THE GOLDEN SEMICIRCLE
561
(i.e.
those under the aegis of Western Holdings, the Blinkpoort Syndicate
and African and European), drilling results 'indicate the probability
of at least four separate gold-mining companies being established in
due course and in all these new ventures your company . . . will have a
very substantial interest'. As regards the 'unproved' areas, he thought
it right
that
I shouid state that these interests, represented by options on mineral
rights held in association with other companies, cover a very wide
area. I think it is also necessary to explain that a portion of these
options is in respect of ground adjoining, or not far away from proved
farms, and that we are hopeful that further discoveries will be made.
Another portion is represented by ground about which very little is
known at this stage, and where prospects must be considered speculative
until such time as diamond drilling has clarified the position with
regard to the presence or otherwise of Witwatersrand formation under
the cover of younger rocks.
But
even at this early stage of the history of the new company, further
acquisitions had been made. The entire issued capital of Associated
Mining and Selection Trust Limited had been taken over from the Anglo
Transvaal Consolidated Investment Company, which gave the new company
additional interests in vendor's consideration and subscription rights
in flotations in Block 7 of the African and European sphere of
influence. Moreover, it had also taken over from Anglo American
Corporation certain shareholdings in subsidiary companies of the New
Consolidated Gold Fields and of Johannesburg Consolidated Investment
Company Limited. 'These two concerns [New Consolidated Free State
Exploration Company and Free State Development and Investment
Corporation] control large areas of ground in the Orange Free State and
are carrying out prospecting and drilling work.'
At
the first annual general meeting of Orange Free State Investment Trust,
held on 26 April 1945, Ernest Oppenheimer, besides dealing with current
borehole results, entered at some length into more general issues. When
could the opening up of the 'proved' areas be undertaken? There were
valid reasons why the application for mining leases had been delayed,
but development could not be held up for ever.75
75
'You will, I know, appreciate fully the reasons which have delayed the
applications for mining leases. Firstly, there has been the
impossibility of obtaining supplies, and secondly, there has been our
desire, which I am sure you will share, to protect British shareholders
who, in war conditions, would not have been able to take up their
rights in respect of these properties. As far as supplies are concerned
we may hope that the position will soon improve, and possibly when the
war comes to an end the British Treasury regulations may also be
relaxed. As far as this last point is concerned, however, it is clear
that the development of these areas cannot indefinitely be held up on
this
