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 The Royal Niger Company has demonstrated its adaptation to its environment. Without any forced labour, without any direct taxation, it has paid. I venture to think, though I have no doubt it would severely hurt the feelings of the R.N.C., that we may regard the Royal Niger Company as representing the perfected system of native government in West Africa plus English courage and activity. I believe that on this foundation has been built its success. For say what you like, if the Royal Niger had not got on well with the natives in its territories—dealt cleanly, honestly, rationally with them—it would never have extended its influence in the grand way it has, represented only by a mere handful of white men, in what is, as far as we know, the most densely populated region with the highest and most organised form of native power in all tropical Africa. Had it not been to the natives it ruled a just, honourable, and desirable form of government, it would long ago have been stamped out by them, or would have been compelled to call in England's armed support to maintain it, as the Crown Colony system has been compelled to do in Sierra Leone and on the Gold Coast. It has not had to call in Imperial assistance, and it has paid its shareholders—a sound, healthy conduct; but, nevertheless, remember that all the great debt of gratitude you and every one of the English owe the Royal Niger Company for defending the honour of England against Continental enterprise, for maintaining the honour of England in the eyes of the native races with whom it had made treaties, you do not owe to the Chartered Company system, but to Sir George Goldie, the man who had to use it because it was the best existing system available for such a region. You have too much sense to give all the honour to Lord Kitchener of