Valuation, depreciation and the rate base

Bibliographic data

Monograph

Identifikator:: 174667931X

URN:: urn:nbn:de:zbw-retromon-119897

Document type:: Monograph

Author:: Grunsky, Carl Ewald http://d-nb.info/gnd/10180959X

Title:: Valuation, depreciation and the rate base

Edition:: 2. ed., revised and extended

Place of publication:: New York

Publisher:: Wiley

Year of publication:: 1927

Scope:: X, 500 Seiten

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XI. The value of a water-right and of reservoir and watershed lands

Collection:: Economics Books

THE VALUE OF WATER-RIGHTS But the court does not attempt to settle the question relating to how a water-right is to be valued. California Railroad Commission on Water-right Values. — In the matter of valuing water-rights Commissioner Thelen, in writing the decision of the Railroad Commission of California in the San Diego case (Decision No. 146 5), sounds a note of warn- ing, when he says: “This case illustrates clearly the tremendous importance to the people of this State of the claim made by certain water com- panies and other utilities that the value which adheres to the water which they convey to their customers belongs to the utility, and that the utility is entitled to capitalize the full value of that water, entirely irrespective of its cost to the utility, and to collect a charge for water high enough to yield a return on such amount as the experts for the utility estimate to be the value of the water or of the water-right. I do not deem it necessary at this point to discuss the authorities both in the State and federal courts bearing on this question, for the reason that, according to press despatches this question has now been decided by the Supreme Court of the United States in the case of San Joaquin and Kings River Canal and Irrigation Co. vs. County of Stanislaus. The question of the amount of value to be allowed is, of course, a question of fact, the determination of which still rests in this Commission. I desire, at this time, to draw attention to the grave consequences which may follow if the theories of value of water-rights urged by various public utilities before this Commission are adopted. If it is true that the entire value of the water which a public utility secured by appropriation or otherwise belongs to the utility and that the public must pay rates on such value, it follows that, where there is only one source of water supply for a municipality, the water utility has the right to capitalize the entire life of the munici- pality. And, in any case, the utility will have the right to take for itself the entire increased value of land due to the placing thereon of this water, entirely irrespective of the fact that the people of this State have given to the utility the right to appro- priate the water and that the actual price paid for the water may have been absolutely insignificant as against the amount claimed by the utility.” 21 F

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