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The paper examines the evolution of beginning farms’ income statement and balance sheet items over a 15-year period. The purpose of this paper is to gain insight into the diversity of beginning farms from a financial point of view.

Using the USDA’s Agricultural Resource Management Survey (ARMS), the author constructs a synthetic panel of data consisting of age cohorts of beginning farmers and follow them over time. Baseline financial information for the farm income statement and balance sheet is examined in 1999 and again in 2014 for each cohort.

Overall, there is a marked contrast in the evolution in the income statement between beginning farmers who are under 45 years old and those over 45. The gross cash income of the youngest cohorts grows tremendously, as do their expenses, indicating rapid expansion in production on the part of the youngest cohorts. The change in the balance sheets of the cohorts also provides a glimpse into the changing roles of beginning famers over time. The youngest cohort of beginning farmers increase the current and non-current assets on their balance sheets by a substantial amount, more than doubling both. Furthermore, the youngest cohort is the only group to take on more current liabilities, indicating increased financing of the production expenses.

Differences in the evolution of financial profiles of beginning farms may predict differences in future output, and it could be a predictor of the farm’s operational goals or intentions, as well as predictor of future financial needs and challenges.

Knowing and understanding likely trajectories of beginning farmers may provide an opportunity to better tailor farm programs, outreach, and support to beginning farmers.

The purpose of the paper is to contribute to further advancing of IMP as a research field by setting up and starting a theoretical conversation between system theory and the IMP.

The approach is based on a narrative literature study and conceptual research.

The authors find that system theory and cybernetics can be regarded as important sources of inspiration for early IMP research. The authors identify three specific theoretical “puzzles” in system theory that may serve as useful topics for discussion between system theorists and IMP researchers.

Only a handful of papers have touched upon the relationship between system theory and IMP before. This paper combines a narrative, historical analysis of this relationship with developing specific suggestions for using system theory as a vehicle for further advancement of IMP research.

Japan has been known for many years for the elegance and efficiency of its department stores. They are generally more spacious than comparable stores in London, and the emphasis is on quality rather than price. But the real difference between Japanese and western European stores lies in the relations between customers and staff, and between management and staff. Customers are treated as honoured guests. Many members of staff hesitate to take their full holidays, feeling that their absence will place a burden on their colleagues. In terms of training, our contributor feels that we have much to learn from Japanese stores. Management look on staff training as an important part of the company's activities and are willing to invest time and money in it. This confirms the findings of the recent NEDO/IMS report which assessed the UK's performance in this field unfavourably compared with that of Japan, Germany, and America.

The financial reporting requirements for publicly traded companies have undergone a significant transformation due to the passage of the Sarbanes‐Oxley Act (SOX). Companies are now required to report on the operating effectiveness of their internal controls over financial reporting. Additionally, the independent auditor is required to assess and report on the effectiveness of their client's internal controls, and they must attest to management's internal control assessment. The purpose of this paper is to examine the costs and benefits associated with Section 404 of the SOX of 2002.

Qualitative analysis and deductive reasoning are used to evaluate the net benefits of Section 404 to the securities markets.

Qualitative analysis demonstrates that the new internal control reporting requirements have negative net benefits to the securities markets because of excessive cost and ambiguous interpretation. Elimination of formal internal control reporting is recommended.

This paper demonstrates that major revisions of Section 404 of the SOX are desirable for optimal allocation of resources related to financial reporting.

Oil film thickness measurements made in the front main bearing of an operating 3.8 L, V‐6 engine were compared with rheological measurements made on a series of commercial and experimental oil blends. High‐temperature, high‐shear‐rate viscosity measurements correlated with the film thickness of all single‐grade and many multigrade oils. However, the film thickness provided by some multigrade oils were larger than could be accounted for by their high‐temperature, high‐shear‐rate viscosities alone. Although the pressure/viscosity coefficients of some of the oils were significantly different from those of the majority of oils tested, they were not oils which produced unusual film thicknesses. As a consequence, correcting oil viscosities for the esimated pressures acting within the bearing was unsuccessful in improving the correlations. The correlations were improved, however, by accounting for the elastic properties of the multigrade oils. Measurements of oil relaxation times at high temperatures and shear rates showed large differences in elastic properties among the test oils. A good correlation (R2 = 0.73) was obtained from a multiple linear regression of film thickness as a function of both high‐temperature, high‐shear‐rate viscosities and relaxation times.

