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 him in offering his opinion on the matter. I entirely accept his statements from my knowledge of native affairs elsewhere in West Africa. Anyhow, the last Ashanti war absorbed a good deal of the assets of the Gold Coast. There is no published authority to cite, but I do not think there is an asset now standing to the credit of the Gold Coast Colony, unless it be a loan.

The income for the Gold Coast Colony in 1896 was £237,460 6s. 7d., the expenditure £282,277 15s. 9d. The exports £792,111, against £877,804 in 1895; but the imports were £910,000, against £981,537. Since 1896 the Customs dues have risen; but, per contra, the expenditure has also risen, in consequence of the expenses arising from the occupation of Ashanti, and the Gold Coast railway. The occupation of Ashanti and the railway must be looked on in the light of investments—investments that will be profitable or unprofitable, according to their administration, which one must trust will be careful, for they are both things you cannot just dump your money down on and be done with, for the up-keep expenses of both are necessarily large.

The subject of West African railways is one that all who are interested in the future of our possessions there should study most carefully, for two main reasons. Firstly, that there is possibly no other way in which money can be spent so unprofitably and extensively as on railways in such a region. Secondly, because railways are in several districts there—districts with no water carriage possibilities―simply essential to the expansion of trade. In other words, if you make your railway through the right district, in the right way, it is a thing worth having, a sound investment. If you do not, it is a thing you are better without;