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Company for all amounts invested in its systems. When I tell you that at the present time the Water Company is not realizing an adequate return on the present value of its plant and must seek an increase in rates, you will realize the concern with which I view any suggestion for any in­creased investment which will not result in substantial bene­fits to the water supply. Our Water Company is no different than any one of us individually. We cannot continue to pay out more than we take in and at an appropriate time we expect to seek relief from your Honorable Body in the way of higher rates. This must be forthcoming before any further substantial capital expenditures may be entertained by the Las Vegas Land and Water Company. The third plan is to bring water into the City from Lake Mead, which plan as you know, was proposed by a reputable firm of engineers, Greeley and Hanson, employed by the Directors of the Las Vegas Valley Water District. Assuming the City will continue to grow in popula­tion and possibly expand in area, in my opinion it will be necessary, within the next few years, to bring this Lake Mead water into the City of Las Vegas even with the most stringent conservation of the present available water. Such a project should be on a basis which would take care of the anticipated needs of the City as wrell as the Las Vegas Urban territory or A — <±—