Today in Kimberley's History
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Formation of De Beers Consolidated Mines (DBCM) with Cecil John Rhodes elected as chairman - 1888
On 12th March 1888 Barnato surrendered his control of the Kimberley Central Diamond Mining Company to De Beers Mine and De Beers Consolidated Mines Limited is established. Cecil Rhodes is named as founding Chairman.
Rhodes wrote out a cheque for £5,338,650 for the assets of Kimberley Central, which in those days was the largest sum of money ever covered in a single cheque, four million pounds of which went into the pockets of the Barnato Brothers. As part of the deal Cecil Rhodes made Barnato one of the four life-governors, arranged for him to be elected as Kimberley's member of Parliament in the Cape Assembly and procured him membership to the exclusive Kimberley Club.
On 12th March 1888 Barnato surrendered his control of the Kimberley Central Diamond Mining Company to De Beers Mine and De Beers Consolidated Mines Limited is established. Cecil Rhodes is named as founding Chairman.
Rhodes wrote out a cheque for £5,338,650 for the assets of Kimberley Central, which in those days was the largest sum of money ever covered in a single cheque, four million pounds of which went into the pockets of the Barnato Brothers. As part of the deal Cecil Rhodes made Barnato one of the four life-governors, arranged for him to be elected as Kimberley's member of Parliament in the Cape Assembly and procured him membership to the exclusive Kimberley Club.
De Beers cheque for UK Pounds 5,338,650. (Photo Public Domain)