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"It has been held up for 12 years. The matter was critical when we drafted our 1947 report. It has become seriously critical now with over-drafting of ground water and the only thing that can prevent catastrophe in the Southwest is a real statesmanlike approach to the water problem and the support of the Federal Government in financing it, strictly on a reimbursable basis." (Printed Hearings on S1658, page 37.) "From an economic and financial standpoint the present analysis of the central Arizona project shows it to be one of the very best investigated by the Bureau of Reclamation in recent years. The estimated project construction costs subject to allocation to various functions of some $997 million, with an annual operation, maintenance, and replacement cost of $8,611,000, will generate about $125 million worth of benefits annually. This results in a very favorable benefit-cost ratio of 3.03 to 1. The benefit-cost ratio in 1947 was only 1.63 to 1, which shows the project is economically more favorable today than it was 15 years ago, largely because of the changed economic conditions including the increased value of water in the area. However, the present analysis also reflects current procedures set forth by Senate Document 97." (Printed Hearings on S. 1658, page 47.) The conclusion that you agree that the Central Arizona Project should be constructed without delay finds ample support in the Pacific Southwest Water Plan. At page 1 of the summary of such Report it is stated: "Arizona urgently needs more water, without which it will face a slowly withering economy as the ground-water bank account shrinks." 6Epson Perfection 4870 Photo, 400 dpi, 24 bit, 46,129,152 byte