TheRandlords (Afrikaans:randhere) were thecapitalists who controlled thediamond andgold mining industries inSouth Africa from the 1870s to theFirst World War.
A small number ofEuropean financiers, largely of the same generation, gained control of the diamond mining industry atKimberley. They set up an infrastructure of financing and industrial consolidation, which they applied to exploit the discoveries of gold from 1886 inTransvaal atWitwatersrand, the "rand". Once based in Transvaal, many set up residence in themansions of Parktown.
Many of the Randlords receivedbaronetcies in recognition of their contributions.
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| Gold Production on the Witwatersrand 1898 to 1910[1]: 134 | ||||
|---|---|---|---|---|
| Year | No. of Mines | Gold output (fine ounces) | Value (£) | Relative 2010 value (£)[2] |
| 1898 | 77 | 4,295,608 | £15,141,376 | £6,910,000,000 |
| 1899 (Jan-Oct) | 85 | 3,946,545 | £14,046,686 | £6,300,000,000 |
| 1899 (Nov- 1901 Apr) | 12 | 574,043 | £2,024,278 | £908,000,000 |
| 1901 (May-Dec) | 12 | 238,994 | £1,014,687 | £441,000,000 |
| 1902 | 45 | 1,690,100 | £7,179,074 | £3,090,000,000 |
| 1903 | 56 | 2,859,482 | £12,146,307 | £5,220,000,000 |
| 1904 | 62 | 3,658,241 | £15,539,219 | £6,640,000,000 |
| 1905 | 68 | 4,706,433 | £19,991,658 | £8,490,000,000 |
| 1906 | 66 | 5,559,534 | £23,615,400 | £9,890,000,000 |
| 1907 | 68 | 6,220,227 | £26,421,837 | £10,800,000,000 |
| 1908 | 74 | 6,782,538 | £28,810,393 | £11,700,000,000 |
| 1909 | 72 | 7,039,136 | £29,900,359 | £12,200,000,000 |
| 1910 | 63 | 7,228,311 | £30,703,912 | £12,400,000,000 |
As the first generation of Randlords died or retired, the next generation concentrated on the process of consolidation and corporatisation, developing the mining companies into integrated quoted companies. Cecil Rhodes's first round of diamond mine consolidation withDe Beers Consolidated Mines was continued by SirErnest Oppenheimer (1880–1957) best represents this phase, with his strengthening of the market power of De Beers and his development from 1917 of the giantAnglo American mining company (whose gold interests are now held byAngloGold Ashanti. Other Johannesburg mining houses formed the basis of other corporate mining giants which still exist. For example: Porgès and Eckstein's "Corner House" becameRandgold Resources; Rhodes's Consolidated Gold Fields becameGold Fields Limited; George and Leopold Albu's General Mining and Finance Corporation becameGencor; Barney Barnato's Johannesburg Consolidated Investment Company or "Johnnies" becameJCI Limited.
The Randlords came largely from humble backgrounds, and many used their fortunes to elevate their position in society. A significant number overcame the prejudices againstnouveaux-riches andJews to gain entry to theEnglish "establishment" and receivedknighthoods.[citation needed]
Their architectural patronage has left a legacy across South Africa and in England. In Johannesburg alone, structures such as the Randlord mansions onParktown Ridge sprang up, many designed bySir Herbert Baker. TheJohannesburg Art Gallery in Joubert Park was championed by Florence Phillips, wife of Sir Lionel Phillips. Across the UK, many public collections andmansions bear witness to the wealth of the Randlords, including the Wernher Collection, formerly atLuton Hoo and now atRanger's House.
Amongst many philanthropic ventures by Randlords, the Beit Trust established by Sir Alfred Beit built over 400 bridges in southern Africa;[3] theRhodes Scholarships at theUniversity of Oxford were endowed byCecil Rhodes.
Randlord may also be used loosely as a term for any wealthy South African businessman. The phrase gained extra meaning when the currency of South Africa was renamed therand in 1961.
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