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. I MR. STAPLETON: MR. MILLER: I MR. STAPLETON: .1lUb question, th~s proposal, before the next meeting of the Upper Colorado River Com- mission. I think what the import of the Investigation's report is that we feel that before any action on this is taken it ought to be taken by all the upper basin states at once rather than just Colorado all alone." "Thank you, Mr. Sargent. I think the Board can understand that this is a matter that we have only heard the very beginnings of. It will take a lot of technical and engineering studies and nothing can be re- solved at this point except, perhaps, the suggestion of the Investigation Committee and as contained also in Mr. Sparks' memo- randum to the Board. From the questions I have heard I think I am not presumptious in asking the attorney for the Board to submit a resolution at this time that the members of the Board, if they so desire, may adopt and take that action at this meeting. I've given Mr. Moses about 30 seconds to think of this but I am sure he is capable of it." "Mr. Chairman, while Ray is writing the resolution, I am compelled to make this one comment. I think the objective of this Board is water development and not power except as it is incidental to the development of water resources. I think we ought to avoid any dispute between pref~rence customers and so- called investor utilities. I am not criti- cizing the word 'investors'. I do think we ought to get the maximum power return for water development over a maximum period of time for the benefit of Colorado as a whole and we ought not be involved in detailed dis- putes between public and private power in- terests." "I would agree with you Mr. Miller, except we are going to have to make some de- termination over where we are going to get the most fruitful revenues for the construc- tion of the upper basin projects and we are going to have to make that determination sometime. Mr. Peterson,' did you have anything you wanted to say?"