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7.88$ for 1945; 9.16$ for 1946; and 7.73$ for the year 1947. The cost to the company of the electric plant was #194,649.15. Additions and betterments to the plant from the time of acquisition in August, 1944, to December 31, 1947, amounted to 1156,672.65. Property retired during the same period totalled #33,492.56. Depreciation taken and charged to operating expense account is as follows #3,096.65 in 1944; #5,507.64 in 1945; #7,035*67 in 1946; and #7,176.45 in 1947. In 1947 the company purchased and generated 4,362,455 kilowatt hours, which was delivered to its distribution system for use by its customers. t The total average cost per kilowatt hour delivered to the distribution system was #0.012613. The total average cost per kilowatt hour to the consumer is #0.03634. The number of customers has increased from 954 in 1944 to 1,164 at the end of the year 1947. The company*s construction budget for the year 1946 calls for expenditures amounting to #26,315.00 for new extensions and necessary replacements. The company also contemplates spending #150,000 for an extension of the company*s line into the Paradise Valley area to serve Paradise and ranches and farms in the valley. Construction of this line, however, will not commence before the end of the year 1949. Estimated revenues to be derived from the con­struction of this line will be approximately #45,000.00 yearly. Es­timated expenditures will amount to approximately #39,500.00, leaving a net operating revenue from the Paradise Valley operation of #5,500.00, per year. Water Department Dross revenues for the years 1944 - 5* 6 and 7 were #13,875.52; #36,666.66; #37,996.42; and $39,621.55, respectively. Operating expenses during the same period, not in­cluding federal Income taxes, amounted to $6,471.84; #18,739*73; #29,939.49; #22,408.58, respectively. Included in the total expen­ditures for the year 1946 is the sum of approximately #10,000 for the relining of the upper reservoir walls.