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154 would be, what is the appreciation of the people as to that country? The only test you can take in a way is, apart from the very large sum put into mineral developments, what the people consider the value of the townships sold, because that is always the judgment of the individual. He buys a stand because he wishes to erect a store or building. You cannot term that the speculative action of syndicates. I may tell you that at the last stand sale in Bulawayo the purchases were made by people who have since erected stores and buildings with the intention of remaining and residing in the country. As you are aware, the sales there realised £53,000, and I received in connection with this matter an interesting telegram last night. A stand which fetched at our sale £160 was sold—I suppose yesterday or the day before, because we are now in complete communication by the telegraph—for £3,050. The value of the building on it is estimated at £1,000, so within six months, in the estimation of the purchaser, the stand has risen from £160 to £2,050, in so far as the ground value is concerned. That speaks more than words, and shows the confidence of the people in the country.

“The next risk with a commercial company like ours would be the question of the cost of administration. You might very fairly say, ‘We know that the future is all right. We feel that so huge a country, mineralised like that, must come out successfully; but what is the cost of administration, what is the difference between revenue and expenditure?’ That is the next question which business men would ask. In connection with that you will no doubt have examined the reports, but it is always very difficult to obtain a practical idea from a report,