the three Eastern Rand holding companies, which would straightaway make us the most important gold group in Johannesburg.
There
is, moreover, no reason why our new company should not grow in other
directions than in gold development. It may for instance also be
possible for our company to eventually play a part in the diamond
world. . . . [The prospects for S.A. are excellent, but] . . . what
South Africa wants is enterprise and money and I believe our new
company will supply both. . . .
When
I spoke to Mr. Hoover during his recent visit to London, he told me
that you had secured the support of Messrs. Morgan. I am now in receipt
of your cables . . . definitely agreeing to the business, and naming
Mr. William B. Thompson with strong associates as your connexion. I
feel sure that the new combination will lead to most profitable
business and the friendliest co-operation.
If our new company is to fulfil the high hopes which we entertain for it, it is essential for us to have a very strong board.
It
will be of special value if the names of the two directors whom your
side appoint carry some idea of the influential connexions we have
secured. . . . We shall be careful on our side to nominate substantial
men. All of us must take special pains to appoint good alternates in
South Africa. In this connexion it will be wise if none of us appoint
anyone too closely identified with any of the existing groups. Our aim
should be for our company to make its debut as a 'new' factor in South
African finance. . . .
The
formation of our company is of some importance to South Africa, and it
is thereby advisable that you draw up a statement describing fully the
American connexion etc. which I can show the South African Government
confidentially immediately after registration.
The
name which wc have provisionally fixed upon for the new company is 'Far
East Rand Trust Ltd.', but I think it advisable to change this to a
title which will make the American connexion apparent, but the 'Africa'
must also appear in the name. . . .
It
is clear that Ernest Oppenheimer did not much like the name he had
suggested: he had said as much and a little later on he was writing to
Honnold, '. . . Throughout the articles of association we have used the
name "Far East (Rand) Trust Ltd." We really do not like the name and
look forward to your suggestions by cable.' An animated exchange of views ensued. Honnold, replying, doubted the expediency of
'suggesting American connexion in name of company. How about Union of
South African Mines or United South African Companies either of which
in market parlance would probably be abbreviated U.S.A. and thereby
serve the purpose aimed at?' Ernest Oppenheimer thought the title Union
of South African Mines Limited 'acceptable and excellent'. But H. C.
Hull, who was later to be on the board
