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will ba aada (not laaludad) wherein tbs operations id 11 be Merged. There Diomid be no changes la tba and results. Tha immif im gross revenus from water sales to yield pataa •3- of return of 6$ aad 6-3/4* aret Return feoopde 1950 anss sm/tbST..lararr 4* # 28.400 Po, of Present Havaxiua 14,3% 6-3/4* I I 34,600 Pa. of Present mmrnm if«3p The jraap 1949 ia Merely aat Inasmuch aa the estimated results trolling. A patina of 6* la aat ap as be obtained. It la ballaaad that s Application, I 40,30$ # 49,700 | 66,000 20.3* 23.9* 31*3* # $4,800 | 64,200 | 8$,600 27*2* 31*6* 40.2* forth fop basla of comparison, fop tbs year 1950 should ba eon- shewing tba eery nlaf— that slight i 6-3/4* ahould ba raqoastad in tba piaooaaxoHi Capital Baas: tba accompanying Table A aata forth tba development of tba rata baaa estimates. Aa will ba seen, tba "Recorded" figures repre- aants tba Investment aa par boots; "Adjusted" paflaeta tba laaraaaa dua to "Setternent" adjustment. tba "Original Coat-1950" la tba acasa aa tba "Adjusted 1949** figtmw, lnapaaaad bp one-half of tba estimated nat addltlona to plant for 1950 plus an adjustment for land. Of tba 1230-odd acres of land, 400 have baan laaludad aa opera­tive and at a praaant market value of #330 pap aepa. Tba laat estimate, namely that baadad "R.C.H.", la tba Oaaba Office's aatlaata of tba ppaaant day replacement aoat, with land In- eluded aa notad above. All of tbaaa Capital baaas baaa bsan dapraolatad inasmuch aa tba straight llna method la oaad In eeeountlng and fop setting np tba