Ernest
Oppenheimer and Chester Beatty had become less competitive in the
Rhodesian field, and friendly relations had been established with the
Rio Tin to Company.31 It was one of the advantages of the
situation that Auckland Geddes could refer to Dr. J. Bancroft as 'an
old friend and colleague'. This was all to the good in view of the
increasingly difficult world economic situation, which did not affect
base metals alone, but, as previous chapters have made abundantly
clear, also presented Ernest Oppenheimer with grave problems in the
world of diamonds.
♦ XV ♦
Though Ernest Oppenheimer's relations with Rio Tinto were entirely satisfactory, he did not desire too much of an imbalance
31 At
the 57th ordinary general meeting of the Rio Tinto Company, held on 14
April 1930, Sir Auckland Geddes gave his own version of the events of
1929:
'A
little over a year ago we had no interest in Rhodesia. We understood
our presence there would not be welcome, and we were turning our eyes
elsewhere. Then suddenly it was represented to me that it was not a
European interest that the American copper producers should dominate
Rhodesia. My reply was: "We work very happily with American partners
with no question of domination on either side, and, as it will take a
lot of money to develop the Rhodesian field, why not have the Americans
in as partners?" The reply was: "They'll be there as overlords, not as
partners. They have already practically got control of some of the
British companies. Won't you do something?" Then those in high places
said they thought it was a European interest, and certainly a British
interest, that other powerful British firms should take a hand in the
development of the field. My reply was: "I am not prepared to take up
an anti-American attitude in this matter, but if I can find allies I am
prepared to take what action is possible to prevent dominance by any
one national interest in an industry which must serve a world need."
On
examination I found the situation was urgent, that a powerful American
company had practically got control of the N'Changa company, plus a
large slice of Rhodesian Congo Border territory. I came to the board of
this company, and I went to several friends, and, to cut a long story
short, a group was formed of which the Rio Tinto Company is a member,
and we sailed into the then stormy seas of Rhodesian mining with all
the British companies concerned, except Minerals Separation Limited, as
allies. The rest of the story is more or less public. The agreement was
not consummated by the N'Changa company and when the dust of conflict
settled we found ourselves in a position to control Minerals
Separation, the Rhodesian Congo Border Concession, and N'Changa
companies, but the "we" was not Rio Tinto. I had not dared to commit
you too deeply nor indeed would your board have permitted it at that
time. The Rio Tinto was the leader in its own group, but it depended on
its friends for the strength of its position. Thus, though I can say
"we" can control Minerals Separation Limited, I cannot say Rio Tinto
controls that company. It does not. But it is one of the group which
can control that company, and so with the other companies, and now I
believe no one nation can dominate the Rhodesian field, but that its
development is in the hands of companies representing, through their
shareholding, practically all the world, American as well as European.
This I am satisfied is the best arrangement possible.
Now
your company, through its investment fund, is interested in four of the
Rhodesian mines —Roan Antelope; N'Kana through Bwana M'Kubwa;
Rhodesian Selection
