The Annual Meeting of the Rio Tinto Copper Company is
always awaited with interest by reason of the speech of Sir Auckland Geddes, and on this occasion particular interest was taken in Sir Auckland's views on the general situation of Copper. Naturally he spoke with restraint and caution, at the same time remarking that statistically and according to all precedent, a rise in the price was to be expected. Sir Auckland stated that whereas stocks of refined copper at -the end of 1932 amounted to about eleven months' consumption, they represented today about five months', while the safe working minimum basis was four months. Nevertheless Sir Auckland declined to forecast when a rise in the price .rniztit come, as there were so many disturbing factors operating on the commodity markets and especially on the copper market. However, he made it clear to Shareholders that even at present prices the Company was not losing money on the copper it was producing in Spain. He also stated that the Rhokana -Cor- poration was definitely making a profit on the copper which it was producing in Northern Rhodesia. Finally, Sir Auckland asked the Shareholders to be content for the moment and to live in the hope that either as a result of the play of economic forces or perhaps by the establishment- of some controlling organization, the price of copper would ultimately be raised sufficiently to give a fair return upon the Capital invested:
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