cut sth to shreds ou ribbons mettre [qch] en pièces [fabric, document] ; my hands were cut to shreds mes mains étaient tout abîmées ;2 ( sever) couper [rope, ribbon, throat, wire] ; ouvrir [vein] ; couper [flower, stem] ; faucher, couper [wheat] ; fig rompre [ties, links] ;3 ( carve out) faire [notch] ; creuser [channel, tunnel] ; graver [initials] (in dans) ; to cut sth open ouvrir [packet, sack] ; [surgeon] ouvrir [chest, stomach] ; to cut one's way through se frayer un chemin dans [undergrowth] ;4 ( wound) lit ( once) blesser [victim] ; ( repeatedly) taillader [victim] ; fig [remark] blesser [person] ; to cut one's finger/lip se couper le doigt/la lèvre ; the rocks cut their feet les rochers leur ont tailladé les pieds ; the wind cut me like a knife le vent était mordant ;5 ( trim) couper [grass, hair] ; tailler [hedge] ; to cut one's fringe/finger nails se couper la frange/les ongles ; to have one's hair cut se faire couper les cheveux ;6 (shape, fashion) tailler [gem, marble, wood] ; découper [pastry] ; tailler [suit] ; [locksmith] refaire [key] ; to cut sth into triangles/strips couper qch en triangles/bandes ; to cut sth into the shape of a bird découper qch en forme d'oiseau ;7 ( liberate) to cut sb from sth dégager qn de [wreckage] ; to cut sb/sth free ou loose libérer qn/qch (from de) ;8 ( edit) couper [article, film] ; supprimer [scene] ; we cut the film to 90 minutes nous avons réduit le film à 90 minutes ; I cut the article from 3,000 to 2,000 words j'ai réduit l'article de 3 000 à 2 000 mots ;9 ( reduce) baisser [price, rate] ; réduire [cost, expenditure, inflation, list, number, staff, wages] (by de) ; diminuer [length, size, working day, salary] ; comprimer [budget] ; we've cut prices by 10% on a baissé les prix de 10% ; we've cut the amount of time we spend on the phone nous passons moins de temps au téléphone ;11 ( switch off) éteindre [headlights] ;13 Comput couper [paragraph, section] ; cut and paste couper-coller ; cut the first paragraph and paste it in at the end coupez le premier paragraphe et collez-le à la fin ;14 Games couper [cards, deck] ;15 ( dilute) couper [drink, drugs] (with avec) ;17 ○ ( stop) cut the chatter arrêtez de jacasser ; cut the flattery/sarcasm! assez de flatteries/sarcasme! ; cut the crap ◑ ! arrête de déconner ◑ ! ;19 ( snub) ignorer, snober [person] ; she cut me dead in the street elle m'a complètement ignoré dans la rue ;1 (slice, make an incision) couper ; this knife cuts well ce couteau coupe bien ; cardboard cuts easily le carton est facile à couper ; cut along the dotted line coupez suivant les pointillés ; will the cake cut into six? tu crois que le gâteau fera pour six? ; to cut into entamer [cake, pie] ; couper [fabric, paper] ; inciser [flesh, organ] ;2 (move, go) to cut across the park couper à travers le parc ; our route cuts across Belgium notre itinéraire traverse la Belgique ; the lorry cut across my path le camion m'a coupé la route ; to cut down a sidestreet couper par une petite rue ; to cut in front of sb ( in a queue) passer devant qn ; ( in a car) faire une queue de poisson à qn ;3 Cin the camera cut to the president la caméra s'est braquée sans transition sur le président ; to cut from the street to the courtroom [camera] passer de la rue à la salle d'audience ;4 Games couper ; to cut for the deal couper les cartes pour déterminer qui va donner ;D v refl ( p prés - tt- ; prét, pp cut) to cut oneself se couper ; to cut oneself on the foot/chin se couper au pied/menton ; to cut oneself on broken glass se couper avec un morceau de verre ; to cut oneself a slice of meat se couper une tranche de viande ; cut yourself some cake coupe-toi un morceau de gâteau.2 ( shaped) [gem, stone] taillé ; a well-cut jacket une veste bien coupée ; the trousers are cut wide le pantalon est coupé large ;5 ( edited) [film, text] avec coupures (after n).to be a cut above sb/sth être supérieur à qn/qch ; to cut and run fig fuir, partir en courant ; to cut both ways [argument, measure] être à double tranchant ; to have one's work cut out to do avoir du mal à faire.■ cut across:▶ cut across [sth]▶ cut across [sb] interrompre.■ cut along se dépêcher.■ cut at:▶ cut at [sth] attaquer [trunk, branches] ; taillader [rope] ; tailler dans [hair, stone].■ cut away:▶ cut away [sth] enlever [dead wood, diseased tissue].■ cut back:▶ cut back faire des économies (on de) ;▶ cut back [sth], cut [sth] back2 ( prune) tailler.■ cut down:▶ cut down réduire sa consommation ; ‘would you like a cigarette?’-‘no, I'm trying to cut down’ ‘veux-tu une cigarette?’-‘non merci, j'essaie de fumer moins’ ; to cut down on réduire sa consommation de [alcohol, fatty foods] ;▶ cut down [sth], cut [sth] down1 ( chop down) abattre [forest, tree] ;2 ( reduce) réduire [consumption, spending, number, time, scale] (from de, to à) ;▶ cut [sb] down littér [disease] emporter liter [person] ; to cut sb down to size rabattre le caquet à qn.