Large companies need a way to reach the savings of the public at large. The same problem, on a smaller__1__, faces practically every company trying to __2__ new products and create new jobs. There can be little prospect of raising the sort of sums needed from friends and people we know. While banks may agree to provide short-term finance, they are generally __3__ to provide money on a permanent basis for long-term projects. So companies turn to public, inviting people to lend them money, or take a share in the business in __4__ for a share in future profits. This they do by __5__ stocks and shares in the business through the Stock Exchange. By doing so they can put into circulation the savings of __6__ and organizations, both at home and overseas.         
When the saver needs his money back, he does not have to go to the company with whom he originally placed it. __7__, he sells his shares through a stockbroker to some other saver who is seeking to __8__ his money.
Many of the __9__ needed both by industry and by each of us are provided by the government or by local authorities. Without hospitals, electricity, telephones, railways, this country could not __10__. All these require __11__ spending on new equipment and new development if they are to serve us properly, requiring more money than is raised through taxes alone. The government, local authorities, and nationalized industries __12__ frequently need to borrow money to finance major capital spending, and they, too, come to the Stock Exchange.
There is __13__ a man or woman in this country whose job or whose standard of living does not __14__ the ability of his or her employers to raise money to finance new development. In one way or another this new money must come from the savings of the country. The Stock Exchange __15_ to provide a channel through which these savings can reach those who need finance.

A．level B．extent C．scale D．basis

A．programme B．provide C．develop D．prepare

A．unexpected B．unwilling C．unbelievable D．uncertain

A．search B．exchange C．value D．comfort

A．issuing B．allowing C．producing D．acquiring

A．immigrants B．investigators C．inheritors D．individuals

A．Indeed B．In fact C．In addition D．Instead

A．eliminate B．reflect C．invest D．profit

A．properties B．appliances C．foundations D．services

A．function B．experience C．share D．launch

A．invisible B．continuous C．limited D．economical

A．therefore B．however C．nevertheless D．otherwise

A．definitely B．almost C．hardly D．probably

A．turn down B．depend on C．take over D．put off

A．releases B．forces C．leaves D．exists