On Tuesday, the British South Africa Company held its annual
meeting at the Cannon Street Hotel. The chairman, the Duke of Abercorn, was able to congratulate the share- holders upon the fact that the Matabele war was practically over. "The natives from all parts are coming in, and laying down their arms, and no temporary delay or reverse can now affect the successful issue of the military operations." During the past year, the Beira Railway had been opened, the Bech- uanaland Railway Company formed, and mineral rights over the whole of Khama's country acquired, and at no distant date the Company hopes to be able "to open up and turn to profitable account our field of operations north of the Zambesi." The Duke of Fife spoke in the same optimistic strain. The solicitor of the Company followed with an ex- planation of the Company's financing operations in regard to the "Subsidiary Companies "—which strike one as belonging to that large class of business transactions which are more easily explained than understood. We do not doubt, how- ever, that the declaration twice made that "the increase in the capital of the Company from 21,000,000 to £2,000,000 was only an apparent increase, and had put no money into the coffers of the Company," will be regarded by the shareholders as specially comforting. We have no desire to dash the en- thusiasm of the shareholders in their moment of victory ; but we cannot help feeling that, should the Company ever become unpopular, as it well may, a complicated system of financing and subsidiary companies may prove a serious cause of offence. Possibly that is quite unreasonable ; but, if popular distrust comes, that will be but a poor consolation to men like the Dukes of Fife and Abereorn and Mr. Albert Grey.
Previous page