■ cut in:▶ cut in1 ( interrupt) ( in conversation) intervenir ; ( in dancing) s'interposer ; ‘what about me?’ he cut in ‘et moi, alors?’ dit-il en interrompant la discussion ; ‘may I cut in?’ ( on dance floor) ‘vous permettez (que je danse avec madame)?’ ; to cut in on sb ( in conversation) interrompre qn ;2 ( in vehicle) the taxi cut in in front of me le taxi m'a fait une queue de poisson ;▶ cut [sb] in mettre qn dans le coup ; they cut me in on the deal ils m'ont mis dans le coup.■ cut off:▶ cut off [sth], cut [sth] off1 ( remove) couper [hair, piece, slice, top, corner] ; enlever [excess, crusts] ; to cut off one's finger se couper le doigt ; to cut off sb's head/fingers couper la tête/les doigts à qn ; she had all her hair cut off elle s'est fait couper les cheveux très court ;2 ( reduce) to cut 1% off inflation réduire l'inflation de 1% ; they've cut 10% off their prices ils ont baissé leurs prix de 10% ; it cut 20 minutes off the journey cela a raccourci le trajet de 20 minutes ; she cut ten seconds off the world record elle a amélioré le record mondial de dix secondes ;3 ( disconnect) couper [gas, power, telephone, water, supply lines] ;▶ cut off [sth]3 ( block) bloquer [retreat, escape route] ;▶ cut [sb] off1 Telecom couper qn ;2 ( disinherit) déshériter qn ; he cut me off without a penny il ne m'a pas laissé un sou ;3 ( interrupt) interrompre qn ; she cut me off in mid-phrase elle m'a interrompu en plein milieu d'une phrase ;▶ cut [sb] off, cut off [sb] ( isolate) [group, person] couper [person] ; to be cut off by the tide se faire surprendre par la marée ; to feel cut off se sentir coupé ; to cut oneself off se couper (from de).■ cut out:▶ cut out [engine, fan] s'arrêter ;▶ cut out [sth] supprimer [alcohol, fatty food] ;▶ cut [sth] out, cut out [sth]1 ( snip out) découper [article, piece, shape] (from dans) ;2 ( remove) enlever [tumour] (from de) ; couper [reference, sentence] ; supprimer [scene, chapter] ;4 ○ ( stop) cut the noise out! arrêtez de faire du bruit! cut out the laughing/fighting! arrêtez de rire/de vous disputer! ; cut it out! ça suffit! ;▶ cut [sb] out1 ( isolate) exclure qn ; to cut sb out of one's will déshériter qn ;2 to be cut out for teaching/nursing être fait pour être professeur/infirmière ; he's not cut out to be a teacher il n'est pas fait pour être professeur.■ cut short:▶ cut short [sth], cut [sth] short abréger [holiday, visit, discussion] ; to cut the conversation short couper court ;▶ cut [sb] short interrompre.■ cut through:▶ cut through [sth] [knife, scissors] couper [cardboard, plastic] ; [detergent] attaquer [grease] ; [whip] fendre [air] ; [boat] fendre [water] ; [person] éviter [red tape] ; [voice] traverser [noise].■ cut up:▶ cut up ○ US chahuter ;▶ cut [sth] up, cut up [sth] couper [food, meat, onions] ; disséquer [specimen] ; [murderer] couper [qch] en morceaux [corpse] ; to cut sth up into strips/pieces couper qch en bandes/morceaux ;▶ cut [sb] up2 ( upset) to be very cut up être très affecté (about, by par) ;3 ○ Aut faire une queue de poisson à. -
18 Abel, Sir Frederick August
[br]b. 17 July 1827 Woolwich, London, Englandd. 6 September 1902 Westminster, London, England[br]English chemist, co-inventor of cordite find explosives expert.[br]His family came from Germany and he was the son of a music master. He first became interested in science at the age of 14, when visiting his mineralogist uncle in Hamburg, and studied chemistry at the Royal Polytechnic Institution in London. In 1845 he became one of the twenty-six founding students, under A.W.von Hofmann, of the Royal College of Chemistry. Such was his aptitude for the subject that within two years he became von Hermann's assistant and demonstrator. In 1851 Abel was appointed Lecturer in Chemistry, succeeding Michael Faraday, at the Royal Military Academy, Woolwich, and it was while there that he wrote his Handbook of Chemistry, which was co-authored by his assistant, Charles Bloxam.Abel's four years at the Royal Military Academy served to foster his interest in explosives, but it was during his thirty-four years, beginning in 1854, as Ordnance Chemist at the Royal Arsenal and at Woolwich that he consolidated and developed his reputation as one of the international leaders in his field. In 1860 he was elected a Fellow of the Royal Society, but it was his studies during the 1870s into the chemical changes that occur during explosions, and which were the subject of numerous papers, that formed the backbone of his work. It was he who established the means of storing gun-cotton without the danger of spontaneous explosion, but he also developed devices (the Abel Open Test and Close Test) for measuring the flashpoint of