18 resultados para return on investments

em Aquatic Commons


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This technical memorandum documents the design, implementation, data preparation, and descriptive results for the 2006 Annual Economic Survey of Federal Gulf Shrimp Permit Holders. The data collection was designed by the NOAA Fisheries Southeast Fisheries Science Center Social Science Research Group to track the financial and economic status and performance by vessels holding a federal moratorium permit for harvesting shrimp in the Gulf of Mexico. A two page, self-administered mail survey collected total annual costs broken out into seven categories and auxiliary economic data. In May 2007, 580 vessels were randomly selected, stratified by state, from a preliminary population of 1,709 vessels with federal permits to shrimp in offshore waters of the Gulf of Mexico. The survey was implemented during the rest of 2007. After many reminder and verification phone calls, 509 surveys were deemed complete, for an ineligibility-adjusted response rate of 90.7%. The linking of each individual vessel’s cost data to its revenue data from a different data collection was imperfect, and hence the final number of observations used in the analyses is 484. Based on various measures and tests of validity throughout the technical memorandum, the quality of the data is high. The results are presented in a standardized table format, linking vessel characteristics and operations to simple balance sheet, cash flow, and income statements. In the text, results are discussed for the total fleet, the Gulf shrimp fleet, the active Gulf shrimp fleet, and the inactive Gulf shrimp fleet. Additional results for shrimp vessels grouped by state, by vessel characteristics, by landings volume, and by ownership structure are available in the appendices. The general conclusion of this report is that the financial and economic situation is bleak for the average vessels in most of the categories that were evaluated. With few exceptions, cash flow for the average vessel is positive while the net revenue from operations and the “profit” are negative. With negative net revenue from operations, the economic return for average shrimp vessels is less than zero. Only with the help of government payments does the average owner just about break even. In the short-term, this will discourage any new investments in the industry. The financial situation in 2006, especially if it endures over multiple years, also is economically unsustainable for the average established business. Vessels in the active and inactive Gulf shrimp fleet are, on average, 69 feet long, weigh 105 gross tons, are powered by 505 hp motor(s), and are 23 years old. Three-quarters of the vessels have steel hulls and 59% use a freezer for refrigeration. The average market value of these vessels was $175,149 in 2006, about a hundred-thousand dollars less than the average original purchase price. The outstanding loans averaged $91,955, leading to an average owner equity of $83,194. Based on the sample, 85% of the federally permitted Gulf shrimp fleet was actively shrimping in 2006. Of these 386 active Gulf shrimp vessels, just under half (46%) were owner-operated. On average, these vessels burned 52,931 gallons of fuel, landed 101,268 pounds of shrimp, and received $2.47 per pound of shrimp. Non-shrimp landings added less than 1% to cash flow, indicating that the federal Gulf shrimp fishery is very specialized. The average total cash outflow was $243,415 of which $108,775 was due to fuel expenses alone. The expenses for hired crew and captains were on average $54,866 which indicates the importance of the industry as a source of wage income. The resulting average net cash flow is $16,225 but has a large standard deviation. For the population of active Gulf shrimp vessels we can state with 95% certainty that the average net cash flow was between $9,500 and $23,000 in 2006. The median net cash flow was $11,843. Based on the income statement for active Gulf shrimp vessels, the average fixed costs accounted for just under a quarter of operating expenses (23.1%), labor costs for just over a quarter (25.3%), and the non-labor variable costs for just over half (51.6%). The fuel costs alone accounted for 42.9% of total operating expenses in 2006. It should be noted that the labor cost category in the income statement includes both the actual cash payments to hired labor and an estimate of the opportunity cost of owner-operators’ time spent as captain. The average labor contribution (as captain) of an owner-operator is estimated at about $19,800. The average net revenue from operations is negative $7,429, and is statistically different and less than zero in spite of a large standard deviation. The economic return to Gulf shrimping is negative 4%. Including non-operating activities, foremost an average government payment of $13,662, leads to an average loss before taxes of $907 for the vessel owners. The confidence interval of this value straddles zero, so we cannot reject, with 95% certainty, that the population average is zero. The average inactive Gulf shrimp vessel is generally of a smaller scale than the average active vessel. Inactive vessels are physically smaller, are valued much lower, and are less dependent on loans. Fixed costs account for nearly three quarters of the total operating expenses of $11,926, and only 6% of these vessels have hull insurance. With an average net cash flow of negative $7,537, the inactive Gulf shrimp fleet has a major liquidity problem. On average, net revenue from operations is negative $11,396, which amounts to a negative 15% economic return, and owners lose $9,381 on their vessels before taxes. To sustain such losses and especially to survive the negative cash flow, many of the owners must be subsidizing their shrimp vessels with the help of other income or wealth sources or are drawing down their equity. Active Gulf shrimp vessels in all states but Texas exhibited negative returns. The Alabama and Mississippi fleets have the highest assets (vessel values), on average, yet they generate zero cash flow and negative $32,224 net revenue from operations. Due to their high (loan) leverage ratio the negative 11% economic return is amplified into a negative 21% return on equity. In contrast, for Texas vessels, which actually have the highest leverage ratio among the states, a 1% economic return is amplified into a 13% return on equity. From a financial perspective, the average Florida and Louisiana vessels conform roughly to the overall average of the active Gulf shrimp fleet. It should be noted that these results are averages and hence hide the variation that clearly exists within all fleets and all categories. Although the financial situation for the average vessel is bleak, some vessels are profitable. (PDF contains 101 pages)