Numerous problems have arisen in the application of freezing methods to the various types of food products. One problem is concerned with the determination of the direct effects of low temperatures upon the food itself and another problem is to determine the effects of low temperatures upon other factors which may in turn affect the quality of the food. We are especially interested in knowing the exact effects of freezing and other low temperatures upon the micro‐organisms associated with foods. Bacteria constitute the most significant group of micro‐organisms affecting the sanitation and keeping qualities of foods. Those bringing about the decomposition of food products, while they are many and vary greatly, depending upon the nature of the food, are chiefly organisms from the air, water and soil. The types of bacteria found in foods vary greatly in their action on the food and also in reaction or response to varying temperature conditions. The action of micro‐organisms on foods of high carbohydrate content results in fermentations, while the action of the micro‐organisms on foods of high protein content will result, chiefly, in putrefactive changes. The former type of change usually occurs at a more rapid rate, when conditions are favourable, but the latter change usually results in a more undesirable condition of the food. While certain types of bacteria grow best at temperatures well above human body temperatures and others even as low as the freezing point of water, a large majority of those found in foods and the ones normally responsible for the detrimental changes in foods, are active only between 50° and 100° F. It is this latter group which is most implicated in food spoilage and it is significant that this group will be most effectively suppressed by low temperatures. Bacteria are much less affected by low than by high temperatures. Cold alone does not kill most types of bacteria, but slows down their activities to such an extent that they multiply very slowly, if at all. Many bacteria will die off, however, when held at a temperature below that which permits growth and reproduction. Bacteria, generally speaking, will be more easily killed when frozen in pure water than when frozen in foods containing albuminous matter and fats. There are a few bacteria of the cold‐loving type, which may actually multiply and cause slow decomposition at temperatures of 0° C. or less, if substances in solution are present to depress the crystallising point of water. Cold not only retards the growth of bacteria by the direct physiological effect of slowing down the rate of metabolism, but also depresses bacterial activity through its effect on their water and food supplies. Bacteria cannot grow and multiply in a completely frozen or crystallised medium, since they are by nature aquatic and are unable to carry on their normal activities except in a liquid medium. There is no evidence that bacteria maintain a body temperature which would make water available from a completely frozen medium. Bacteria may only utilise food when it is in soluble form, and thus capable of diffusion through their semipermeable cell membranes. When the temperature is sufficiently low to cause the crystallisation of most of the water, the remaining constituents become relatively more concentrated and this will further suppress the activity of the bacterial cells by affecting their osmotic pressures. These effects are very similar to those of partial desiccation or drying. In the course of experimentation some very striking examples of bacterial resistance to low temperatures have been reported. Lactobacillus and aerobacter have been reported to survive in peas stored at −10° C. for two years; whilst bacteria of the genus Pseudomonas were reported to increase in numbers when stored at −4° C. In general it may be said that practically all pathogenic bacteria likely to be found in foods will die off rather rapidly at low temperatures. However, this should not be interpreted to mean that infected foods can be made safe by low temperatures alone. Among the disease producing bacteria transmitted through foods, those of special significance include the organisms and toxins of botulism, typhoid fever, the several organisms of food poisoning called ptomaine poisoning, belonging to the Salmonella group (Salmonella enteritidis, etc.), and various organisms causing infections of the general nature of dysenteries or summer complaints of infants and adults. Frozen foods present no greater threat of botulism than foods preserved by other methods, yet it has been shown that Clostridium botulinum spores may survive freezing at −16° C. for as long as 14 months. The vegetables when thawed become toxic in from three to six days. Experiments have shown that Clostridium botulinum in foods preserved by “quick freezing” and subsequent storage at temperatures below 10° C., show no toxin production for at least 30 days. The lower the temperature of storage the greater the protection against botulism. All foods in which Clostridium botulinum might be present, and which have not been thoroughly heated, should be refrigerated at or near the freezing point. All foods which may harbour the botulism organisms or toxins should be selected with special care, before they are frozen, and care should be taken to see that they are kept frozen until used by the customer. Frozen vegetables should be used immediately after thawing. Thawing and refreezing is always objectionable since such a practice leads to loss of quality, and since bacterial growth and activity may occur during the period of thawing. While the typhoid organisms (Eberthella typhosa) shows considerable variation in resistance to low temperatures, it has been shown that about 99 per cent. will be killed immediately by freezing. Temperatures below freezing apparently have little more effect than the freezing point temperature. Small numbers of the Salmonella and similar organisms of the food poisoning groups may survive in frozen foods for periods of several weeks. It has been shown, however, that no significant growth of activity of these organisms will occur if the foods are refrigerated at 5° C. (41° F.) or less. Moulds and yeasts are of relatively little importance in frozen foods, both from the standpoint of sanitation and food spoilage. While low temperatures will materially retard the rate of enzymatic changes within food products, there is evidence that such changes continue to take place in frozen foods, even considerably below the freezing point. These changes probably account, in part, for the fact that frozen foods once thawed, will decompose more rapidly than foods which have not been frozen.

The purpose of this paper is to examine the use of Section 1031 of the Internal Revenue Code (IRC), a piece of US tax law that allows for tax‐deferred exchanges of like‐kind property.

The paper derives a theoretical premium value for exchanges and presents the first national level analysis of Federal tax data on the use of like‐kind exchanges involving farmland between 1999 and 2005.

There is significant interest in Section 1031 from stakeholders in rural communities because there is widespread belief that the recent growth in farmland values may have, in part, been stimulated by Section 1031 exchanges of farmland. Despite these concerns, little is known about the extent of such exchanges.

