21 MARCH 1931, Page 46


Consent on the part of the shareholders of the Rio Tinto Copper Company to the issue of £2,000,000 in 5 per cent. debenture stock was practically a foregone conclusion, the chairman, Sir Auckland Geddes, having, in a circular calling a meeting, explained very fully the purposes of the issue. The first of those purposes is to enable the company to extend and develop its holdings in the Copper Mining Com- panies of Northern Rhodesia, especially of the Rhodesian Congo Border Concession, now known as the Rhokana Corporation. The second object of the issue is to enable the company to continue its policy of development and expansion outside Spain, and in the course of his remarks at the meeting, Sir Auckland Geddes referred in very optimistic terms to the copper prospects in Northern Rhodesia. Before these notes appear in print the result of the offer for sale of the Rio Tinto Debenture Stock for £2,000,000 at the price of 91+ will have become known, and I shall be surprised if it is not found that the issue has been well over-subscribed. The prospectus took the form of an offer for sale of the stock by MesSrs. Rothsehilds.