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89 ripe female brooders of the catfish, Clarias anguillaris (Body wt. Range 150g-1, 200g) were induced to spawn by hormone (Ovaprim) induced natural spawning technique over a period of 10 weeks. Matching ripe males were used for pairing the females at the ratio of two males to a female. Six ranges of brood stock body weights were considered as follows; <200g; 200g-399g; 400g-599g; 600-799g; 800g-999g; > 1000g and the number of fry produced by each female brooder was scored/recorded against the corresponding body weight range. The number of fry per unit quantity of hormone and the cost of production a fry based on the current price of Ovaprim (hormon) were determined so as to ascertain most economic size range. The best and most economic size range was between 400g-599g body weight with about 20,000 fry per ml of hormone and N0.028 per fry, while the females above 1000g gave the poorest results of 9,519 fry per ml of hormone and N0.059 per fry. For optimum production of Clarias anguillaris fry and maximum return on investment female brooders of body weights ranging between 400g-599g are recommended for hormone induced natural breeding exercises

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89 ripe female brooders of the catfish, Clarias anguillaris (Body wt. Range 150g-1, 200g) were induced to spawn by hormone (Ovaprim) induced natural spawning technique over a period of 10 weeks. Matching ripe males were used for pairing the females at the ratio of two males to a female. Six ranges of brood stock body weights were considered as follows; <200g; 200g-399g; 400g-599g; 600-799g; 800g-999g; > 1000g and the number of fry produced by each female brooder was scored/recorded against the corresponding body weight range. The number of fry per unit quantity of hormone and the cost of production a fry based on the current price of Ovaprim (hormon) were determined so as to ascertain most economic size range. The best and most economic size range was between 400g-599g body weight with about 20,000 fry per ml of hormone and N0.028 per fry, while the females above 1000g gave the poorest results of 9,519 fry per ml of hormone and N0.059 per fry. For optimum production of Clarias anguillaris fry and maximum return on investment female brooders of body weights ranging between 400g-599g are recommended for hormone induced natural breeding exercises

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The freshwater giant prawn (golda), Macrobrachium rosenbergii and tiger shrimp (bagda), Penaeus monodon were stocked together with or without fin fishes at different stocking rates in semi-saline waters at Khulna region and their growth, survival, yield and costreturn analysis were made. Survival rate of golda and bagda ranged from 23.0 to 36.8% and 8.2 to 24%, respectively. The both species were significantly affected by their own stocking density. The average final weight of golda and bagda ranged from 62.4 to 73.3 g and 32.0 to 66.4 g. The bivariate analysis of average final weight of both golda and bagda revealed that golda positively and bagda negatively influenced by the total stocking density. However, the results of the individual sizes of both golda and bagda showed an increase in the proportions of smaller animals and a decrease in the proportion of larger ones with increasing stocking rates. The harvesting weights of all animals in the experimental ghers were in marketable sizes although their prices varied with the individual size. The total production comprised of both golda and bagda ranged from 514.6 to 952.8 kg ha·1, over a culture period of 10 months. Return on investment ranged from 51.0 to 125.7%.

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The article discusses the tiger shrimp (Penaeus monodon) pen culture practices in Thailand. Suitable sites, pen construction, rearing and harvesting techniques, and return on investment are also discussed.

