The international tin agreement, 1976: An assessment of its regulatory machinery as an instrument of international policy

The author examines the provisions of the New International Economic Order (NIEO), and maintains that with or without a Common Fund, International Commodity Agreements are, and will remain, a recognized instrument for achieving the objectives of the NIEO. Because of various factors conducive to effective organization — including the convergence of interests among producing and consuming countries — the International Tin Agreement (ITA) has made some useful contributions. But wider objectives can only be achieved by appropriate structural reforms in commodity organization.     

Study Groups Versus Commodity Agreements: An Appraisal*

Since World War II there have been several attempts to establish intergovernmental mineral commodity arrangements involving both the producing and consuming countries. Two different forms have been used, the consultative forum and the commodity agreement (with binding economic provisions). The two different approaches are compared using as examples the six post-World War II International Tin Agreements and the International Lead and Zinc Study Group. The study group or consultative forum appears to work better.     

The interest of OECD countries in ICAs and the Common Fund

This article explains that the nature of commodity price determination and the characteristics of the link between commodity prices and prices of manufactured goods are such that they have an inflationary and recessionary impact on the world economy. Subsequently, it argues that International Commodity Price Agreements (ICAs) and the Common Fund are not only in the interest of developing countries but are also in the vital interest of developed countries. They assist in stabilizing economic activities and sustaining recovery at a higher rate of growth of output and employment in these countries. Nevertheless, to be effective for these purposes, ICAs should cover a wide range of commodities and adequate financial resources should be available to the First Account of the Common Fund.     

External benefits of buffer stocks

In a recent paper, Turner and Grace¹ discuss a simulation of a buffer stock agency acting in the waste paper market in the UK. As with other writers on this subject, they consider that a buffer stock agency would have lost money if it had operated in the UK market over the period 1961–1974, a finding in keeping with simulations of primary commodity schemes². However, Turner and Grace legitimately ask whether there are any external benefits associated with a buffer stock scheme and credit the scheme with savings in that waste paper bought by the buffer stock agency does not enter the waste stream, and hence results in savings to the waste disposal authority. This paper examines the question of whether buffer stock agencies will have any such associated external benefits, and argues that benefits are positive, but are not of the magnitude implied in previous studies     

The international natural rubber agreement 1979

The International Natural Rubber Agreement (INRA) 1979 is the first, and so far the only, commodity agreement to emerge from the negotiations under the Integrated Programme for Commodities (IPC). The agreement is examined in the context of the issues relating to international stock and as an indicator for future development. The author concludes that while the principle of joint responsibility for financing international stock has been for the first time accepted in INRA, this has been achieved at the cost of reducing the scope of the regulatory mechanism, and that the single-instrument pattern that the agreement has adopted may not be suitable or acceptable in other commodities.     

对财务经济分析体系发展的初探

随着我国社会主义市场经济体制的建立和发展,企业将面临着一个日益完善的市场经济体系,这就要求企业的行为要更加规范。于是能够评价、分析企业盈利能力、生存能力、发展能力等各项指标的财务分析体系,就显得尤为重要了。本文主要从现行条件下财务分析体系入手,从财务分析体系的内容和发展前景两个方面,阐述了对财务分析体系发展的几点初步认识。     

