Show I 1 taxes lower utah power light income gross revenues revenue a of the utah power light company after nearly a decline in four years turned upward in 1934 2934 but net revenues shrunk below 1933 due tot to added tax burdens and emergency operating expenses G M gadsby president said raid in his annual report to stockholders monday the report shows operating revenues of the power company alone in 1934 were more than in 1933 mr air gadsby said this tour four per cent increase was more than gratifying because of the necessity of meeting emergency expenditures amounting to principal causes of which were drouth conditions necessitating channel deepening at bear lake operation of jordan steam plant and additional hydro plant maintenance which increased total generation ener atlon cost of over 1933 ilvento inventory ry and appraisal of property ordered by the public service commission requiring expenditures ol of 1 taxes of company which increased more than ile he particularly emphasized the continuing increase in taxes in the report for the consolidated companies the increase was 10 per cent over 1933 bringing g all 1 taxes included in consolidated operating expenses to the high total of il he said the tax bill of the utah power light company alone tor for 1934 was equivalent to more mole than 15 for every customer served e d by the company at the close of the year substantial contributions of the company in behalf ot of drouth relief business recovery and unemployment relief were stressed in the report as follows I 1 operation cooperation co in emergency bear lake drouth drouth relief relict program which increased value ot of crops matured in utah and idaho by about 2 ordination coordination co ot of company activity with national and local efforts lor for home modernization especially through salt bait lake cites modernization exposition og dens industrial fair and delta colorado exposition 3 inauguration of traveling exhibit which carried visual demonstration of roper proper P lighting and electric cooking to scattered rural territory 4 campaign for eyesight conservation which has literally re revolutionized home lighting tn in the area the advantageous arrange arrangement between its holding company and the utah power light company was referred to by ay mr gadsby he said loans reaching a maximum of nearly were obtained from the electric power light company during the he year tor for making extensions and betterments ter ments to property and promptly meeting all other financial requirements the arrangement permitted your company P ny to secure benefits of available cash he 16 asserted and was an important factor tor in making possible the payment of the he dividend declared at christmas time I 1 mr gadsby ladeby said all loans were repaid by the end of the year through a careful conservation of cash reference was made to a saving in total interest charges of because of bond retirements and to a partial bartla dl dividend v idena declared on the 7 preferred and 6 preferred stock after payment of the dividend the report showed remaining in arrears and tor for dividends on preferred stock to december 31 1934 ot of ile he asserted payment of future dividends upon preferred stock depended upon tipon continued business recovery freedom from competition with government sub tax tree free plants and a halt in tax increases i mr gadsby stressed the companas comp anys progress toward the objective of 0 the federal government lor for a more liberal use of electric energy luse he said since 1028 1928 the average annual use of energy per residential customer served ved had increased about 60 50 per cent efrom from kilowatt hours hour a to for 1934 and the average price for kilowatt hour ifor for residential service was 27 per cent higher tor for 1928 than for 1934 since january 1 1929 the company end and its colorado subsidiary have made reductions which have resulted in total savings to customers of approximately he asserted mr gadsby paid tribute to the late anthony W ivins for many years a member of the board of directors of the company and praised employed emp loyes lor for a high degree of loyalty in a separate statement the power official urged stockholders to combat v vigorously ig porously Orous ly in congress the rayburn utility act of 1935 in W wheeler heeler public investments in the company order to protect imperiled by b 7 the legislation under title two of the act the federal power commission with headquarters in washington 1 Is 3 riven given complete and detailed control of a all 11 rates and practices he said state regulation I 1 Is thereby duplicated and may well be obliterated lite rated |