Rhodes' Society of the Elect was formed in 1891 according to Quigley.
Among the first members of this "semi-religious, quasi-political association" were the aforementioned W.T. Stead, along with Baron Rothschild, Arthur Balfour, R.B. Brett, and Alfred Milner, who took over the direction of Rhodes' society upon the death of the latter in 1902. It then became known informally as the Milner Group.
Milner was an important figure in British politics from then until his death in the 1920s, but considering his role as heir to Rhodes, his importance is probably even greater than is appreciated. The most powerful member of the War Cabinet during the final years of the Great War, Milner made the remark that, "if the Arabs think that Palestine will become an Arab country they are much mistaken."
We should not be surprised, then, to learn that it was Lord Milner who drafted the 1917 letter declaring British support for the establishment of a Jewish state in Palestine, the letter that came to be known as the Balfour Declaration. IT might also be noted that the letter was addressed to Lord Rothschild, the son of the Baron Rothschild who looked after the Rhodes fortune.