Really, we do.

真的該來談談。

The notion that receiving too much income from companies

從企業那裏獲益過多的這個概念

might seem strange in a world of ultra-low interest rates.

在這個利率極低的世界裡似乎是一件很奇怪的事情。

Yet for UK-listed natural resource companies,

但是對於英國上市的一些自然資源公司來說，

the imperative to deliver shareholders their yield is a big problem.

發配股利給股東卻是個大麻煩。

In general, dividends come out of a company's cash flow

大致上來說，股利來自於一家企業的現金流

once the finance director has figured out how much she needs to spend on investment

在財務主管決定好她需要多少錢來做投資之後。

As commodity prices have tumbled,

一旦商品價格下跌，

the free cash flow available for many of these commodity producers is now less than the amount going out for dividends.

製造商的可支配現金流就會低於分配出去的股利。

Cue sales of mines and oil fields and more debt just to pay off shareholders.

採礦和油田業者為了支付股利而負債。

The miners at least have seen the light.

採礦業至少有一絲希望。

Several of the largest, such as Glencore, Vale, and Anglo American,

Glencore、 Vale、和 Anglo American 等業界龍頭

decided last year to cut their payouts to preserve cash flow.

去年決定裁減花費來確保現金周轉。

If metals prices do stop falling this year, a big "if",

如果金屬價格今年開始下跌，我說的是一個大膽的假設，

these actions could well stabilize the increasingly precarious financial positions of the miners.

此舉能夠穩定礦業逐漸失守的財務狀況。

So, good for their long term health

所以，長期來說這對他們(礦業)是好事

and bad for the unblinking, impassive shareholder who just wants his money

對殺人不眨眼，冷漠無情只想要錢的股東來說就是壞事了。

Over the past five years,

過去五年以來，

mining and energy companies have provided 27% of total dividends for the FTSE 100,

礦業和能源業在富時100指數統計的總股利中佔了百分之二十七，

according to Henderson's global income team.

據恆基兆業(地產公司)的國際收益團隊表示。

And that is a lot.

而這很多。

As a comparison, the US figure was a third of that amount.

相對來說，美國佔其三分之一。

UK-listed miners accounted for about 9% of this FTSE sum,

於英國上市的礦業在此富時100指數中佔百分之九，

and their contribution will in fact fall in the year ahead.

在未來的一年內他們佔的百分比還會減少。

Yet, what about the silent Goliaths in the other corner,

那在另一個角落不發一語

who keep shaking their heads when approached about the subject?

當目標靠近只是不斷搖頭的的巨人歌利亞呢?

A fifth of FTSE dividends will come from these oil and gas companies

富時100指數排行第五會來自石油和天然氣產業，

really just Royal Dutch Shell and BP.

差不多就是 Royal Dutch Shell 和 BP。

Indeed that rose a bit last year for UK shareholders

去年他們的股利是漲了一點

helped by the fact that the two pay in US dollars, and the dollar went up a bit.

因為這兩家企業用美金發股利，而美金漲了一些。

In two of the last three years,

在過去三年內的兩年，

both of these supermajors have had to sell assets to help pay for dividends.

這兩間超級大廠都必須變賣資產以支付股利。

That can't continue forever.

他們不能永遠這樣。

In the past week, two US oil companies, Conoco and Anadarko have slashed their own payouts.

過去一周，兩間美國企業，Conoco 和 Anadaeko 刪減了他們的支出。

Now look, dividend yields for Shell and BP are 8%, their historical highs.

看，Shell 和 BP 的股利佔了百分之八，史上新高。

It would seem that the market does want to talk about dividend cuts.

看來市場確實想要談談股利刪減。