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CHARTERED This country has been traversed by several travellers, among them Major St Hill Gibbons and Colonel Goold Adams. Traders, prospectors, and the company’s officials pass through it, but generally leave no printed records. It is now divided into two provinces, North-Eastern and NorthWestern Rhodesia, each having its own administrator, and regulated by Orders in Council of 1899 and July 1900. Railways.—The railway from Mafeking to Bulawayo, completed in 1897, shows a steady increase in revenue. The net earnings had risen from <£11,877 in the year ending 31st October 1895 to £99,290 in the year ending 31st October 1898. The Mashonaland railway from Umtali to Salisbury, begun in October 1897, reached Salisbury on 1st May 1899. The share interests of these railways were amalgamated under the “ Rhodesia Railways Trust,” Limited, with a capital of <£1,000,000. To sum up the work accomplished in this direction, the British South Africa Company first built the railway from Kimberley to Vryburg (a distance of 127 miles), which was soon afterwards purchased by the Cape Government. The company then continued the line to Bulawayo, a distance of 590 miles. It also obtained the capital and built the railway from Beira on the east coast through Portuguese territory to Umtali, a distance of 210 miles. This line was afterwards continued to Salisbury, a distance of 170 miles. The British South Africa Company has therefore built, or has caused to be built, 717 miles of railway from the south to Bulawayo, and 380 miles from Beira to Salisbury, giving a total of 1097 miles of completed railways. Contracts have been entered into for a further 300 miles of railway which will connect Bulawayo with Salisbury, and Bulawayo with Gwanda, 93 miles. This work is in active progress. A survey has also been made 250 miles northwards from Bulawayo through the Wankie coalfields to Victoria Falls. Beira and Mashonaland Hallways. Beira to Salisbury .... 380 miles Rhodesia Railways. Kimberley to Vryburg . . . 127 ,, Vryburg to Bulawayo . . . 590 ,, 717 miles Total mileage completed . . 1097 ,, In Course of Construction. Bulawayo to Salisbury . 300 miles Bulawayo to Wankie 200 ,, Bulawayo to Gwanda Total mileage in hand . . 593 ,, 1'elegraphs.—The telegraph system now under the company’s control is as follows :— Rhodesian System on 31s£ March 1900. Railway ...... 1755 miles of line i) ...... 3309 ,, wire Police telephone lines . . . 471 ,, line j> n ,, . . . 471 ,, wire African Transcontinental Telegraph Line. Mileage of line .... 1225 miles Mileage of wire .... 1225 ,, Total Mileage of Line and Wire under the Control of the Rhodesian Postal Department. Mileage. Line. Wire. Rhodesian lines proper .... 1755 3309 Police telephone lines . . . . 471 471 African Transcontinental Company’s lines . 1225 1225 3451 5005 Mines.—With regard to mines, numerous concessions to prospectors have been granted by the company, and some extensive finds of precious metal have been made. Extensive pegging has been done by prospectors under licenses issued by the company, and also by subsidiary companies and individuals who have acquired grants. The results of development operations here given and conducted, in spite of adverse conditions prevailing in

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consequence of the war of 1893, the rinderpest, the native rising in 1896 and 1897, and later the Boer war, should be studied in order to gauge the probable future of Rhodesia as a goldproducing country. There are sixteen gold-mining companies actually milling, with a total crushing power of 269 stamps, while a further 240 stamps have been ordered by other companies whose properties are approaching the producing stage. Two mines have already erected cyanide plant for the treatment of tailings, and further plant has been ordered for ten other mines. The total output of gold from Rhodesia from the occupation of the country to the 31st August 1898 was 6532 oz. ; from that date to the 31st December 1899 the output was 72,940 oz. ; while for the year ended 31st December 1900 the Rhodesian output reached 85,534 oz., giving a total output to that date of 165,006 oz. In Northern Rhodesia valuable deposits of copper are being opened up, and in Southern Rhodesia coal of excellent quality has been proved to exist in enormous quantities in the Wankie district, a short distance south of the Victoria Falls. Whatever the judgment of history may be as to the career of the company as a whole, it must be admitted that it has performed a great work as a civilizing agency, and that this has been done entirely at the expense of the shareholders without their coming upon the Government for a single shilling. At present the investors have reaped no pecuniary advantage from their enterprise, for, except in 1895-96, the expenses of administration have exceeded every year the income from revenue, as a glance at the following table will show Revenue. Expenditure. 1892£34,153 £91,1891 189344,489 183,979 1894118,883 153,607 1895399,090 227,6262 1896122,542 2,512,5292 1897258,179 1,122,3343 1898275,609 1,049,635 Capital.—The following are the complete statistics of the company s capital:— Date of Meeting.

Authorized.

Issued.

Original issue 20.11.93, and 19.12.93, purchase of R. R. concession 12.7.95

£1,000,000

£1,000,000

2,000,000

1,000,000 (f.p.) 500,000 (3/, 10/

6.11.96

3,500,000 Nov. ’96 Jan. ’97

500,000 (2/-)

5,000,000 May ’98

250,000 (2/-)

Jan. ’99

625,000 (2/, 10/-

21.4.98

2,500,000

500,000 (2/-)

Dis. Nos. of J Shares. 1/1,000,000 1,000,001 2,000,000 2,000,000 2,500,000 2,500,001 3,000,000 3,000,001 3,500,000 3,500,001 3,750,000 3,750,001 4,375,000

19 Leaving unissued £625,000, Nos. 4,375,001/5,000,000, at January ^Debentures and debenture stock bearing 6 per cent, interest for £750,000 were paid off in February 1896, but in July 1896 there was an issue of £1,250,000 debentures, bearing interest at the rate of 5 per cent. On the unissued balance of £625,000 the company gave the subscribers to £3,125,000 debentures of Rhodesia Railways, Limited, an option to exchange their debentures for these shares at £5 per share of £1 each, on or before the 15th May 1901, or, as an alternative, an option, on or before that date, to apply for an allotment of an equivalent number of shares at £5 per share of £1 each, paying cash, and retaining their debentures. As has been pointed out before, this expenditure does not include the cost of the Jameson Raid (which was not borne by the company), and the expenses of suppressing the native rebellions in 1896-97, which came in all to £2,266,976. Into the general question of the value of such acquisitions of territory as have been made by the British South Africa Company it is not our function to inquire here, but the history of this corporation demonstrates very forcibly the 1

2 Including war. Including rebellion. 3 Includes £241,460 expended on stores. s. II. — 88