THE NORTHWARD EXPANSION 443
loss
to N'Kana, because such a price would enable nobody to pay any
dividends. My attitude is best expressed in the following quotation:
'He either fears his fate too much
Or his deserts are small
That dares not put it to the touch
To win or lose it all.'
The Anglo American Corporation profits for this year are so large that they can write down our Rhoanglo shares to "s. 6d. and
still show a profit somewhat bigger than last year. I prefer losing the
lot if we are to have no chance of turning our investment into a
profitable one.
There
was, lie conceded, the danger of over-production if the Northern
Rhodcsian situation was regarded as a whole, though from the angle of
Rhoanglo alone 'we would certainly be justified in opening up N'Changa
if it is necessary to regain our place in the sun'.
The solution lay in the amalgamation of all Rhodesian interests, but there were, of course, great difficulties in the way.
/ am convinced that the solution of all these troubles lies in the amalgamation of all the Rhodesian copper concerns. Our
aim, as sensible business men, should therefore be to bring this fusion
about, but we have to deal with people whose geese are all swans, and
we must consider what steps we should take so as to put us in a good
position for holding our own in any future negotiations for fusion. .
. . Our policy should be to show determination and in this way prepare
the basis of sound amalgamation. If we show determination and belief in
our properties, Selection would very soon drop their attitude of
superiority. . . .
I
want to reiterate that I hold the opinion that the amalgamation of the
Northern Rhodesian copper mines is desirable, and that it should, if
possible, be brought about before large sums are actually spent on the
opening of N'Changa. I know it is almost too much to expect to be
able to carry out the amalgamation before any money is spent in this
manner, but the only chance we have of achieving this result is by
taking energetic steps which will make it clear to others that we are
serious in our intentions. . . .
I
think it is all to the good that I referred to the matter of fusion in
my conversation with Storke in Bulawayo, and that you again mentioned
it in your talks with him and Beatty in London. We have sown the seed.
I did tell Storke that if amalgamation could be brought about we, the
Anglo American, would not complicate the position by insisting on
control, and that generally speaking personalities should not stand in
the way of finding a solution if both sides thought the idea a sound
one. I did not tell him that we wanted to be absorbed by Selection
Trust. I hoped to create in his mind by my attitude an equally
unselfish outlook on this problem. It is unthinkable that we, for
instance, could induce the Selection
