In: HOME EDITION
Mintaro Slate Company
Mintaro Slate and Flagstone Company, Limited, reports that consequent upon the change over from steam to electric power, portion of the old plant of the company had had to be scrapped and written off during the past year. As a result operations for the period ended December 31, 1929, showed a loss of £227, which compares with a net profit of £277 for the preceding 12 months, £1,187 for 1927, and £3,094 for 1926.
The credit balance at profit and loss account at January 1, 1929, was £3,583. Two dividends amounting to 1/3 a share were paid during the past year, and absorbed £1,875. A credit balance of £1,482 will be carried forward.
In their report the directors say that the plant of the company had been maintained in excellent order and had shown a great saving since being converted to electricity The continued trade depression had restricted business offering throughout the year.
The company has a paid-up capital of £30,000 in £1 shares. Its reserve account figures at £8,606, sundry creditors £122, and provision for taxation £54. Assets aggregate £40,265, including quarries, freehold property, buildings and lease, £19,541; plant, machinery, and horses, £5,096; stock of slate and stores £12,665; sundry debtors £2,393, and cash £580.