Although there have since been fluctuations varying according to the
general state of markets and the price of copper, Rio Tinto shares were favourably affected both by the general statements at the recent meeting with regard to the company's position and also with regard to the new capital issue. As regards the latter point, Sir Auckland Geddes explained that at an early date they proposed to obtain permission of shareholders to issue another 50,000 ordinary shares which would be offered to existing holders, so far as possible pro rata with their holdings. Concerning the general position of the company, Sir Auckland was able to report favourably with regard to the general condition of the mines, while at the same time it was clear from his remarks that the Spanish. Government is a considerable gainer through the medium of taxation by the company's operations, in addition to which he stated that the company during the past year distributed in wages and for the purchase of stores over 82,000,000 pesetas, or well over £1,000,000. Perhaps no better comment upon the generally hopeful outlook for the company could have been made than was contained in Sir Auckland's observations when dealing with the new capital. Naturally, he said, the shareholders would wish to know whether the company would be able to maintain the dividend on the increased capital, and Sir Auckland replied " I think we can."
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