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25 Valley is concerned, in addition to that, $18,000,000 of their bond issue. Mr. HILL. Do you propose to refund that $18,000,000? Doctor MEAD. No; we do not touch it. Mr. WHITTINGTON. How about this $30,000,000 for the all-American canal? Doctor MEAD. Irrigators would buy water from that canal under a Warren water contract. Mr. WHITTINGTON. So that there would be no initial outlay for that. Doctor MEAD. Oh, yes; they would have to pay for that. Mr. WHITTINGTON. They would buy additional water? Doctor MEAD. They would pay enough for the water to repay the cost of that canal within 20 years, if it is made 20 years, or whatever period was fixed. At present, as the law stands now, it would be 20 years. Mr. SINNOTT. It would be $30,000,000 for the canal, and $18,000,000 for the bonds. Is there anything else? Doctor MEAD. That bond issue would not come in. I was only speaking of the burden. As far as the Imperial Valley is concerned, they would have to pay their part of the $30,000,000 if their land was brought in to take water from the all-American canal. Mr. SINNOTT. Is there any expense in addition to the $30,000,000 to be allocated to the lands? Doctor MEAD. No, sir. The United States would not incur any other expense. Mr. SINNOTT. That is to be paid by how many acres of land? Doctor MEAD. There are about 400,000 irrigated in the Imperial Valley. There are about 600,000 acres in the district. Mr. SINNOTT. Then there would be 200,000 acres of unirrigated land that would come in? Doctor MEAD. Yes, sir. Mr. SINNOTT. That you contemplate irrigating? Doctor MEAD. Yes, sir. There would be, I think. The CHAIRMAN. On page 13 of the Secretary's letter, he refers to the fact that the revenues would amount to about $12,000,000 and the expense about $6,000,000, leaving an estimated annual surplus of $6,000,000, and that that would be sufficient to repay the entire cost in 25 years, including the all-American canal. So that the matter of the irrigation of these lands is for the future consideration, rather than at this particular time. Doctor MEAD. There is included in that, you will understand, the revenue from power. The CHAIRMAN. That is what I mean. Doctor MEAD. Yes. It is all thrown into one pool, but the intention is to require the people who obtain the benefit from the all-American canal to obtain it on the same terms as irrigators having works in other parts of the country. The CHAIRMAN. Oh, certainly, eventually. Mr. HUDSPETH. Have you figured out how much of an assessment that would be against the land per acre per annum? Doctor MEAD. No, sir. Mr. SINNOTT. Fifty dollars for $30,000,000 on the 600,000 acres. Mr. HUDSPETH. And then the $18,000,000 already existing.

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