A Goon SPEECH.
An admirable speech was delivered at the recent meeting of the Rio Tinto Company by the Chairman, Sir Auckland Geddes. It was a fine speech in the sense that it gave the shareholders a very full insight into the affairs of the com- pany and into the position of the world's copper industry, while Sir Auckland also dealt in able fashion with the general international outlook. After dealing with the affairs of the company and its associate, the Rhokana Corporation of Rhodesia, Sir Auckland made some pertinent observations on the present state of the world's commodity• markets. Sir Auckland remarked that something must be done to ease the strain produced by the corner in gold, while he very properly emphasized the need for economic nationalism recognizing that all foreigners were not economic enemies. Referring to heavy taxation and the necessity for its reduction, he remarked that, were taxation translated into terms of copper, the tax gatherer in one year might take the equivalent of 10,000 tons and in another that of 30,000 tons, and pretend that taxation had not altered. Sir Auckland, however, expressed faith in the rapid response of the copper market to any recovery in world trade. * * *' *
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