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E * B . 6 . July 10, 1952 pany, who was Mr. M. 1. Ready, whose business Mr. Wehe in effect took over, testified to a valuation of #100,000 for each million gallons per day of developed water rights, of which there were approximately 18 million gallons, and 150,000 per million gallons per day of undeveloped supplies, or a total of #2,720,500. The witnesses for the Government testified as to a minimum value of #340,000 and a maximum of #530,000. The Court found that the fair value of the water rights, both developed and undeveloped, on January 1, 1917, was #1,320,000. In reaching this conclusion he valued the undeveloped water rights at one- third of the value of the developed price. It does not clearly appear from the decision what exact values were placed upon the developed water rights, but apparently the undeveloped water rights were likewise figured at 18 million gallons per day. On this basis the value attached by the Court to each million gallons per day of developed water rights was 143,333* In 1951 the total annual production in gallons of water at Las Vegas, as reported in the annual reports of the LVL&WCompany to the Public Service Commission, was 3,687,823,839, or the equivalent of approximately 11 million gallons per day. If our water rights were valued .on the basis of $40,000 for each million gallons, the total valuation would be #440,000. I am not mentioning our undeveloped water rights because of the present condition ©f the underground supply* Our actual production In 1951 was the equivalent of 15.63 cubic feet per second, whereas the Las Vegas Land and Water Company owns certificates to appropriate from the underground 23.37 cubic feet per second. . Advances from Subdividers Mr. R. M. Sutton’s wire of July 9, 1952, states that #338,082.46 is the amount of construction advances subject to refund as of May 31» 1952, and points out that this is one of the items which should be deducted from the agreed sales price of the property. Although we may in the end be willing to allow the District credit for the full a- mount of these advances, I do not think that we should take this position at the outset because there are many reasons which would justify a smaller credit.