petroleum. He also became interested in metal alloys, carrying out much useful work on their composition. A further avenue of research occurred in 1881 when he was appointed a member of the Royal Commission set up to investigate safety in mines after the explosion that year in the Sealham Colliery. His resultant study on dangerous dusts did much to further understanding on the use of explosives underground and to improve the safety record of the coal-mining industry. The achievement for which he is most remembered, however, came in 1889, when, in conjunction with Sir James Dewar, he invented cordite. This stable explosive, made of wood fibre, nitric acid and glycerine, had the vital advantage of being a "smokeless powder", which meant that, unlike the traditional ammunition propellant, gunpowder ("black powder"), the firer's position was not given away when the weapon was discharged. Although much of the preliminary work had been done by the Frenchman Paul Vieille, it was Abel who perfected it, with the result that cordite quickly became the British Army's standard explosive.Abel married, and was widowed, twice. He had no children, but died heaped in both scientific honours and those from a grateful country.[br]Principal Honours and DistinctionsGrand Commander of the Royal Victorian Order 1901. Knight Commander of the Most Honourable Order of the Bath 1891 (Commander 1877). Knighted 1883. Created Baronet 1893. FRS 1860. President, Chemical Society 1875–7. President, Institute of Chemistry 1881–2. President, Institute of Electrical Engineers 1883. President, Iron and Steel Institute 1891. Chairman, Society of Arts 1883–4. Telford Medal 1878, Royal Society Royal Medal 1887, Albert Medal (Society of Arts) 1891, Bessemer Gold Medal 1897. Hon. DCL (Oxon.) 1883, Hon. DSc (Cantab.) 1888.Bibliography1854, with C.L.Bloxam, Handbook of Chemistry: Theoretical, Practical and Technical, London: John Churchill; 2nd edn 1858.Besides writing numerous scientific papers, he also contributed several articles to The Encyclopaedia Britannica, 1875–89, 9th edn.Further ReadingDictionary of National Biography, 1912, Vol. 1, Suppl. 2, London: Smith, Elder.CMBiographical history of technology > Abel, Sir Frederick August
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19 Armstrong, Edwin Howard
[br]b. 18 December 1890 New York City, New York, USAd. 31 January 1954 New York City, New York, USA[br]American engineer who invented the regenerative and superheterodyne amplifiers and frequency modulation, all major contributions to radio communication and broadcasting.[br]Interested from childhood in anything mechanical, as a teenager Armstrong constructed a variety of wireless equipment in the attic of his parents' home, including spark-gap transmitters and receivers with iron-filing "coherer" detectors capable of producing weak Morse-code signals. In 1912, while still a student of engineering at Columbia University, he applied positive, i.e. regenerative, feedback to a Lee De Forest triode amplifier to just below the point of oscillation and obtained a gain of some 1,000 times, giving a receiver sensitivity very much greater than hitherto possible. Furthermore, by allowing the circuit to go into full oscillation he found he could generate stable continuous-waves, making possible the first reliable CW radio transmitter. Sadly, his claim to priority with this invention, for which he filed US patents in 1913, the year he graduated from Columbia, led to many years of litigation with De Forest, to whom the US Supreme Court finally, but unjustly, awarded the patent in 1934. The engineering world clearly did not agree with this decision, for the Institution of Radio Engineers did not revoke its previous award of a gold medal and he subsequently received the highest US scientific award, the Franklin Medal, for this discovery.During the First World War, after some time as an instructor at Columbia University, he joined the US Signal Corps laboratories in Paris, where in 1918 he invented the superheterodyne, a major contribution to radio-receiver design and for which he filed a patent in 1920. The principle of this circuit, which underlies virtually all modern radio, TV and radar reception, is that by using a local oscillator to convert, or "heterodyne", a wanted signal to a lower, fixed, "intermediate" frequency it is possible to obtain high amplification and selectivity without the need to "track" the tuning of numerous variable circuits.Returning to Columbia after the war and eventually becoming Professor of Electrical Engineering, he made a fortune from the sale of his patent rights and used part of his wealth to fund his own research into further problems in radio communication, particularly that of receiver noise. In 1933 he filed four patents covering the use of wide-band frequency modulation (FM) to achieve low-noise, high-fidelity sound broadcasting, but unable to interest RCA he eventually built a complete broadcast transmitter at his own expense in 1939 to prove the advantages of his system. Unfortunately, there followed another long battle to protect and exploit his patents, and exhausted and virtually ruined he took his own life in 1954, just as the use of FM became an established technique.