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V mission should fix a depreciated rate base by which to meas­ure the rates to be charged by the Water Company in the future at not less than $757,100.00 which is the Original Cost rate base for the Water Company shown in Exhibit S. Under no oir- ,* cumstances is the depreciated rate base of $618,919*72 found by the Commission justified as a rate base for application in the period subsequent to September 1, 1951. It is even substantially less than the Investment Cost rate base for the Water Company of $673,100.00 shown in Exhibit S. We also call to the attention of the Commission the fact that the water right value of $30,000 should be included in the rate base of the Water Company and excluded from the rate base of the Railroad Company. The Water Company and not the Railroad Company is- the owner of the right to appropriate the water upon which the water right value is based. It is the Water Company and not the Railroad Company which puts to beneficial use this water. The Commission should, as was done by the Commission in I & S Docket No. 52, include this water right value in the rate base of the Water Company. Rate of Return. The only comprehensive testimony concerning the proper rate of return was that given by Mr. Wehe, witness for the Water Company. He said that all the rate base figures, including Present Value, were entitled to consideration. He said that in his own thinking Original Cost as developed in his exhibits is a fair basis, provided proper consideration -60-