204 DOCUMENTARY HISTORY OF THE FLORIDA CANAL
 Then when those divisions had passed upon the application, either
 adversely or favorably, it would go to the deputy or the assistant
 administrator; and then based upon those reports he would maie a
 recommendation to me in the nature of a finding.
 Now, these divisions had passed upon the adequacy of the project
 and made their reports to Major Fleming, who was Acting Deputy
 Administrator of Public Works, and based upon those reports he
 made an adverse finding.
 Senator VArmI-nmme. That was on December 21, 1984?
 Secretary Icxrs. I am corrected by Mrs. Graham, who looked up
 the facts for me. There had not been reports to Major Fleming by
 the three divisions. His adverse report was based upon the finding
 from this special board of review.
 Senator VANDmNBEO. Precisely. That is where the special board
 of review comes in in the opening portion of the chronology of the
 special board of review reports.
 Secretary IcKxs. It had been pending before that.
 Senator V&ANDENBE. Exactly. Based upon all those circum-
 stances, you received Major Fleming's adverse report on December 21.
 Senator FLmTCHB. That report says in the beginning:
 A report on this project was made by Public Works Administration engineers
 October 19, 198, and by United States Engineer Corps of the Army December
 80, 1983
 And then proceeds to say:
 There was a wide divergence in the cost estimates and the economic con-
 siderations in the two reports.
 Then this board of review was set up after that
 The CHAnumN. But, Senator Fletcher, do you mean that those
 two groups disagreed?
 Senator FLzroEa. Yes; they disagreed in their estimates of cost,
 and so forth.
 The CHA aAN. Did they also make reports on the economic
 features
 Senator FIETCHER. Yes but I submit, Mr. Secretary, that you
 were not so much concerned with the economic features of this matter
 as you were as to sufficiency of security and self-liquidating features.
 That is what concerned you, was it not
 Secretary IcxKs. Yes; but our security would necessarily be based
 on the economic features. When we take as security obligations
that are to be paid out of revenues we go very carefully into the
probability of the revenues paying out.
 Senator FiErCm Precisely. You consider the cost of the proj-
ect, the amount invested in it, and then the revenues to be derived
from it?
 Secretary IcKE. That is right.
 Senator FLTCHE. Benefits, and so forth?
 Secretary IcxKs. That is right
 Senator FzrTCHE. You consider that
 Secretary IcE. Yes.
 Senator FLzrcE i But you are not primarily concerned with the
saving of time in transit across the canal, saving of expense in con-
nection with that, and saving to shipping?
 Secretary ICKE. That is right.