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Show PRIVATE OF PUBLIC ELECTRIC POWER PLANT. At the adjourned meeting of the stockholders of the Melville Irrigation Company held last Saturday a little over one half of the shares of the company were represented, ft was the unalnmous decision of those present that the power rights of the company be cot leased to Mr. Chambers under the offer he has made. Considerable time was taken up over the subject of Issuing $100,000 of bond by the company, com-pany, and when It came to a vote It was found that not enough tttock had been voted to enable any action to be taken. To Issue bonds the law require re-quire that over one half of the outstanding out-standing stock shall be present and vole. It was accordingly decided to hold an adjourned meeting on Monday, Mon-day, August 12, to take up the question, ques-tion, and If there Is not enough stock present to do business the director are authorized to levy an assessment of $1.50 per share. This will probably prob-ably bring out a full meeting. If you can't co mo send your proxy, and indicate indi-cate how you want It voted. To give tho stockholders an Intelligent Idea of the situation and Information to enable them to vote Intelligently the Chronicle Chron-icle gives a full statement of tho sltua. tlon. In the first place the Melville Company Com-pany has a debt of about $29,000 upon which It I paying eight per cent interest, in-terest, and which has to "be renewed from time to time. If this debt was bonded the Interest would probably bo only six per cent, depending upon tho price for which the bonds could bo sold. In addition to this the company must have money to complete the project and pay Its share of the cost of raising and strengthening the Sevier bridge dam. It Is Impossible to say at tbls time Just what this will coat, but this expense must be met. Then comes the question of a power plant. The company has an offer from Mr. Chambers to lease the power right, which I on the KVvler river at the flume, for twentjf-ayjojarjie lessee to psy $f,0OO per year tor Are year and then ten per cent of the gross earnings for the balance of the time, 20 years. The water right Is then to be appraised and the lessee shall have the right to purchase at the appraised figure. The alternative of this Is for the company to issue enough bonds to cover the cost of putting In a plant of Its own. The charge the Chambers company would make would be 11 cents per kilowatt, or CO cents per drop, the same charge that Is made III Salt Lake. According to the estimates esti-mates furnished by Engineer Iewis the cost of a plant "developing 288 horsepower capable of furnishing lights would be about $12,000. But thl provides for only three miles of transmission line, frotn the plant to Delia. To furnish Hinckley, Deseret and Oasis with current woud require from fifteen to twenty more miles of line nt a cost of about $500 per mile. The question Is would such a plant be profitable to the company? A. Billings made a report at the meeting which would Indicate that it would be profitable. He visited a number num-ber of places that operate their own plants. The plant at Nephl of J 50 horsepower cost $21,000. They charge 7 cents per kilowatt, and furnish free lights to the town Their expenses are $2.10 per month and receipts $400, leaving a profit of $1,X00 pr year, or about nine per cent on the Investment. The plant at Fountain Green cost $i0,iHio. of which twety men put up l,0u0 each. The plant has paid off the loan of $10,000 and Is now paying 20 per cent to the Investors. The charge Is CO cents a drop. The Mantl plant cost $18,000, their expenses are $1,600 per year; It furnishes about $1,000 worth of lights to the town and last year showed a profit of over $3,000. Kphralm's 125 horsepower plant cost .!2,ooo, the expense are $130 per month, it bas 2.000 lights, furnishes !00 to the town, charges 25 eenta per Jrop and four cents per kilowatt, and ast the the receltps were $5,200. ihowlng a profit of $3,140. or over 10 er cent. The plant at Spring City :ost $18,000, the expense is only $65 -r month, and the profits are Urge. Hr. Billings says tnat every on ad-fised ad-fised against leasing th plant here, tut to build and operate It by the com sny. A private company will run It for roflt and thla tax will b perpetual, 'be Melville Company could make iwer charges and yet make a profit hat would help take car of the in-erest in-erest on the bonis. Cheap electric (Continued on pan t ) |