friendly;
and convinced as he was that the industry needed a common production
policy and a common sales policy, he was hardly likely to seek a
quarrel with the Syndicate of which Dunkelsbuhler's was a member.
Nor
was there any necessity to do so: there were tempting opportunities
elsewhere which could be utilized, not only to strengthen the position
of Anglo American Corporation, but to link the firm with the Syndicate
to the mutual interests of all and each. Increased production in areas
outside South Africa was beginning to be important—in Angola, in the
Belgian Congo, in West Africa and in British Guiana. Since the Diamond
Syndicate's activities and the inter-producers' agreement related only
to South Africa, there was clearly a danger that unregulated production
and sales of these 'outside' goods might upset the market equilibrium.
Ernest Oppenheimer made it his business to acquire an increasing
interest in these outside productions. This was not only important in
itself as a source of profit, but it carried with it three further
important advantages. First, it brought him into personal contact with
Portuguese, Belgian and West African interests and thus helped to form
the basis of that future international co-operation which was to be of
vital significance to the whole diamond world only a few years later:
co-operation which would certainly have been much more difficult to
bring about without prior personal knowledge and understanding.
Secondly, it brought Anglo American Corporation, Dunkelsbuhler's and
Ernest Oppenheimer himself into closer business relationships with
Barnato Brothers and with S. B. Joel, who dominated the firm, a matter
of great significance when the future of the Syndicate came up for
discussion only a very short time later. Lastly, having these interests
(as well as a controlling interest in Consolidated Mines of South West
Africa) enabled him to acquire an interest in the Diamond Syndicate for
Anglo American Corporation by a transfer of marketing contracts to the
Syndicate in return for a participation therein. This both strengthened
Ernest Oppenheimer's own position and, by integrating marketing
arrangements, strengthened the Syndicate also.
As
early as January and February 1922, Anglo American Corporation had
entered into certain diamond transactions in London, the diamonds so
acquired being 'not dealt with through the Syndicate'. Further, on 21
April 1922, it was reported to the board that
further
transactions had been entered into, jointly with Messrs. Barnato Bros.,
with the Societe Internationale Forestiere et Miniere du Congo. . . .