COPPER PRICE STABILIZATION: WELFARE CONSEQUENCES AND BUFFER STOCK COSTS

International debate and economic literature on export earnings from trade in raw materials have focused on two main subjects: the ability to increase incomes arising from the exports and the possibility of stabilizing these incomes. One alternative that has been suggested and discussed with regard to the second issue is a buffer stock that would decrease the fluctuations in raw material prices. Two objections that have been made to this proposal are that, with stabilization, producers could lose their welfare benefits; and that financial costs are too great. In this article, market conditions required so that copper producers may be benefited by price stability are discussed, and the profitability of a copper buffer stock is measured. Depending on the characteristics of demand and supply curves in the copper market, the article concludes that producers may obtain welfare and income benefits from price stabilization and that for certain degrees of stability the management of the copper buffer stock can yield a positive internal rate of return close to that of alternative investments. Des discussions au niveau international et des ouvrages économiques en matière de recettes d'exportation provenant du commerce des matiêres premières ont mis l'accent sur deux sujets principaux: la capacité d'accroître les revenue de ces exportations et la possibilité de stabiliser ces revenue. Une option, suggérée et débattue au sujet du second point, consiste en l'établissement d'un stock régulateur qui tendrait à diminuer les fluctuations des prix des matiêres premières. Cependant, deux objections ont été soulevées, à savoir: la stabilisation pourrait avoir des repercussions néfastes sur les bénéfices des producteurs et les coûts financiers pourraient être trap élevés. L'article considère les conditions de marché requises pour permettre aux producteurs de cuivre de bénéficier de la stabilité des prix ainsi que la rentabilité d'un stock régulateur en matière de cuivre. En se basant sur les caractéristiques des courbes de l'offre et de la demande dans le marché du cuivre, l'article conclut que les producteurs peuvent bénéficier de la stabilisation des prix et que, à certains degrés de stabilité, la gestion d'un stock régulateur de cuivre peut engendrer un taux de rendement interne positif avoisinant ceux d'autres investissements. Los debates internacionales y la literature sobre los ingresos de exportatión de materias primas han enfocado dos temas principals: la habilidad de aumentar el ingreso resultante de estas exportaciones y la posibilidad de estabilizar dichos ingresos. La creación de una reserva de compensación para contrarrestar las fluctuaciones de los precios de materias primas ha sido propuesto y discutido. Las objeciones hechas a esta propuesta argumentan que los beneficios para los productores disminuiría con la estabilización y que los costos financieros serian demasiado grandes. En este artículo se discuten las condiciones de mercado que permitirían a los productores de cobre beneficiarse de la estabilidad de precios y se mide también la rentabilidad de la reserva de compensación para el cobre. Basándose en las características de las curvas de demanda y oferta en el mercado del cobre, el artículo concluye que los productores pueden salir gananciosos con la estabilización de precios y que para ciertos grados de estabilidad, la administración de la reserva de compensación del cobre puede producir una tasa interna de retorno positive, comparable a otras inversiones alternatives.     

The post-war tin agreements: An assessment

International collaboration between tin producers has existed for over 20 years. Although normally considered moderately successful, there is some evidence that these agreements have lasted largely because of their relative ineffectiveness. The author looks at the ecpnomic basis of the tin agreements and at the policy of the International Tin Council (ITC) during the years 1956–1976. He goes on to consider the future role of export controls and at the possibility of indexing the agreements to take into account inflation.     

Market efficiency,filter rules and buffer stock profitability

This paper uses a model of the optimum buffer stock as a ‘filter rule’ together with a financial model that can be used to assess the efficiency of international commodity markets. The approach is simpler to apply than many other methods which have hitherto been used and yields an economy in theoretical and computational effort. The arguments are applied as a case study to the international copper market. The main conclusion is that private storage is not under-provided for and that a public buffer stock agency would be unlikely to be self-financing.     

Brownfields as a tool for the rejuvenation of land and community

Brownfields have been a powerful force attempting to advance both sustainability and economic development. The author, principally using U.S. examples, advances the belief that the true benefits potentially offered by Brownfields can only be fully realized by using tools such as found in the application of Community Benefit Agreements. In a similar way use of Community-Based Participatory Research frameworks holds out similar promise. The proof of this promise will only be found in the implementation of these models.     

Moving the tin mountain

The recent history of the tin market has been characterized by competition between newly mined production and old surplus stocks against a background of declining demand. Because the control of surplus stocks has been unpredictable, prices have been volatile. Following the failure of the International Tin Council in 1985, mine production has fallen and demand has increased. Because mine production is quite price inelastic, continued growth in consumption may in due course result in a substantial rise in prices. Development and promotional work by tin producers could therefore bring them substantial benefits.     

