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Transcription
1. i \ Mr* .&dw&rd C* Renwick —6— u q vemb er 23 1951 erve, whether fully accrued or not, along with the cost of renewal. Any salvage is a credit to the reserve. The general effect of this will be to reduce operating expenses and increase the capital base. Likewise, the over-all effect is to reduce the earning requirement and hence, the increase required. Similarly, all service pipes should be capitalized. It g§§ be possible as a condition of bringing about the merger, that the Commission will agree to give some recognition to a capital amount for service pipes. If this is set up on the books and future service extensions are capitalized, when it comes to sell the properties, the likelihood of receiving payment lor this item of plant will be greatly enhanced* in my opinion. . This has been a long review, but I trust it may prove helpful in providing some thoughts on the matter. Very truly yours, RAWjmw
