American
Corporation. These began a little later and must have strengthened
Ernest Oppenheimer's interest in Northern Rhodesian developments.
During September 1924 Davis was reporting on Bwana M'Kubwa (especially
on the 'Perkins' process for the treatment of the ores), on the N'Kana
Concession and on Rhodesian Congo Border Concession; in March 1925 he
was reporting on the Rhodesia Broken Hill Development Company. On the
copper prospects, he was, on the whole, optimistic: in the case of
Broken Hill, which he examined as a zinc-vanadium proposition, he
reported that
the
capital to put the company on a dividend-paying basis as outlined
above, is, according to the mine estimate, -£750,000. If the large
capital required was not forthcoming, the outlook for the mine, as at
present, is bad. The mine is flooded, production stopped, and for a few
months there arc bound to be heavy deficits. The available lead ore in
the present mine is approaching exhaustion. New capital is, therefore,
the only apparent way to save the concern; delay will make the position
worse. These facts should be recognized by those who are asked to
provide the fresh money.
By
the end of 1925, the interests of Anglo American Corporation had
greatly extended. The annual report for the year ending 31 December
1925 summed up the position as follows:
In
addition to the shareholding acquired in the Bwana M'Kubwa Copper
Mining Company Limited . . . your corporation has now acquired
interests in Rhodesia Broken Hill Development Company Limited,
Rhodesian Congo Border Concession Limited, and Loangwa Concessions
(Northern Rhodesia) Limited. Since the end of the year the corporation
has extended its Rhodesian interests by acquiring a shareholding in
Serenje Concessions Limited, and Kasempa Concessions Limited.
Your corporation has been offered and has accepted the appointment of consulting engineers to all of the above companies.
The
result was that Anglo American Corporation were now in the position of
acting as consulting engineers for practically the whole of Northern
Rhodesia. Shortly afterwards, in November 1926, the corporation also
became consulting engineers to the British South Africa Company,
obviously a most important appointment.
Two
consequences followed. In addition to a seat on the board of the Bwana
M'Kubwa company, Ernest Oppenheimer became a director of all the other
concession companies. Further, shareholders were informed that
in
connexion with the appointment of consulting engineers, it has been
decided to establish a technical department of the Anglo American
Corpora-
