Financier, and mining and industrial magnate, Sir Ernest Oppenheimer, who founded the Anglo American Corporation, died in Johannesburg at the age of 77. Oppenheimer was credited with the creation of a cartel that eventually controlled the diamond price after the First World War ended. This was considered necessary since the diamond industry during that period was flooded by diamonds, which led to a price plummet and resulted in the shutdown of the Kimberley mines. During his lifetime Oppenheimer, who was also a politician and humanitarian, contributed immensely to the upliftment of the standard of education at universities. He funded them generously in order to enable them to carry out research in the field of science. It was also with his aid that the engineering department at the University of Stellenbosch was founded. He left his entire fortune to his only surviving son Harry, who followed in his father's footsteps.
• Potgieter, D.J. et al.(eds)(1970). Standard Encyclopaedia of Southern Africa, Cape Town: NASOU, v. 8, p. 339-340.