Quantcast

Ch. 5: Part III: Worst Crisis in Diamond Industry

Ch. 5: Part III: Worst Crisis in Diamond Industry Page of 688 Ch. 5: Part III: Worst Crisis in Diamond Industry Text size:minus plus Restore normal size   Mail page  Print this page
WORLD CRISIS AND WORLD LEADERSHIP
243
and we arc doing our utmost to get prompt settlement. So far as producers are concerned agreements are ready for ratification and we are informing Government accordingly and urging them to press for Administrator's consent.
Strong efforts were naturally made to get Barnato Brothers to rescind their threat to withdraw. De Beers urged: 'We strongly urge you to reconsider your withdrawal and allow matters to stand over . . . because negotiations were still proceeding and were on the point of finality when your cable to Minister arrived.' The Diamond Corpora­tion (this was obviously Ernest Oppenheimer) went further and informed London that 'in event of their refusal [to rescind the with­drawal] and in order to show good faith of Dicorp we propose informing Government that Dicorp is prepared to carry out the agree­ments . . .' adding, in repeating this cable to their Cape Town solicitor, 'we arc very upset at the position but with knowledge of these cables you can assure Government that we are doing our utmost to over­come difficulty'. These efforts were successful to the extent that Barnato Brothers cabled that 'in response to your urgent appeal Barnato Brothers authorize you to inform Minister that they cancel their withdrawal provided agreements ratified Monday'. The Adminis­trator still raised difficulties, but at last, on 16 May, Ernest Oppen­heimer was able to cable to Louis: 'Agreements ratified.' A week later S. B. Joel was dead.
The strain on Ernest Oppenheimer had been enormous. He must have been glad to receive a word of thanks from the deputy chairman of De Beers in London, under date 28 May, though the news it contained as to the world economic situation could not have been very comforting.9
9 'Many thanks for your letter of 8 May from Cape Town enclosing a report of your meetings with the Government on the 5th and 6th. The report of the proceedings I found very interesting and illuminating. I think it is remarkable that you should be able to keep your temper with these people when they make such outrageous accusations of bad faith against you and your colleagues. However, I am sure you are right to take the attitude that they are small men with small minds, that it is not worth while getting angry with them and that the only thing that matters is to get the best possible terms for the industry and for the companies. Meantime the agreements have been ratified and I take this opportunity of congratulating you on the successful result of all your efforts. It is a great accomplishment and, although personally I should not have been sorry to have seen all the agreements scrapped, I am glad that we have kept faith and done the right thing so that no one can throw a stone either at the Diamond Corporation or the producers.
'Since I sent you that cable on 4 May . . . things have got very much worse, both here and in America. I shall be very surprised if we get through the summer without serious trouble in which one or two of the biggest houses may be involved. All sorts of rumours
Ch. 5: Part III: Worst Crisis in Diamond Industry Page of 688 Ch. 5: Part III: Worst Crisis in Diamond Industry
Suggested Illustrations
Other Chapters you may find useful
Other Books on this topic
bullet Tag
This Page