ALBERT

Notes: Mathematical programming approaches to the choice of capital expenditure projects under conditions of funds constraint have been widely advocated in the literature of finance. The present paper takes exception to such suggestions, and concludes that programming is not only excessively costly and complex for most practical applications, but is frequently incorrect in the decisions it implies. A technique for allocating funds via an adjusted Excess Present Value Index is developed and proposed as a superior analytical framework.

Notes: For trade union bargainers one of the infallible laws of political economy is that wages lag behind prices. This means that in an inflationary era the real value of the wage to which their members are entitled will be eroded, and some compensation will have to be made for this at the next round of wage negotiations. Therefore, changes in the cost of living since the last settlement will be regarded by trade unions as one of the most important factors to be taken into account in arriving at a new settlement. This is implicit in the statement made by the TUC in 1971 that “it requires pay increases of at least 10 per cent simply to restore the real disposable pay of a union's previous settlement 12 months earlier”. Economists, on the other hand, argue that once an inflation is under way, then economic agents will develop an inflationary psychology—that is, they will expect it to continue and will adjust their behaviour accordingly. If this is correct, trade union bargainers will attempt to anticipate inflation by trying to fix the money wage at a higher level than they would aim for if the price level were more stable.

Notes: The author argues that an incomes policy with an element of enforced saving could be an effective way of combating cost inflation

Notes: The alluvial aquifer underlying and adjacent to the Mojave River near Barstow, California, has been subjected to degradation from percolation of industrial and municipal wastes for more than 60 years. Effluents discharged to the aquifer have contained high concentrations of both organic (detergents, oil and grease, phenols, humic compounds, and others) and inorganic (chromium, chloride, phosphates, and others) substances. The concentration of dissolved organic carbon (DOC), as determined by a wet combustion technique, has been shown to be a definitive parameter in identifying ground water affected by waste disposal. DOC concentrations ranged from 0.1 to 0.8 milligram per liter in the nondegraded ground water and exceeded 6 milligrams per liter in the ground water affected by the waste discharge.The general distribution of DOC in the degraded ground water has been defined both areally and vertically. The vertical distribution of DOC and other constituents indicates that two plumes of degraded water occur at different depths. A comparison of the areal distribution of DOC and detergents (as MBAS) suggests that some organic compounds may have been adsorbed by the aquifer sediments.

Notes: (1) A survey of the macro-invertebrates and fish in the River Cynon, a trout stream in south-east Wales receiving industrial and domestic wastes, and nine of its tributaries, was carried out in the summer of 1970. Its principal purpose was to describe the structure of these communities before waste treatment facilities, in course of construction, reduce the degree of pollution.(2) The macro-invertebrate communities changed dramatically at station C4, there being a very varied fauna upstream and one dominated by chironomids and oligochaetes downstream, principally Nais barbata., Cricotopus bicinctus and Syncricotopus rufiventris. It seems likely that coal particles, influencing the substrate, are largely responsible for this change. Further downstream, and below substantial organic discharges, tubificids and the enchytraeid, Lumbricillus rivalis, became increasingly abundant. The total density of macro-invertebrates increased from about 2000/m2 in the headwaters to over 20,000/m2 in the lower reaches.(3) The fauna of the clean tributaries, Hir (C16) and Wenallt (C19) was similar to that ofthe unpolluted upper reaches ofthe Cynon (C1-C3) whereas that of tributaries affected by coal particles was similar to the fauna of the Cynon downstream of C4.(4) Six species of fish were recorded (bullhead, eel, minnow, trout, stickleback and stoneloach) of which tbree (bullhead, eel and trout) were confined to reaches upstream (C8 and above) of industrial eflluents at Abercwmboi. For 0–8 km downstream of these effluents the river was fishless and further downstream, to the confluence with the River Taff, fish density and biomass were reduced.(5) In the upper Cynon and its tributaries the density and biomass of trout were within the range recorded elsewhere in the British Isles. The growth rate of trout in the catchment is low. Diflerences in growth rate and shape of trout in the main river and tributaries suggest that there is little interchange between these areas, except perhaps with very young fish. 0 +* fish were only caught in abundance at two tributary stations and their numbers, even if widely distributed, could not permanently support the current density of older fish throughout the upper catchment.(6) Stone loach and minnow reached a very large size and individuals caught of the latter species approached the maximum recorded length for the British Isles.