FROM CRISIS TO CHAIRMANSHIP OF DE BEERS 169
I
arrived last Monday and have been very busy ever since. The meetings of
De Beers company were most interesting and some of the results are
far-reaching. As you know, we had discussed in London the idea of
making Sir David Harris chairman of De Beers, while I would be
appointed chairman of the Premier company. In talks on board steamer,
Joel confirmed that that was his intention. He saw Lord Bessborough on
Monday, and on Tuesday at De Beers board meeting at Rhodes Buildings,
the first matter to be discussed was a resolution by Lord Bessborough
that until a chairman is appointed, the directors are to act as
chairman for alternate weeks. Joel nodded to me and I then suggested
that Sir David Harris be made chairman. To my surprise, Lord
Bessborough said that this was the first intimation and that so
important a matter should have been discussed first between the various
directors. Joel did not support Harris with one word, and, as he agreed
that there was no harm in letting the matter stand over, we passed the
first resolution and I withdrew my recommendation about Harris. It is
quite clear to me that Joel will never push Sir David Harris's
candidature of De Beers.
Subsequently,
I had long talks with Lord Bessborough and I feel confident that
Rothschilds would support me for the chairmanship if within a few
months' time they really realize that I am anxious to help, and
particularly that our holding in Anglo American Corporation shares is a
permanent one.
After
studying the alluvial position, I will communicate with you, and if the
outlook is promising it may be advisable to further increase our
holding in De Beers, so as to make our position unassailable. Needless
to say, when the time comes the suggestion that I should be appointed
chairman will have to come from Solly. . . . With all the difficulties
in South Africa, it is certain that De Beers company cannot be run
without a permanent chairman.
At
the De Beers meeting, wc then passed on to consider vacancies on the
Premier board and Joel proposed first Lord Bessborough and myself to be
appointed, which was unanimously agreed to. In view of the attitude
with regard to Harris's chairmanship, it was useless pressing for the
chairmanship of the Premier company.
The
other matters considered were of a formal nature, except the alluvial
position. The Dc Beers company for the first time passed a resolution
that it was essential to watch the alluvial development and that
continuous geological survey should be carried on, and that the De
Beers company should from time to time buy up farms in likely areas in
order to prevent as far as possible a recurrence of the Lichtenburg
finds. As the Anglo American Corporation has the proper organization,
we arranged that we wrould do the work for the time being for De Beers, or anyhow keep them fully informed. . . .
The implications involved were more far-reaching than mere considerations of administrative expediency. As Ernest Oppenheimer
