acquiring
the H.M. Association, or, at least, of acquiring an interest in it.
Unfortunately, this did not prove as easy as he had hoped.
On 29 March 1927 he was cabling to Louis Oppenheimer, summing up the general situation to the effect that
nothing
alarming known except the enormous enrichment in oldest shingle
deposits of Alexander Bay at Orange River mouth discovered by Hans
Merensky ... in which Becker holds 75 per cent and Bailey 25 per cent.
. . . Becker offers Consoldia [i.e. Consolidated Diamond Mines of
S.W.A.] 15,000 shares at £15 and 28,000 shares at £20, total outlay
£785,000, giving us controlling interest on condition that he is
appointed director Consoldia. It is part proposed deal that we have
exclusive rights purchase all diamonds produced. Wagner, Beetz reports
have satisfied me that total contents enrich area as stated.
Then there follow the two pregnant sentences:
'Offer S. B.Joel half interest and generally advise me about proposed deal. At
the same time discuss S. B. Joel whether time has not arrived
strengthen De Beers by letting them acquire our various interests and
take lead in future.'
Neither
Louis Oppenheimer nor Solly Joel was convinced. On the contrary, Louis,
replying on 30 March, thought 'price excessive' though 'S. B. Joel
agrees time has arrived letting De Beers acquire interests and take
lead in future'. A more shattering cable arrived next day, when Louis
wired to Ernest:
'Following
from S. B. Joel with which I agree "Referring to your last telegram . .
. think price and conditions asked by Becker for interest ridiculous .
. .".'
So
much for the traditionally held idea that Solly Joel was a plunger and
a gambler! But Ernest Oppenheimer was not to be deterred: he rephed on
4 April:
My
telegram cannot have made prospects Becker properties clear. Sir David
Harris agrees with me that it is most important discovery made for very
many years. ... I looked upon discovery as so important that in spite
of risks involved did smaller deal with Becker for account of
Consoldia. In order to remain in touch bought diamonds and 10,000
shares at £15. As I knew S. B. Joel's views before deal cannot in
fairness ask him to go joint account. . . .
Opposition to the purchase, however, speedily collapsed. Louis suggested that if Solly Joel would not play 'let us do
it' for the associated companies of the Anglo American Corporation
group. On 6 April Louis wired: 'Before arrival your cable had arranged
with Joel to go
