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14 / added to the Rocky Mountain National Park. With permission of Congress, the Company built three additional miles of ditch at the reputed cost of less than $500 for machine labor, as against the reputed $375,000 it had paid for hand labor on the first 11 miles. The Company also dammed Long Draw to create a reservoir. "Today most of the Grand Ditch is clearly seen from the Trail Ridge Road or from the floor of Kawuneeche Valley. The l4-mile ditch starts in Bakers Gulch and runs north to La Poudre Pass at an exact slant designed to keep the channel reasonably clean but not to wash out the banks. On the eastern side of the Pass the water flows into Long Draw Reservoir where it rests until late summer when the farmers around Fort ColI ins need it for the last irrigation of their sugar beets. Ditches like the Grand Ditch have turned what Major Long called the Great American Desert into the Sugar Bowl of America,," FINANCIAL STATEMENTS 1 Financial Statements and Schedules included in the appl ication report (Tables 11-6 through II-K) are copies of statements and schedules included in the November 30, 1966, and the November 30, 1967, Auditor's Reports pre- pared by Rogers and McClusky, Certified Publ ic Accountants, Fort Collins, Colorado. The auditors have certified that the statements represent fairly the financial condition of the Company. l Mr. W" J. McAnelley, a civil and water engineer of Fort Coil ins and Water Commissioner for District No.3 of Colorado, was employed in the year 1940 by the Water Supply and Storage Company to make a reappraisal of all properties of the Company. Th is was done for two reasons: (I) many of the va I ues as carried on the books were admittedly out of proportion to the facts, and (2) many of the water rights which were bought in the early history of the Company had increased in value far out of proportion to the original cost. The amount of $1,347,515.08 now shown on the books of the Water Supply and Storage Company (Tables II-B and II-G) as surplus from reappraisal, is the net increase in the valuation of the assets as shown by Mr. McAnelley's report to the Company. In those cases where the original cost of construc- tion was fairly represented by the book figures, the book valuations were retained; in all other cases, Mr. McAnelley's figures based upon the value of water developed over a period of years were used.