[br]Principal Honours and DistinctionsInstitution of Radio Engineers Medal of Honour 1917. Franklin Medal 1937. IERE Edison Medal 1942. American Medal for Merit 1947.Bibliography1922, "Some recent developments in regenerative circuits", Proceedings of the Institute of Radio Engineers 10:244.1924, "The superheterodyne. Its origin, developments and some recent improvements", Proceedings of the Institute of Radio Engineers 12:549.1936, "A method of reducing disturbances in radio signalling by a system of frequency modulation", Proceedings of the Institute of Radio Engineers 24:689.Further ReadingL.Lessing, 1956, Man of High-Fidelity: Edwin Howard Armstrong, pbk 1969 (the only definitive biography).W.R.Maclaurin and R.J.Harman, 1949, Invention \& Innovation in the Radio Industry.J.R.Whitehead, 1950, Super-regenerative Receivers.A.N.Goldsmith, 1948, Frequency Modulation (for the background to the development of frequency modulation, in the form of a large collection of papers and an extensive bibliog raphy).KFBiographical history of technology > Armstrong, Edwin Howard
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20 Aubert, Jean
[br]b. 7 February 1894 Paris, Franced. 25 November 1984 Paris, France[br]French civil engineer.[br]Aubert was educated at the Lycée Louis-leGrand in Paris, and entered the Ecole Polytechnique in 1913. His studies were interrupted by the First World War, when he served as an artillery officer, being wounded twice and awarded the Croix de Guerre in 1916. He returned to the Ecole Polytechnique in 1919, and from 1920 to 1922 he attended the Ecole Nationale des Ponts et Chaussées; he graduated as Bachelor of Law from the University of Paris.In 1922 he began his long career, devoted principally to river and canal works. He was engineer in charge of the navigation works in Paris until 1932; he was then appointed Professor in the Chair of Internal Navigation at the Ecole des Ponts et Chaussées, a post he held until his retirement in 1961. From 1933 to 1945 he was general manager and later chairman of the Compagnie Nationale du Rhône; from 1945 to 1953, chairman of the electricity board of the Société Nationale des Chemins de Fer français; and from 1949 to 1967, chairman of the Rhine Navigation Company. Following his retirement, he was chairman of the Société des Constructions des Batignolles, and from 1966 consulting engineer and honorary chairman of SPIE Batignolles; he was also chairman of several other companies.In 1919 he published La Probabilité dans les tires de guerre, for which he was awarded the Pierson-Perrim prize by the Académie des Sciences in 1922. During his career he wrote numerous articles and papers on technical and economic subjects, his last, entitled "Philosophic de la pente d'eau", appearing in the journal Travaux in 1984 when he was ninety years old.Aubert's principal works included the construction of the Pont Edouard-Herriort on the Rhône at Lyon; the design and construction of the Génissiat and Lonzères-Mondragon dams on the Rhône; and the conception and design of the Denouval dam on the Seine near Andresy, completed in 1980. He was awarded the Caméré prize in 1934 by the Académie des Sciences for a new type of movable dam. Overseas governments and the United Nations consulted him on river navigation inter alia in Brazil, on the Mahanadi river in India, on the Konkomé river in Guinea, on the Vistula river in Poland, on the Paraguay river in South America and others.In 1961 he published his revolutionary ideas on the pente d'eau, or "water slope", which was designed to eliminate delays and loss of water in transferring barges from one level to another, without the use of locks. This design consisted of a sloping flume or channel through which a wedge of water, in which the barge was floating, was pushed by a powered unit. A prototype at Mon tech on the Canal Latéral at La Garonne, bypassing five locks, was opened in 1973. A second was opened in 1984 on the Canal du Midi at Fonserannes, near Béziers.[br]Principal Honours and DistinctionsCroix de Guerre 1916. Académie des Sciences: Prix Pierson-Perrim 1922, Prix Caméré 1934. Ingénieur Général des Ponts et Chaussées 1951. Commandeur de la Légion d'honneur 1960.Further ReadingDavid Tew, 1984, Canal Inclines and Lifts, Gloucester: Alan Sutton.JHB
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