A financial analysis of the effect of the mix of crop and sheep enterprises on the risk profile of dryland farms in south-eastern Australia

This study analyses the financial risk faced by representative mixed-enterprise farm businesses in four regions of south-eastern Australia. It uses discrete stochastic programming to optimise the ten-year cash flow margins produced by these farms operating three different farming systems. Monte Carlo analysis is used to produce a risk profile for each scenario, derived from multiple runs of this optimised model, randomised for commodity prices and decadal growing season rainfall since 1920. This analysis shows that the performance of the enterprise mixes at each site is characterised more by the level of variability of possible outcomes than by the mean values of financial outputs. It demonstrates that relying on mean values for climate and prices disguises the considerable risks involved with cropping in this area. Diversification into a Merino sheep enterprise marginally reduced the probability of financial loss at all sites. This study emphasises the fact that the variability, or risk, associated with all scenarios far exceeds the likely change in cash margins due to innovation and good management. It further shows that farm managers should give a higher priority to adopting innovations which reduce costs, rather than increase productivity, in order to reduce risk. Further analysis shows that the current static measures of financial performance (gross margins, profit and cash margins) do not characterise the risk-adjusted performance of the various farming systems and almost certainly result in a flawed specification of best-practice farm management in south-eastern Australia.Farm Management,

Economics of managing acid soils in dryland mixed cropping systems: comparing gross margins with whole-farm analysis derived using a business process model

A 12-year experiment designed to show the benefits of applying lime to acid soils when growing annual pasture, perennial pasture, and annual crops in rotations with annual or perennial pastures, provides the context for comparing methods of economic analysis. In this study enterprise gross margins are compared with whole-farm cumulative monthly cash flows derived using a business process model. The current study gave gross margins comparable with those of a recently published study based on the first 12 years of the same field experiment at Book Book near Wagga Wagga in southern NSW (Li et al., 2010). Both gross margin analyses indicated positive results for all treatments. However, because key fixed and capital cost items were not taken into account in the gross margin analysis the financial benefits of the treatments were overstated. In the whole-farm analysis, a full set of accounts (including fixed and capital costs) was developed for the experimental combinations of prime lamb and dryland cropping enterprises and used to generate a monthly cash flow sequence for each treatment over the 12-year term of the experiment. This full financial analysis, where all costs are included, showed all mixed treatments (cropping and grazing) accumulated unsustainable losses over the period of the trial. The grazing-only treatments generated positive cash lows over the 12 year period, but 2 accumulated high levels of debt in the initial years. None of these outcomes were predicted by gross margins, which were consistently positive for all treatments. This paper concludes that the analysis of trial results benefits from interpretation in the context of whole-farm analysis, verified by district experience. Relying on gross margin analysis alone would have supported loss-making outcomes in this trial. This conclusion has important ramifications for analysis of all systems trials.Agribusiness,

Facilitating goal-oriented behaviour in the Stroop task: when executive control is influenced by automatic processing.

A portion of Stroop interference is thought to arise from a failure to maintain goal-oriented behaviour (or goal neglect). The aim of the present study was to investigate whether goal- relevant primes could enhance goal maintenance and reduce the Stroop interference effect. Here it is shown that primes related to the goal of responding quickly in the Stroop task (e.g. fast, quick, hurry) substantially reduced Stroop interference by reducing reaction times to incongruent trials but increasing reaction times to congruent and neutral trials. No effects of the primes were observed on errors. The effects on incongruent, congruent and neutral trials are explained in terms of the influence of the primes on goal maintenance. The results show that goal priming can facilitate goal-oriented behaviour and indicate that automatic processing can modulate executive control

The off-axis channel macroplate

High-gain microchannel plates (MCPs) which utilize curvature of the channel to inhibit ion feedback (C-plate MCRs) have demonstrated excellent performance characteristics. However, C-plate MCPs are at present costly to fabricate, and the shearing process used to curve the channels produces a low device yield. Described here is a totally new type of high-gain MCP structure in which each channel has an axially symmetric curvature. Initial tests of proof-of-concept units of these MCPs with 75-micron-diameter channels (macroplates) suggest that their performance characteristics have the potential to be equal to those of a C-plate MCP while the fabrication process is no more complex than that of a conventional straight-channel MCP

Drosophila Importin-α2 Is Involved in Synapse, Axon and Muscle Development

Nuclear import is required for communication between the cytoplasm and the nucleus and to enact lasting changes in gene transcription following stimuli. Binding to an Importin-α molecule in the cytoplasm is often required to mediate nuclear entry of a signaling protein. As multiple isoforms of Importin-α exist, some may be responsible for the entry of distinct cargoes rather than general nuclear import. Indeed, in neuronal systems, Importin-α isoforms can mediate very specific processes such as axonal tiling and communication of an injury signal. To study nuclear import during development, we examined the expression and function of Importin-α2 in Drosophila melanogaster. We found that Importin-α2 was expressed in the nervous system where it was required for normal active zone density at the NMJ and axonal commissure formation in the central nervous system. Other aspects of synaptic morphology at the NMJ and the localization of other synaptic markers appeared normal in importin-α2 mutants. Importin-α2 also functioned in development of the body wall musculature. Mutants in importin-α2 exhibited errors in muscle patterning and organization that could be alleviated by restoring muscle expression of Importin-α2. Thus, Importin-α2 is needed for some processes in the development of both the nervous system and the larval musculature