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proportion of developing new lands. Is that cor- <br />rect, in most areas? We'll take the Nebraska <br />areas where they are developing the Frenchman and <br />those places and the cost of the reservoirs them- <br />selves is only a proportion of the cost of the <br />total overall system. Do you follow me, Jim ?" <br />MR. KNIGHTS: "It's a proportion but not necessarily a small <br />proportion. It's a proportion, that's a broad <br />statement. It might be 10/ and it might be 90%." <br />MR. OSBORNE: "That's just the point that you've made in that <br />statement now, it might be 10/ or 90 %. We're in a <br />position where expansion, if it becomes available <br />at a relatively low cost, on the other end of that <br />picture, whereas the lower you go down, the best you <br />can do to get gravity is a long canal to get to <br />additional lands and so you have to add on that <br />cost to make a fair comparison." <br />MR. H. DAVIS: "May I comment on that ?" <br />MR. GILDERSLEEVE: "Yes, Mr. Davis." <br />MR. H. DAVIS: "The site selection report, of course, as set <br />into motion more than a year or so ago, is simply <br />one step in this all -basin study. It's not a <br />piece -meal approach. It's comparison. We do con- <br />template storage above Denver, probably at Two <br />Forks. In my estimation we'll have to get just as <br />much storage up there as we can so that we can <br />operate that reservoir in connection with a lower <br />reservoir by exchange for the utmost benefits. <br />Those rights that may be on the river now below <br />Narrows or Weld County that are senior rights might <br />theoretically require that water be stored in Two <br />Forks and then those rights satisfied by deliveries <br />out of a lower reservoir to make the system work. <br />By the same token I think that we are in a <br />rapidly growing area, the whole Denver area and <br />the towns in the valley. I doubt if the farm <br />population grows but at least the lands are going <br />to remain in production pretty much and if we come <br />up to a certain point in analysis that would indi- <br />cate, say, capacity at the sites of somewhat less <br />than the economic physical limits, it would seem <br />-29- <br />