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Written in response to "A proposal for sea otter protection and research and request for the return of management to the State of California" report published by the California Department of Fish and Game in 1976. (52 page document)

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Preface [pdf, 0.01 Mb] James J. O'Brien The big picture - The ENSO of 1997-98 [pdf, 0.01 Mb] James E. Overland, Nicholas A. Bond & Jennifer Miletta Adams Atmospheric anomalies in 1997: Links to ENSO? [pdf, 0.54 Mb] Vladimir I. Ponomarev, Olga Trusenkova, Serge Trousenkov, Dmitry Kaplunenko, Elena Ustinova & Antonina Polyakova The ENSO signal in the northwest Pacific [pdf, 0.47 Mb] Robert L. Smith, A. Huyer, P.M. Kosro & J.A. Barth Observations of El Niño off Oregon: July 1997 to present (October 1998) [pdf, 1.31 Mb] Patrica A. Wheeler & Jon Hill Biological effects of the 1997-1998 El Niño event off Oregon: Nutrient and chlorophyll distributions [pdf, 1.13 Mb] William T. Peterson Hydrography and zooplankton off the central Oregon coast during the 1997-1998 El Niño event [pdf, 0.26 Mb] William Crawford, Josef Cherniawsky, Michael Foreman & Peter Chandler El Niño sea level signal along the west coast of Canada [pdf, 1.25 Mb] Howard J. Freeland & Rick Thomson The El Niño signal along the west coast of Canada - temperature, salinity and velocity [pdf, 0.49 Mb] Frank A. Whitney, David L. Mackas, David W. Welch & Marie Robert Impact of the 1990s El Niños on nutrient supply and productivity of Gulf of Alaska waters [pdf, 0.06 Mb] Craig McNeil, David Farmer & Mark Trevorrow Dissolved gas measurements at Stn. P4 during the 97-98 El Niño [pdf, 0.13 Mb] Kristen L.D. Milligan, Colin D. Levings & Robert E. DeWreede Data compilation and preliminary time series analysis of abundance of a dominant intertidal kelp species in relation to the 1997/1998 El Niño event [pdf, 0.05 Mb] S.M. McKinnell, C.C. Wood, M. Lapointe, J.C. Woodey, K.E. Kostow, J. Nelson & K.D. Hyatt Reviewing the evidence that adult sockeye salmon strayed from the Fraser River and spawned in other rivers in 1997 [pdf,0.03 Mb] G.A. McFarlane & R.J. Beamish Sardines return to British Columbia waters [pdf, 0.34 Mb] Ken H. Morgan Impact of the 1997/98 El Niño on seabirds of the northeast Pacific [pdf, 0.06 Mb] Thomas C. Royer & Thomas Weingartner Coastal hydrographic responses in the northern Gulf of Alaska to the 1997-98 ENSO event [pdf, 0.76 Mb] John F. Piatt, Gary Drew, Thomas Van Pelt, Alisa Abookire, April Nielsen, Mike Shultz & Alexander Kitaysky Biological effects of the 1997/98 ENSO in Cook Inlet, Alaska [pdf, 0.22 Mb] H.J. Niebauer The 1997-98 El Niño in the Bering Sea as compared with previous ENSO events and the "regime shift" of the late 1970s [pdf, 0.10 Mb] A.S. Krovnin, G.P. Nanyushin, M.Yu. Kruzhalov, G.V. Khen, M.A. Bogdanov, E.I. Ustinova, V.V. Maslennikov, A.M. Orlov, B.N. Kotenev, V.V. Bulanov & G.P. Muriy The state of the Far East seas during the 1997/98 El Niño event [pdf, 0.15 Mb] Stacy Smith & Susan Henrichs Phytoplankton collected by a time-series sediment trap deployed in the southeast Bering Sea during 1997 [pdf, 0.21 Mb] Cynthia T. Tynan Redistributions of cetaceans in the southeast Bering Sea relative to anomalous oceanographic conditions during the 1997 El Niño [pdf, 0.02 Mb] Akihiko Yatsu, Junta Mori, Hiroyuki Tanaka, Tomowo Watanabe, Kazuya Nagasawa, Yikimasa Ishida, Toshimi Meguro, Yoshihiko Kamei & Yasunori Sakurai Stock abundance and size compositions of the neon flying squid in the central North Pacific Ocean during 1979-1998 [pdf, 0.11 Mb] O.B. Feschenko A new point of view concerning the El Niño mechanism [pdf, 0.01 Mb] Nathan Mantua 97/98 Ocean climate variability in the northeast Pacific: How much blame does El Niño deserve? [pdf, 0.01 Mb] Vadim P. Pavlychev Sharp changes of hydrometeorological conditions in the northwestern Pacific during the 1997/1998 El Niño event [pdf, 0.01 Mb] Jingyi Wang Predictability and forecast verification of El Niño events [pdf, 0.01 Mb] (Document contains 110 pages)

