DIAMOND MINES DEAL

Dominion, Volume 13, Issue 81, 31 December 1919, Page 8

DIAMOND MINES DEAL

GERMAN OWNERSHIP REPLACED.

Eeutei'i's Agency reports that an agreement; has been concluded at The' Hague by the Hon. H. 0. Hull, ex-Minister of Finance of tho Union of South Africa, with . all, tho principal German companies which own the diamond fields in the late Protectorate of German SouthWest Africa. Under this agreement tho mining properties and undertakings of these companies will be transferred to a 'new company, to bo registered at Cape Town undor the title of "The ConsoliIdated Diamond Mines of South-Wost Africa, Limited," and having a share capital of .£3,750,000. Tho major part of tho capital of the new company will be held by British and Allied subjects, who w.ill also control and manage the company. Tho effect of the agreement is that oil the chief German diamond interests ore acquired and transferred to tho South African company, which will own more than 90 per cent., of the diamond output of Soiith-West Africa, and that for tho first time in the history of diamond mining practically all tho lmoira diamond'producing areas of tho world, will be held or controlled by , British and Allied subjects. Tho price paid for the German interests is threo and a half million pounds, and the supporters of Mr. Hull are tho Aiiglo-Amcrican Corporation of South Africa, Limited, and the financial groups connected with that corporation. Renter also understands that the Government' of the Union of South Africa vieweovith favour, and has approved of the' transference from Berlin to the Union of South Africa of the ownership and control of tho diamoud fields of South-West Africa.