By Stuart Jones (eds.)
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Extra resources for Banking and Business in South Africa
Shorten, The Johannesburg Saga, p. 117. H. 46. , p. 49. Alfred D. , 1977. John R. Shorten, The Johannesburg Saga, pp. 180,249. , p. 234. Robert V. C. 1979, p. 22; and S. H. Frankel, Investment and the Return to Equity Capital in the South African Gold Mining Industry, 1887-1965, Oxford, 1967. Stuart Jones 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 25 D. 101. A. C. M. Webb, 'Mining in South Africa', in F. L. Coleman, South African Economic History, p. 190. , p. 191. F. Wilson, Labour in the South Africa Gold Mines, 1911-1969, Cambridge, 1972, p.
26 This broadening of the base of the economy was reflected in the growth of the secondary sector. 4 Source: Figures produced by the Chamber of Mines. *Capital expenditure of Chamber of Mines members 1973-85; of all gold mines 1966-72. electricity generation played an increasing role in the economy. From the late 1940s to the late 1960s private enterprise led the way, despite the anti-market bias of government policy. Sasol has now passed into private ownership, but its role in pioneering technological breakthroughs has been taken over by ARMSCOR, the secrecyshrouded state enterprise devoted to self-sufficiency in armaments production.
O'Hagan was probably the most successful of· this more professional group. In his candid autobiography he described how he invested much time and money investigating every promising proposal put up to him. 'The financier must be prepared to spend many thousands of pounds in his investigation of concerns which he may have to reject ... Every financier must make mistakes, but the best is he who makes but few, and that is the man who leaves nothing to 32 Venture Capital and Financial Organisation chance, thoroughly investigates every matter, and rejects all where he finds any reason for doubt' , he wrote.
Banking and Business in South Africa by Stuart Jones (eds.)