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This paper includes information about the Pribilof Islands since their discovery by Russia in 1786 and the population of northern fur seals, Cailorhinus ursinus, that return there each summer to bear young and to breed. Russia exterminated the native population of sea Oilers, Enhydra lulris, here and nearly subjected the northern fur seal to the same fate before providing proper protection. The northern fur seal was twice more exposed to extinction following the purchase of Alaska and the Pribilof Islands by the United States in 1867. Excessive harvesting was stopped as a result of strict management by the United States of the animals while on land and a treaty between Japan, Russia, Great Britain (for Canada), and the United States that provided needed protection at sea. In 1941, Japan abrogated this treaty which was replaced by a provisional agreement between Canada and the United States that protected the fur seals in the eastern North Pacific Ocean. Japan, the U.S.S.R., Canada, and the United States again insured the survival of these animals with ratification in 1957 of the "Interim Convention on the Conservation of North Pacific Fur Seals," which is still in force. Under the auspices of this Convention, the United States launched an unprecedented manipulation of the resource through controlled removal during 1956-68 of over 300,000 females considered surplus. The biological rationale for the reduction was that production of fewer pups would result in a higher pregnancy rate and increased survival, which would, in turn, produce a sustained annual harvest of 55,000-60,000 males and 10,000-30,000 females. Predicted results did not occur. The herd reduction program instead coincided with the beginning of a decline in the number of males available for harvest. Suspected but unproven causes were changes in the toll normally accounted for by predation, disease, adverse weather, and hookworms. Depletion of the animals' food supply by foreign fishing Heets and the entanglement of fur seals in trawl webbing and other debris discarded at sea became a prime suspect in altering the average annual harvest of males on the Pribilof Islands from 71,500 (1940-56) to 40,000 (1957-59) to 36,000 (1960) to 82,000 (1961) and to 27,347 (1972-81). Thus was born the concept of a research control area for fur seals, which was agreed upon by members of the Convention in 1973 and instituted by the United States on St. George Island beginning in 1974. All commercial harvesting of fur seals was stopped on St. George Island and intensive behavioral studies were begun on the now unharvested population as it responds to the moratorium and attempts to reach its natural ceiling. The results of these and other studies here and on St. Paul Island are expected to eventually permit a comparison between the dynamics of unharvested and harvested populations, which should in turn permit more precise management of fur seals as nations continue to exploit the marine resources of the North Pacific Ocean and Bering Sea. (PDF file contains 32 pages.)

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ENGLISH: The spawning of Pacific northern bluefin tuna, Thunnus thynnus, takes place only in the western Pacific Ocean (WPO), but substantial numbers of the juveniles migrate to the eastern Pacific Ocean (EPO), where they remain for several months, or longer, and the.n return to the WPO. Lengthfrequency and tagging data show that many bluefin arrive in the EPO as 1-and 2-year olds, and remain there for one or two fishing seasons before returning to the WPO. The proportion of the fish which make the west-to-east migration varies among years. The numbers of 1-, 2-, 3-, 4, and >4 –year olds in the catches of the EPO are estimated for most years of the 1952-1991 period. SPANISH: EI desove del atun aleta azul del norte del Pacifico, Thunnus thynnus, ocurre solamente en el Océano Pacifico occidental (WPO), pero números substanciales de los juveniles migran al Océano Pacifico oriental (OPO), donde permanecen unos meses, 0 mas, antes de regresar al WPO. Datos de marcado y frecuencia de talla indican que muchos aletas azules llegan al OPO a 1 o 2 anos de edad, y permanecen alIi una 0 dos temporadas de pesca antes de regresar al WPO. La proporcion de los peces que migra del oeste al este varia entre anos. Se estima el numero de peces de 1, 2, 3, 4, Y>4 anos de edad en las capturas del OPO para la mayoria de los anos del periodo de 1952-1991. (PDF contains 40 pages.)

