1.   A second and equally important impact of the time factor in making oil-backout investments is inflationary rises in capital costs.

2.   But formidable capital cost stood in the way of such improvements, and irrigation remained no more than a theoretical possibility.

3.   First, by minimizing conversion capital costs while backing out of expensive oil we conserve both capital and consumer resources.

4.   The capital cost is to be financed from a local property tax.

5.   If this method is based on initial capital costs, it strongly favours long-term projects against short-term ones and those with good cash receipts in the early years.

6.   If it is based on average capital costs, it favours short-term projects and those with large initial cash receipts against long-term projects.

7.   These forecasts should consider the effects of each option on the revenue as well as on the capital costs of the completed project.

8.   The cost of design work may account for a significant proportion of the capital cost of a project.

9.   These assumptions represent the prevailing convention for expressing capital costs in the National Health Service.

10.   The disadvantage is the capital cost, even allowing for relief in respect of interest charges and capital allowances for new buildings and other improvements.