14 DECEMBER 1934, Page 37

EMPIRE COPPER PRODUCTION.

This week's meeting of the Rhokana Corporation was notable for a lucid explanation of the aims of the directors of the undertaking, and for the unanimous approval given by shareholders to the proposals to raise additional capital by the public offer for sale of 1,500,000 51 per cent. Redeem. able Cumulative Preference shares of £1 each at 21s. per share. Discussing the policy of the Board, Sir Auckland Geddes, the Chairman, gave reasons why, with an operating profit of £614,412 for the past year, and liquid resources amounting to £1,350,763, the directors were not proposing a dividend. He pointed out that the undertaking, which is developing an immensely valuable copper area within the British Empire, is definitely under-capitalized in relation to its operations, and had to use profits either as working capital or to provide for expansion. Rhokana, and its allied interests, have huge resources of ore, which can be mined and treated at a very low cost, and Sir Auckland reminded shareholders that the demand for copper is growing, .and that England is consuming more today than it did in the boom years, because it can be obtained cheaply. ;