296 THE DIAMOND MINES OF SOUTH AFRICA
the price of diamonds was fair, the mine could be worked at a small profit.
Rhodes
continued the purchase of the properties in both these mines until the
whole of the two mines came into the possession of the corporation
organized as De Beers Consolidated Mines. He showed the shareholders
in the various companies that the fate of the poorer mines lay
in his hands, because he could produce twice the amount of diamonds the
world required from De Beers and Kimberley mines alone. Even at the low
rate of fourteen shillings a carat, he made it clear that the richer
mines could pay to the shareholders dividends which would satisfy
them. " The poorer mines, ' on the margin of cultivation,' would have
to accept our offers, or fight us on two grounds, larger output and
lower rates."
In
his speech at the annual meeting of the De Beers Mining Company, held
at Kimberley on the 12th day of May, 1888, Rhodes bore tribute
cordially to the essential cooperation of Mr. Beit in his great
undertaking.
In
moving a vote of thanks to the chairman, his former antagonist,
Barnato, briefly referred to the struggle which was closed by the
purchase of his shares in the Kimberley mine. He said " no person knew
better than he did the labor Mr. Rhodes had to convert him into the De
Beers Mining Company." He could say that day after day and night after
night Mr. Rhodes was laboring to get him to take De Beers for Centrals.
He gave way when he saw diamonds down to eighteen shillings a carat,
and on those conditions he joined Mr. Rhodes. It is only just to
Barnato to note in closing that he was as loyal in his later
cooperation as he had been persistent in his antagonism. It is sad to
recall how his brilliant and versatile mind gave way under the enormous
strain brought upon him by the various obligations incurred through his
numerous investments and flotations in the gold fields. His tragic
death was a distressful close to his phenomenal career. On his' way to
England from the Cape, in June, 1897, he suddenly sprang overboard and
was drowned.