This paper provides insight into the value and use of the IRC's Section 1031 provision. Based on simulations of a theoretical model using plausible assumptions about asset growth, the paper shows how proposed tax changes will affect the tax value of the deferral.

The Board of Agriculture, by virtue of the powers conferred upon them by the Sale of Food and Drugs Act, 1899, have made regulations whereby it may be presumed, until the contrary is proved, that milk containing less than 8·5 per cent. of solids‐not‐fat, or less than 3 per cent of fat, is adulterated within the meaning of the Act. The suggested limit for fat in milk recommended by the special committee appointed by the Board of Agriculture was 3·per cent., and it will therefore be observed that the new regulations have fixed a standard for milk‐fat which is even lower than the low limit recommended by the committee. There are even rumours that a further lowering of this standard is to bo urged upon the authorities. Although from the point of view of Public Analysts and the officials responsible for the enforcement of the Food and Drugs Acts it is satisfactory that an official standard for the composition of milk has at last been set up, it is idle to suppose that the fixing of such a limit will materially improve the character of the milk‐supply as a whole. It should be remembered that milk which contains only 3 per cent of fat, although under the new regulations legally “genuine,” is, as a matter of fact, of the poorest quality, and is only produced by a cow when in bad condition, or by a particular breed of cow which is remarkable more for the quantity than for the quality of the fluid yielded. Producers and vendors of milk of good quality have been placed in a very unfortunate position by the new regulations, as the tendency of the trade will be to lower all milk to the official limits, with the result that those dealers who are still desirous of maintaining a high standard of quality will have to compete in the matter of price with less conscientious traders, who, taking advantage of the protection afforded by the regulations, will be enabled to sell to the public “genuine” milk, from which all “superfluous” fat has been removed. Gradation of quality in an article of food cannot, of course, be provided for by official regulation, and for the purpose of legal classification it is only possible to differentiate between legally “genuine” and adulterated articles. Therefore, in a legal sense, and also in a popular sense, a milk containing 4 per cent. of fat is no more “ genuine ” than one containing 3 per cent., although the former is, of course, a superior article. Competition in the dairy trade, which has of late years become very keen, will, as the result of the fixing of this standard, become more acute than before, and to keep their position it will be necessary for those milk‐vendors who are desirous of maintaining their reputation as vendors of milk of good quality to give to their customers some guarantee that their product is indeed superior to the legalised article. Any statements of the traders themselves upon this point will naturally be received by customers with reserve, as proceeding from an interested source, and the guarantee, to be effective, must therefore be given by an authority whose statements are above suspicion. It is hero that the system of Control will be found to be a necessity both to the milk dealer and milk consumer.

The utterance at a recent council estimates meeting of an Alderman to the effect that he opposed increase of the book‐fund of the libraries in the town because, whenever he wanted a book, he bought it, was, we suspect, a vainglorious one used for a special purpose and time. It was obviously, too, that of a man who may read on occasion, but is not a regular user of books. There are many such and, no doubt, their limited point of view is to be encouraged, so far as book‐purchase is concerned. What it disregards, or does not understand, is that the real reader cannot easily contemplate life without books; he never has enough of them, even if he is not a hoarder of them. There are thousands such. Their homes are not large enough, and their purses are too limited, for them to buy everything they want to read. The “Alderman” can feel that books are cheap; he spends more, if he has the means, on a box of cigars, or a bottle of whiskey, than any ordinary book costs. A single visit to a theatre with his wife (with the inevitable accompanying dinner or supper and transport) costs him more than a shelf of them. If he throws away the book when read, or rejected—for only a few such books are read through by the type under consideration—that is of little more con‐sideration than his disposal of cigar ash or used theatre tickets. In this stringent time the greater part of the community depends upon the borrowed book. Inevitably this will increasingly be the case. Every man and woman, however, who loves books desires to possess them, and every wise librarian encourages that desire. It can reduce the use of libraries very little, if at all, and our business as librarians should be to provide for the literate nation, indeed to assist its making. There are many ways in which this might be done—the provision of lists on “Books for Every Home” with clear notes on why, for it must be realized that not every citizen knows the books that are commonplace tools. In how many homes, for instance, is Whittaker's Almanack to be found? A reference book, of course; but almost the first need of a household is a set of the best tools of this sort. Has any library yet issued a list with this special intention? Say, “Six Books necessary to Every Home”? We assume that when a reader is passionately drawn to a book he must buy it, but such attraction is mainly felt by those who are already book‐lovers. For others there are such questions as, where shall we put the books suggested? An answer may be that every librarian, in his own area, should urge that built‐in bookcases should be a feature in every house plan. He might do much to solve a real problem. He can continue, too, to assist book‐buying by his periodic exhibitions of books for prizes, presents (Christmas and birthday) and help to answer the question, “What books of great literature ought to be in every home for children and for life‐keeping?” His every convert would become also a life user of libraries.