The Imperial Bt itish East Africa Company has practically -ceased
to exist. At a special meeting of the shareholders, held on Wednesday, it was resolved to accept a compromise offered by the Government, and surrender its Charter, with all its property, except any mortgages or claims for borrowed money which it may possess. The Government, moved, we imagine, by an exceeding dread of establishing a precedent against itself in the case of other companies, has exerted its legal powers with some roughness and want of generosity ; but it has agreed to pay a lump sum of £250,000. Of this, £200,000 will be contributed by Zanzibar, which re- covers large territories made over to the Company, and £50,000 by Parliament. The Directors contend that their outlays were made at the request of Government, which thereby obtained, for example, the Protectorate of Uganda ; but they yield to circumstances and force majeure, in the shape of a hostile House of Commons. The incident shows that the day has passed for these sovereign com- panies. Sooner or later the Government is compelled to take over their territories, and then the difficulty of valuing sovereign rights proves to be insnperable. Are the official residences of a Chartered Company's agents, for example, property or official trusts
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