EVALUATION OF ALTERNATIVES TO THE GARRISON DIVERSION UNIT1

ABSTRACT: The Garrison Diversion Unit is a multipurpose water resources project which is currently under development for the purpose of diverting water from the Missouri River basin to irrigate farmland in North Dakota. Due to the objections raised by various interest groups, the project has recently been reviewed by the International Joint Commission. This article surveys the background to the project and the various alternatives that have been proposed. By utilizing recently developed fuzzy set techniques, the proposed alternatives are evaluated and a plausible solution is proposed. The results of the study indicate that it may be advisable to remove the Souris Loop irrigation area from the Garrison project but the environmental impacts of the study may preclude the implementation of any alternative that can affect Canada. These findings are in partial agreement with the recommendations of the International Joint Commission.     

Corporations and the environment: A new perspective

Summary The author presents the results of a pilot study which explored the voluntary support given by seven Pittsburgh multinationals to environmental goals and objectives through their foundations and operations. While much of the information is national in scope, the findings have international significance. Fundamental common key factors and patterns were identified which already have and will continue to guide most corporate international environmental activities. As interest grows in developing cooperative undertakings with the corporate community, it is important for environmental organizations, government, and academia to understand these patterns. Based on the findings and on suggestions by corporate representatives, recommendations are given as to how support of the goal of creating sustainable societies by the corporate and environmental communities can be improved and increased. Dr Langord's interest in urban and environmental policies range from issues dealing with coastal zone and floodplain management to urban waterfront re-vitalization and environmental aesthetics. Most recently she is studying the role of industry in helping to meet critical resource and environmental needs. She is exploring new patterns of cooperation with government, industry and environmental organizations. Currently Director of the International Environment Program, Center for International Studies, University of Pittsburgh, Dr Langord has held a number of academic positions, served as a resource policy analyst for the US Department of Interior, and has acted as a consultant to government and industry.     

Paper recycling and social policy

This paper examines the problems and operation of waste paper recycling in the UK. Long- and short-term forecasts for demand are developed, showing demand strongly correlated with Gross Domestic Product. These are used to simulate a buffer stock scheme and establish costs for operating such a scheme. The authors conclude, given that the only large source of waste paper not fully exploited is the householder, then grants for developing waste upgrading technologies are likely to be more effective than buffer stock schemes.     

Tin Availability in Market Economy Countries

The U.S. Department of Interior's Bureau of Mines determined costs associated with the production of tin from 18 market economy countries (MECs). The resource and relative economic positions of 146 tin deposits were evaluated. Demonstrated resources of recoverable tin metal are estimated to be 2.8 million metric tons. Over 70% of this material is recoverable from three south-east Asian countries - Malaysia, Thailand and Indonesia; all are members of the International Tin Agreement (ITA).
In the last five years, Brazil has become a major, low-cost tin producer. In light of their large resources Brazil has become a dominant MEC tin producer and one of the world's few tin producers that can prosper during a protracted period of low tin prices.     

Role of buffer strips in management of waterway pollution: A review

A buffer strip can perform a multitude of functions, and these include channel stability, a filter for sediment and nutrients, water purification (e.g., bacteria and pathogens), a nondisturbance area, and the provision of terrestrial and stream habitat. These functions are reviewed with specific application to Australian conditions, and methods for modeling their performance are outlined. The primary focus is on the use of buffer strips to minimize waterway pollution from diffuse sources since their use is often justified on this basis. Particular attention is given to the conditions under which a buffer strip will act as an effective filter and the conditions under which it will fail. Buffer strips are most effective when the flow is shallow (nonsubmerged), slow, and enters the buffer strip uniformly along its length. Their sediment trapping performance decreases as the sediment particle size decreases. Nutrients are often preferentially attached to fine sediment. As a result, buffer strips are better filters of sediment than of nutrients. Buffer strips should only be considered as a secondary conservation practice after controlling the generation of pollutants at their source and, to be effective, buffer strips should always be carefully designed, installed, and maintained.     

