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at the 1949 Annual Meeting to approve the increase in borrowing power from the original amont authorized of $1,500,000 to $5,000,000.
The members showed their faith in their Association and elected directors by approving this increase in borrowing power. By judicious management and under the careful supervision of the directors, it has not been necessary to date (Nov. 1, 1950) to exceed the previously allowed debt limit of $1,500,000 to construct all facilities necessary, including the handsome and serviceable new headquarters building, to supply electricity to practically every rural resident in the TRI-COUNTY area and to make other improvements to the system.
Your directors' foesight and judgant has proven once again to be wise and sound. Recently the material supply situation became critical almost overnight. Shortages of every description began to show up but your Association being financially sound and having resources, with which it has been provided, was able to place orders for such materials and supplies necessary to continue proper operation for some time to come.
During this past year a complete area coverage radio telephone system was purchased and put into operation. A central transmitter and receiver is installed at the main office in Bay St. Louis and all service trucks are equipped with portable transmitters and receivers. Communication between office and trucks, wherever they may be located, is instantaneous. During trouble or emergency it is possible to quickly dispatch necessary repair crews and restore service.
The most significant undertaking this past year was the construction and completion of your Association's new headquarters facilities. It is a thing ofservice and beauty. Your correspondent has inspected many such buildings in a number of cities and states but I have not seen anything to compare with it. All of you should be proud of this concrete example of financial success and stability. I congratulate the directors and Manager Shattuck for their efforts in providing you with such an edifice. You should take pride in your Association's home. You should visit