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it frequently and enjoy it. Every bit of it belongs to you members - share and share alike - and I know you will find a cordial welcome from all of your employees who work there. You will see it when you come to your Annual Meeting, November 4,
1950 at which time this beautiful building will be dedicated.
This year records "Area Coverage Achieved". This means that your Association has completed your directors' decision to extend electric service to practically every rural resident in Hancock, Pearl River and Harrison County. Imagine what a huge task this has been! How many real headaches were involved!!
How many rural people can enjoy the blessings of electricity and lighten the burden of rural living!I! Just think what it really means to you people. Push a button for lights, radio, television, water, ironing, refrigeration, cooking, water heating and the many other uses of this silent servant who comes to you at an infinitesimal cost. Back in 1937 I had no idea that I could even record this fantastic occurrence.
Finally, it gives me a great deal of pleasure to tell you that your Association has successfully met all payments of interest and ammortization on their loan to the Government. It has also made a number of prepayments on this loan (made payments ahead of time) and has set up a tidy sum in the form of a depreciation reserve to replace lines and equipment which wear out and become obselete. Despite the hazards of operating electric lines from lightning, hurricanes and the elements, the financial statements of operation which Coast Electric can present is a tribute to the wise and careful management by the directors and the manager.
At this time your Association has 4851 members on 1440 miles of line. During 1950 over 550 members were connected on 275 miles of line. You wil perceive that the "density" (members, per mile of line) has decreased to the figure of 3.2 because of "Area Coverage". This is due to the fact that your Association has reached out into the more sparsely settled areas to provide electricity to those people who live further apart. No one should be denied the benefits of rural electricity in your TRI-COUNTY area. Your Association employs 32 people and has