Applying the baldrige quality criteria to environmental performance: Lessons from leading organizations

Over the last thirty years, we have seen a dramatic shift in values that people and corporations place on environmental responsibility. People have become more aware of how the earth's limited resources are being rapidly depleted. High levels of consumption have resulted in increasing manufacturing and transportation needs which in turn lead to greater energy use, higher usage of hazardous and toxic substances, and decreased air and water quality. Leadership for environmental protection has shifted from vocal environmental advocacy groups to corporate executives. Driven by shifting customer requirements, competitive pressures, and resource conservation technologies, environmental issues are becoming embedded in the fundamental business strategies. In this article we will describe the application of the Malcolm Baldrige quality award criteria to environmental management and show how the focus on quality principles and tools can improve profitability. Examples from the Xerox Corporation and other companies will be provided to illustrate the breadth of environmental improvement initiatives that are being implemented.     

Codifying the minimum standards of the law of international watercourses: remarks on part one and a half

This article discusses the attempts by the Working Group of the UN General Assembly's 6th Committee, which held its first session from 7 to 25 October 1996, to elaborate a framework convention on the Law of the Non-navigational Uses of International Watercourses. The Convention is based on the 1994 draft articles by the International Law Commission, and is intended to have a residual character. As such it will apply to States parties in the absence of specific watercourse agreements, and serve as a guideline. However, the persistence of a fragmented defence of short-term national self-interest on the part of many delegations prevented the finalization of a universal legal instrument in the first round of the negotiations. The major stumbling blocks relate to the natural adversarity between "upstream" and "downstream" riparians. Deep seated conflicts of interest were particularly prominent in discussions of concepts such as the "equitable utilization principle" vis-à-vis the "no-harm rule" (art. 7), the concept of "optimal utilization" (art. 5); the determination of when a particular use is "equitable and reasonable" (art. 6); constraints on the freedom of exploitation of natural resources (art. 7); and the obligation to notify co-riparians of planned measures which may have adverse effects upon other watercourse states (arts. 11–19). Despite many obstacles, the Working Group made considerable progress in identifying language that would balance respective interests in the Convention. It is hoped that agreement may be reached on the final text during the next session, scheduled for 24 March–4 April 1997 While the present article traces the deliberations at the UN in October 1996, and some of the main conflicts, a separate article by Maurizio Arcari in the forthcoming August 1997 issue of Natural Resources Forum will discuss the draft articles submitted by the International Law Commission.     

Integrated Land and Water Management in the United Kingdom: Narrowing the Implementation Gap

Riparian buffer zones have been incorporated in land and water management policy for England since 1994, when the Ministry of Agriculture, Fisheries and Food introduced a Water Fringe Option (WFO) as part of a broader habitat conservation scheme. Whilst natural scientists have examined the functioning of riparian buffer zones, understanding of farmers' decision making regarding the adoption or non-adoption of voluntary buffer zone policies is very limited. This paper examines the factors influencing the decision making of farmers who were eligible to join the WFO in three river catchments. Quantitative and qualitative information was collected from farmers using semi-structured interviews and was supplemented with in-depth interviews with representatives of public agencies, agricultural groups and independent experts. Data analysis was completed using the 'Framework' analytical approach and the Statistical Package for the Social Sciences 8.0 computer software. The research revealed that decisions to participate in the WFO were influenced by a mix of situational, psychological and sociological characteristics, which suggests that policy makers must attach greater importance to implementation conditions and farmers decision making if riparian buffer zones are to play a more prominent role in the management of land and water in rural catchments. Tightly structured schemes will only appeal to a narrow segment of the farming population and will not lead to widespread re-creation of riparian habitats. A more flexible and collaborative style of policy development is needed in order for riparian buffer zone policies to meet the circumstances and needs of the diverse UK farming community.     

MULTISOURCE/MULTIQUALITY AGRICULTURAL WATER USE DECISIONMAKING1

ABSTRACT: The importation of water into an existing irrigated agricultural area raises many questions about farm profitability and suggests many adjustment alternatives open to farmers. In particular, how will farmers respond to a new additional water source of differing cost, availability, and quality? Mathematical programming models of representative irrigated farms in Pinal County, Arizona, were developed to project agricultural adjustments to new water from the Central Arizona Project now under construction. The techniques developed have broad application to similar water resource projects involving the conjunctive use of multiple water sources of differing qualities. Regional agricultural activities are described by defining and modeling multiple representative farms which account for economies due to size and different water sources of differing price and quality. Various management schemes can be evaluated by properly selected representative farm models.