Lord Brabourne was too ill to preside at the annual meeting in 1932. His place was taken, and the speech he had prepared read, by John Agnew, who seems to have been elected deputy chairman for the occasion. Brabourne died early in 1933 and Agnew was chosen to succeed him. How much more fortunate he was than his predecessor. From the moment he became chairman of the board the graph swung sharply upward. The magic wand that the devaluation of the pound had waved over the gold-mines of the world made most of the company’s financial problems vanish. There was a boom in gold shares such as the stock markets had not seen for forty years. In addition to this Gold Fields had stolen a march on its competitors and secured options over a vast area of what, at that stage, was regarded as a promising field. Work in this area had begun more than a year before South Africa devalued, and West Witwatersrand Areas Ltd. was actually registered six weeks before the devaluation.
KeywordsBalance Sheet Gold Price Guinea Coast Magic Wand Gold Share
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