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A case study of Atlantic Salmon runs into the R. Tyvi (S. Wales) is presented. Radio tracking of over 200 salmon in 1988 and 1989 has demonstrated that flow is an important factor in modifying both run timing and migratory success. Entry of salmon into the river is typically in response to flow events, and periods of low falling flows delay entry and may directly result in reduced runs into the river. Delayed entry may also increase the proportion of the run migrating after the end of both rod and net fishing seasons. The implications of these results for net and rod catch and catch/effort data are discussed, using both statutory reported catch data and data from specific catch/effort studies. Flow is demonstrated to be a dominant factor in determining the within-season distribution of rod catch and catch/effort during low-flow years. Estuarial seine net catch and catch/effort tend to be controlled more by time of return than by flow although low flows may delay runs. Annual reported rod catch is correlated with flow, which controls in season availability, catchability and consequently the amount of fishing effort. Use of catch or catch/effort data should take account of inter-year variations in flow and other environmental factors. Although catch and catch/effort are valuable indicators of fishery performance, they are inadequate to represent changing stock levels.

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To assess the impact of California sea lions (Zalophus californianus) on salmon fisheries in the Monterey Bay region of California, the percentages of hooked fish taken by sea lions in commercial and recreational salmon fisheries were estimated from 1997 to 1999. Onboard surveys of sea lion interactions with the commercial and recreational f isheries and dockside interviews with fishermen after their return to port were conducted in the ports of Santa Cruz, Moss Landing, and Monterey. Approximately 1745 hours of onboard and dockside surveys were conducted—924 hours in the commercial fishery and 821 hours in the recreational fishery (commercial passenger fishing vessels [CPFVs] and personal skiffs combined). Adult male California sea lions were responsible for 98.4% of the observed depredations of hooked salmon in the commercial and recreational fisheries in Monterey Bay. Mean annual percentages of hooked salmon taken by sea lions ranged from 8.5% to 28.6% in the commercial fishery, 2.2% to 18.36% in the CPFVs, and 4.0% to 17.5% in the personal skiff fishery. Depredation levels in the commercial and recreational salmon fisheries were greatest in 1998—likely a result of the large El Niño Southern Oscillation (ENSO) event that occurred from 1997 to 1998 that reduced natural prey resources. Commercial fishermen lost an estimated $18,031−$60,570 of gear and $225,833−$498,076 worth of salmon as a result of interactions with sea lions. Approximately 1.4−6.2% of the available salmon population was removed from the system as a result of sea lion interactions with the fishery. Assessing the impact of a growing sea lion population on fisheries stocks is difficult, but may be necessary for effective fisheries management.

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Shrimp fishermen trawling in the Gulf of Mexico and south Atlantic inadvertently capture and kill sea turtles which are classified as endangered species. Recent legislation requires the use of a Turtle Excluder Device(TED) which, when in place in the shrimp trawl, reduces sea turtle mortality. The impact of the TED on shrimp production is not known. This intermediate analysis of the TED regulations using an annual firm level simulation model indicated that the average Texas shrimp vessel had a low probability of being an economic success before regulations were enacted. An assumption that the TED regulations resulted in decreased production aggravated this condition and the change in Ending Net Worth and Net Present Value of Ending Net Worth before and after a TED was placed in the net was significant at the 5 percent level. However, the difference in the Internal Rate of Return for the TED and non-TED simulations was not significant unless the TED caused a substantial change in catch. This analysis did not allow for interactions between the fishermen in the shrimp industry, an assumption which could significantly alter the impact of TED use on the catch and earnings of the individual shrimp vessel.

