In the Times of Tuesday, Lord Brassey makes a moderate
and not inequitable proposal in regard to the British East Africa Company. He pleads for "reasonable consideration towards a body of shareholders of whom it may with confidence be said that their leading motive was not the hope of gain, but the desire to help forward the work of civilisation in Africa." Lord Braseey thinks that in order to compensate the shareholders, they should be given an annuity "chargeable in the first instance on local revenues, but guaranteed by the Imperial Government." The amount might, he thinks, be sufficient "to pay 2 per cent. on the amount which has been expended." We have never liked the system of colonial development by chartered companies, foreseeing that while success would prevent proper home supervision, failure would mean compensation by the tax-payer. Still, under the circumstances, and considering that the East Africa Company kept clear of financing, put its money bond fride into Mombassa, and also made permanent and unexha.usted improvements, we cannot oppose the proposal for compensa- tion.
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