for the payment of interest on their shares and debentures, and to impose a charge for collection quite disproportionate to the cost, was another serious grievance.  It was hopeless, however, to deal with the whole question.  The Government had set its face against any reform in this quarter.  It was not possible to obtain even ordinary working facilities such as any business corporation unprotected by an absolute monopoly would be bound to concede of its own accord, in order to catch a measure of trade.

The Government have the right, under the agreement with the Company, to take over the railway on certain conditions, of which the following are the most important: 

(a) The Company shall receive one year’s notice of the intention to take over.

(b) The Company shall receive twenty times the amount of the average of the last three years’ dividends.

(c) The Company shall receive as a solatium for the unexpired period of the concession an amount equal to one per cent. of its nominal capital for each year up to the year of expiring (1915).

The Government can take over the Krugersdorp-Johannesburg-Boksburg Tramway against payment of the cost of construction.

If the Volksraad should not during this Session{08} decide to nationalize the railway no change can take place before 1898, so that the three years 1895 to 1897 would have to be taken as a basis and therefore the 6 per cent. for 1894, the only low dividend, would not come into the calculation.  This would of course considerably increase the purchase price—­e.g.,

1895 9 per cent.
1896 14 " (estimate),
1897 14 " "
—­
Total 37 "

That is to say an average distribution of 12.33 per cent. for the three years.  The purchase price would thus be: 

12.33 X 20 = 246.66 per cent.
17 years’ premium 17 "
------
Total 263.66 "

This has been clearly explained to the Volksraad but without avail, the President’s influence on the other side being too strong.  During the Session of 1895 it was made clear that agitation against the Company was as futile as beating the air.  When the Hollander clique found that they could no longer convince the Boers as a whole of the soundness of their business and the genuineness of their aims, and when they failed to combat the arguments and exposures of their critics, they resorted to other tactics, and promulgated voluminous reports and statements of explanations which left the unfortunate Volksraad members absolutely stupefied where they had formerly only been confused.{09}

The following is taken from an article in the Johannesburg Mining Journal, dealing with the burdens imposed by the railway company upon the industry: 

RAILWAY MONOPOLY.