While the speculators have been getting out of copper and
in so doing have put the price back to approximately where it started at the beginning of 1938, two of the big Rhodesian producers have demonstrated the fact that it is possible to earn very satisfactory profits with copper at quite a moderate price. The half-yearly statement of Rhokana Corporation for the second half of 1937 shows that net earnings, subject only to taxation, amounted to £1,136,000, excluding anything in respect of dividend on the Corporation's holding of nearly one-third of the capital of Mufulira Copper Mines.
The Corporation's financial year ends on June 30th. If earnings could be maintained at the same rate in the next six months the Corporation would show earnings equivalent to over 874 per cent. on its ordinary and " A " ordinary capital of £2,500,002, after allowing for preference dividend.
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