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B.i. Barnato: A Memoir.pdf

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Pages: 64

Language: English

Publisher: TheClassics.us (12 Sept. 2013)

By: Harry Raymond (Author)

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1897 edition. Excerpt: ... chapter iii two kings of diamonds The pursuit of wealth--Diamond mining by companies--Amalga-mation necessary--Barnato and Rhodes--Their different objects--Business v. Business and Imperialism--The all-night sitting--Objections of shareholders--The Chief Justice gives judgment The year 1881 marked the commencement of a new and very important era in Barnato1s career. He had left school at fourteen years of age to assist his father in his business of a general dealer. At twenty-one he had arrived in Kimberley with a little over £:50 to see what he could do for himself. He pursued the business of a general dealer still, inasmuch as he bought and sold anything he could turn over, but with his brother he concerned himself chiefly with the diamond trade, and soon confined his attention to it. In 1876, being then worth about £:3000, he bought his first claims in the Kimberley mine, and his purchases soon brought in a steady income averaging £:1800 a week. In 1880 he visited England, and established the firm of Barnato Brothers as a London firm of diamond dealers and financiers. At the end of the year he returned to Kimberley and floated his claims in the Kimberley mine into his first company, under the title of the ': Barnato Diamond Mining Company,11 for £:115,000. Hitherto he had dealt in diamonds: henceforth he was, so far as his Kimberley career was concerned, to deal also in the claims whence the diamonds were derived. Of this Barnato Company it need only now be said that it paid regular dividends of 9 per cent. each three months, 36 per cent. per c annum, until it fell into financial difficulties through heavy falls of reef: then Barnato extricated it from its troubles by a loan of the needed money, and the shareholders had...


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