A polyperiod model was developed for investigating production investment decisions associated with firm growth. A fifteen year planning horizon divided into three production periods was used. Initial resources were those of a large-size livestock farm (410 acres of open land) located in Southwest Virginia. The model maximizes the present value of net returns. A twelve percent discount rate was used to obtain a basic solution. The effect of varying the discount rates or maximizing net worth at the end of the planning period were analyzed. Growth was measured in terms of net returns and net worth at the end of the planning period. Family consumption affected capital accumulation by the withdrawal of fixed amounts of capital per period from returns generated during the period. The effect in the amount of initial debt was studied. Growth was associated with changes in enterprise organization, added investments and finance policies. A high discount rate and a high initial debt were the variables that most affected growth. When land purchases were restricted growth was reduced considerably. The dry-lot steer enterprise was more profitable and had a greater potential for expansion than the beef cow enterprise. A major proportion of investments were financed with capital generated within the firm. The greatest amount of investments were done during the last production period. This stresses the importance of time in the capital accumulation process for the growth of the firm. / M.S.

The production of beef cattle on pasture in Virginia has long been an important industry. The leading cattle producing sections in the state are Southwest Virginia, the Shenandoah Valley, and northern Virginia. In Southwest Virginia, due to the abundant growth of excellent quality bluegrass, most of the butcher cattle are grass-fattened and sold in the fall at two to three years of age. In the Shenandoah Valley and northern Virginia the common practice is to follow the feed lot and grain supplement methods of production. The movement to market is less seasonal than in Southwest Virginia. Virginia cattle that are not used for local consumption now find their chief outlets north of the Potomac River. The principal markets to which they are shipped are Lancaster, Jersey City, Baltimore, and Philadelphia. A limited number are sent to Richmond. Cattle going to Lancaster are comparatively light in weight and are purchased mostly for further feeding in Pennsylvania and Maryland feed lots. Those going to Jersey City, Baltimore and Philadelphia are usually bought for immediate slaughter. Cattle shipments to these markets from Virginia are shipped during a comparatively short period each year. There were only 71.84 per cent as many cattle shipped from the area in Virginia served by the Norfolk and Western Railroad in 1931 as in 1930. This decline was probably due to economic conditions and to the shortage of grass and feed following the dry seasons in 1930 and 1931. The local and incoming Virginia cattle shipments are few compared to outgoing shipments. Most of the local shipments in Virginia are from the extreme southwestern counties to the grass-fattening areas in the same section of the state. These shipments occur chiefly in the fall and spring. Cattle shipments received into this state over the Norfolk and Western Railroad come from Tennessee, Texas and North Carolina, and go to southwestern Virginia counties for stocker and feeder purposes. Sheep production in Virginia has been increasing since 1921. Sheep raising offers many advantages due to their ability to utilize profitably many products that would be of little value for other feeding purposes. A double cash return is secured from the wool and lamps. Southwest Virginia is the chief lamp producing section. The principal markets to which Virginia lamps are shipped are Jersey City and Baltimore. These lambs are usually bought for immediate slaughter. The marketing of Virginia lambs is highly seasonal. Most of them are marketed between May 15 and July 30. Shipments of sheep and lamps locally and into Virginia is of little significance since the demand for feeders is not great, due to the method of production of spring lambs followed in this state. Hog production in Virginia is confined mostly to certain areas. The leading producing sections are the Shenandoah Valley, northern Virginia, and eastern Virginia. Hogging down the peanut crop is the method of production most common in eastern Virginia. The eastern part of the state is the leading hog producing section. The bulk of the hogs marketed from Virginia go to the markets at Baltimore or Richmond. Incoming hog shipments into Virginia over the Norfolk and Western Railroad are of little importance compared to outgoing shipments. Most of them go to the eastern part of Virginia. Livestock production in Virginia during 1927, 1928 and 1929 was increasing. Prices were also advancing during this period. / M.S.

The outline of lessons in animal production, as made in the following pages, was planned with two aims in view: first, to suggest a skeleton for a lesson in each phase of livestock which should be taught in Virginia; and second, to suggest to the agricultural instructors some of the best textbooks and bulletins which can be used to advantage in working out the daily lessons. / Master of Science