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Two large hydrologic issues face the Kings Basin, severe and chronic overdraft of about 0.16M ac-ft annually, and flood risks along the Kings River and the downstream San Joaquin River. Since 1983, these floods have caused over $1B in damage in today’s dollars. Capturing flood flows of sufficient volume could help address these two pressing issues which are relevant to many regions of the Central Valley and will only be exacerbated with climate change. However, the Kings River has high variability associated with flow magnitudes which suggests that standard engineering approaches and acquisition of sufficient acreage through purchase and easements to capture and recharge flood waters would not be cost effective. An alternative approach investigated in this study, termed On-Farm Flood Flow Capture, involved leveraging large areas of private farmland to capture flood flows for both direct and in lieu recharge. This study investigated the technical and logistical feasibility of best management practices (BMPs) associated with On-Farm Flood Flow Capture. The investigation was conducted near Helm, CA, about 20 miles west of Fresno, CA. The experimental design identified a coordinated plan to determine infiltration rates for different soil series and different crops; develop a water budget for water applied throughout the program and estimate direct and in lieu recharge; provide a preliminary assessment of potential water quality impacts; assess logistical issues associated with implementation; and provide an economic summary of the program. At check locations, we measured average infiltration rates of 4.2 in/d for all fields and noted that infiltration rates decreased asymptotically over time to about 2 – 2.5 in/d. Rates did not differ significantly between the different crops and soils tested, but were found to be about an order of magnitude higher in one field. At a 2.5 in/d infiltration rate, 100 acres are required to infiltrate 10 CFS of captured flood flows. Water quality of applied flood flows from the Kings River had concentrations of COC (constituents of concern; i.e. nitrate, electrical conductivity or EC, phosphate, ammonium, total dissolved solids or TDS) one order of magnitude or more lower than for pumped groundwater at Terranova Ranch and similarly for a broader survey of regional groundwater. Applied flood flows flushed the root zone and upper vadose zone of nitrate and salts, leading to much lower EC and nitrate concentrations to a depth of 8 feet when compared to fields in which more limited flood flows were applied or for which drip irrigation with groundwater was the sole water source. In demonstrating this technology on the farm, approximately 3,100 ac-ft was diverted, primarily from April through mid-July, with about 70% towards in lieu and 30% towards direct recharge. Substantial flood flow volumes were applied to alfalfa, wine grapes and pistachio fields. A subset of those fields, primarily wine grapes and pistachios, were used primarily to demonstrate direct recharge. For those fields about 50 – 75% of water applied was calculated going to direct recharge. Data from the check studies suggests more flood flows could have been applied and infiltrated, effectively driving up the amount of water towards direct recharge. Costs to capture flood flows for in lieu and direct recharge for this project were low compared to recharge costs for other nearby systems and in comparison to irrigating with groundwater. Moreover, the potentially high flood capture capacity of this project suggests significant flood avoidance costs savings to downstream communities along the Kings and San Joaquin Rivers. Our analyses for Terranova Ranch suggest that allocating 25% or more flood flow water towards in lieu recharge and the rest toward direct recharge will result in an economically sustainable recharge approach paid through savings from reduced groundwater pumping. Two important issues need further consideration. First, these practices are likely to leach legacy salts and nitrates from the unsaturated zone into groundwater. We develop a conceptual model of EC movement through the unsaturated zone and estimated through mass balance calculations that approximately 10 kilograms per square meter of salts will be flushed into the groundwater through displacing 12 cubic meters per square meter of unsaturated zone pore water. This flux would increase groundwater salinity but an equivalent amount of water added subsequently is predicted as needed to return to current groundwater salinity levels. All subsequent flood flow capture and recharge is expected to further decrease groundwater salinity levels. Second, the project identified important farm-scale logistical issues including irrigator training; developing cropping plans to integrate farming and recharge activities; upgrading conveyance; and quantifying results. Regional logistical issues also exist related to conveyance, integration with agricultural management, economics, required acreage and Operation and Maintenance (O&M).

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An experiment was conducted for a period of 110 days to study the effect of different rice brans on the growth of Thai silver barb (Puntius gonionotus, Bleeker) in rainfed seasonal ponds (30 m² each). Each of the ponds was stocked with 150 fish with the mean initial body weight of 2.03 ± 0.03 g. There were three treatments namely R1, R2 and R3 each having four replicates. Three types of rice bran namely coarse, auto (fine) and red were applied to the treatments R1, R2 and R3 respectively. Fish received different types of rice bran at a rate of 5% of body weight daily. The water quality parameters were found within the productive range. The results showed that treatment R1 produced significantly (p<0.05) highest growth and treatment R2 produced the lowest growth. The survival rates varied between 77 and 84% with treatment R3 producing the highest survival. However, the overall best production (1530 kg/ha) and economic return for the culture period was obtained in treatment R1 receiving coarse rice bran. The results of the present study demonstrated that the coarse rice bran resulted in better growth and production of P. gonionotus.

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Economic aspects of producing liquid and dried silage from silver belly (Leiognathus splendens) in Sri Lanka are considered. A discounted cash flow analysis for the production of a dried fish silage/rice bran product suitable for use in compounded poultry feeds shows that the internal rate of return for a 10-year project would be between 34-77% and for a 5-year project between 26-73%. Thus it is concluded that the project would be extremely profitable.