An Economic Analysis of the Legal Concept of Trustees' Power of Investment

Authorised trustee status is a legal concept which has economic implications; one of the major implications is that it assists in the direction of investment funds into particular securities and areas of the economy. The concept of authorised trustee status, while attempting to achieve specific outcomes for the beneficiaries of trusts cannot be relied upon to secure these results. Economic analysis of the role of the trustee maintains that this role is one of portfolio manager; a role which is complex but which is explicable in terms of definable procedures and practices. The role of trustee as portfolio manager is one which requires greater financial knowledge than can be assumed is possessed by all trustees. The trustee as portfolio manager is required to maintain a review of decisions make under powers to invest trust assets. A solution to the problem of authorised trustee status is proposed. The solution takes two parts: the first is the adoption of the prudent person approach but with the codification of duties of the trustee and the explicit listing of the factors that a trustee should consider in using the investment powers. The second part of the proposed solution is to link the investment powers of trustees to the best practice features of securities advisers who are now licensed by a regulatory body, the Australian Securities and Investment Commission.

Conservation and economic benefits of wildlife-based marine tourism: Sea turtles and whales as case studies

Tourism development can have positive and/or negative impacts on wildlife. However, if tourism is developed in accordance with the basic tenets of wildlife tourism such an activity can be sustainable and can aid the conservation of species. Based on two case studies in Queensland, Australia, this article outlines the various economic and conservation benefits arising from wildlife-based tourism. Some of the benefits are direct, such as tangible economic benefits, others are less tangible, such as increased visitors’ willingness to pay in principle for the conservation of species. Wildlife-based tourism is shown to foster political support for the conservation of species utilized for such tourism by various mechanisms. Non-consumptive uses of wildlife are not only sustainable, but may provide a viable alternative to consumptive uses.

Laser Phototherapy as Topical Prophylaxis Against Head and Neck Cancer Radiotherapy-Induced Oral Mucositis: Comparison Between Low and High/Low Power Lasers

Background and Objective: Oral mucositis is a dose-limiting and painful side effect of radiotherapy (RT) and/or chemotherapy in cancer patients. The purpose of the present study was to analyze the effect of different protocols of laser phototherapy (LPT) on the grade of mucositis and degree of pain in patients under RT. Patients and Methods: Thirty-nine patients were divided into three groups: G1, where the irradiations were done three times a week using low power laser; G2, where combined high and low power lasers were used three time a week; and G3, where patients received low power laser irradiation once a week. The low power LPT was done using an InGaAlP laser (660 nm/40 mW/6 J cm(-2)/0.24 J per point). In the combined protocol, the high power LPT was done using a GaAlAs laser (808 nm, 1 W/cm(2)). Oral mucositis was assessed at each LPT session in accordance to the oral-mucositis scale of the National Institute of the Cancer-Common Toxicity criteria (NIC-CTC). The patient self-assessed pain was measured by means of the visual analogue scale. Results: All protocols of LPT led to the maintenance of oral mucositis scores in the same levels until the last RT session. Moreover, LPT three times a week also maintained the pain levels. However, the patients submitted to the once a week LPT had significant pain increase; and the association of low/high LPT led to increased healing time. Conclusions: These findings are desired when dealing with oncologic patients under RT avoiding unplanned radiation treatment breaks and additional hospital costs. Lasers Surg.Med. 41:264-270,2009. (C) 2009Wiley-Liss, Inc.

Does ecotourism contribute to sea turtle conservation? Is the flagship status of turtles advantageous?

There is little doubt that marine turtles are a flagship species for wildlife tourism. In some cases, this has turned out to be liability for sea turtle conservation, but in other cases, where for example turtle-based ecotourism has been developed, it has made a positive contribution to turtle conservation. Examples of both cases are given. Particular attention is given to the development of turtle-based ecotourism at Mon Repos Beach near Bundaberg, Australia. This development is set in its historical context and its contribution to conservation is discussed. Headstart projects for sea turtles in Sri Lanka are a tourist attraction. While they are promoted as having positive conservation consequences and a survey indicates that visitors are on the whole convinced of this, their effects on turtle conservation is uncertain. The farming of sea turtles provides a basis for tourism and can contribute to turtle conservation in ways outlined. It is argued that insufficient attention has been given to legends, culture and history associated with sea turtles in the promotion of turtle-based tourism. This is supported by Australian evidence. Insufficient use has been made of the connections of indigenous Australians with sea turtles in turtle-based tourism. Beneficial scope exist for developing connections between man and turtles further than at present in promoting turtle-based tourism. This could add further to the role of turtle-based tourism in promoting turtle conservation.

Testing for Market Power in Multiple-Input, Multiple-Output Industries: The Australian Grains and Oilseeds Industries

Recent empirical studies have found significant evidence of departures from competition in the input side of the Australian bread, breakfast cereal and margarine end-product markets. For example, Griffith (2000) found that firms in some parts of the processing and marketing sector exerted market power when purchasing grains and oilseeds from farmers. As noted at the time, this result accorded well with the views of previous regulatory authorities (p.358). In the mid-1990s, the Prices Surveillence Authority (PSA 1994) determined that the markets for products contained in the Breakfast Cereals and Cooking Oils and Fats indexes were "not effectively competitive" (p.14). The PSA consequently maintained price surveillence on the major firms in this product group. The Griffith result is also consistent with the large number of legal judgements against firms in this sector over the past decade for price fixing or other types of non-competitive behaviour. For example, bread manufacturer George Weston was fined twice during 2000 for non-competitive conduct and the ACCC has also recently pursued and won cases against retailer Safeway in grains and oilseeds product lines.

Molluscan stable isotope temperature estimates of the southwestern Ross Sea during the early oligocene and early miocene, CRP-2/2A and CRP-3, Victoria Land Basin, Antarctica

Stable isotope analyses of marine bivalve growth increment samples have been used to estimate early Oligocene (29.4 - 31.2) Ma and early Miocene (24.0 Ma) seafloor palaeotemperatures from the southwestern continental margin of the Ross Sea. Measured δ18O values average +2.5‰ in the early Miocene and range between +1.26 to +3.24‰ in the early Oligocene. The results show that palaeoceanographic conditions in McMurdo Sound during the mid-Cenozoic were significantly different from those of today. The minimum estimated spring through late summer seasonal temperature range was 3°C during the early Miocene and between 1 and 5°C during the early Oligocene. This compares to the equivalent modern day range of