294 THE DIAMOND MINES OF SOUTH AFRICA
up
to eleven thousand out of seventeen thousand shares. Under the trust
deed of the Central no amalgamation could be made unless half the
capital was present at a meeting called for the purpose, and no new resolution could be carried without a two-thirds majority of those present. The bargain with Barnato gave De Beers the control.
So
having finally obtained the control of the Kimberley mine by purchase
for ,£5,338,650, Rhodes turned his attention to what he called the
poorer mines, Dutoitspan and Bultfontein. At a meeting of De Beers
shareholders he said he was reminded of a story he had read about a
certain mine, of which it was said "it was too rich to leave and too
poor to pay," and he would thus describe the mines alluded to. "
Nothing," he said, " was so extraordinary as the way in which the
people would hold scrip from year to year that never pays, but it was
always said, ' Oh, next year it will pay,' and so it went on from year
to year." He wished to state " that so far as the amalgamation of the
diamond mines was concerned, it would not help the poorer mines, but
rather the other way. It was generally noticed in mining matters that
following upon one success a number of unsuccessful ventures
were floated. And this was why they had secured these interests in
Dutoitspan and Bultfontein mines." He did not look upon the purchase of
properties in these mines as a good investment, with diamonds at the
price they were bringing at the time of the purchase ; but as these two
mines were large factors in the production of diamonds, their yield,
even if mined at a loss, would affect in a very large degree the price
which could be obtained for the product of the richer mines. Although
Dutoitspan mine could not be worked at a profit at the market price of
diamonds, and the mine had already begun to be troubled with reef falls
burying the blue ground below, still he considered it necessary to get
control of the principal companies in this mine. In Bultfontein mine,
where the reef troubles had already begun, there was still a large
portion of the mine in process of working, and he described it as being
" on the margin of cultivation." If the reef remained standing, and
