A body of speculators, mainly non-resident in the land, chartered for commercial purposes and given despotic rule over a vast country and its people, must always be the form of rule most productive of evil to the subject people, whether the speculators so incorporated be French, Jewish, English, Belgian, or German. The rule of such a speculative and commercial body must necessarily be devoid of those personal sympathies with the ruled which may soften even the government of an individual tyrant; the conscience of such a body, if in its collective capacity it may be said to have one, must of necessity exercise itself merely in a conscientious striving to extract the largest possible percentage of interest for the corporate shareholders from the land and labour of the subject people. Under no possible circumstances can it exhibit those virtues of consideration and self-abnegation for the subject peoples which even a purely military conqueror might exhibit; and the rule of such a body must always remain the most oppressive for the ruled and the most demoralizing for the ruling people. To blame, primarily, the men who are the mere instruments in carrying out such a form of government would be unjust in the highest degree; and even these speculators and adventurers who form the ruling chartered body can only be blamed in a secondary degree, having but obeyed the instincts of their kind, which compels individuals of a certain class to employ their lives on earth in seeking to attain the largest amount of profit with the smallest amount of outlay to themselves. The primary blame must rest with that people which at the end of the nineteenth century can allow so hoary an anachronism as a commercial chartered company to usurp its place in the government of primitive peoples, and, from under the ægis of its flag, to stretch forth in safety the long, grasping fingers and the grotesque, greedy face of a Financial Chartered Company, which should long since have been relegated to the past among the extinct evils of the human race. The native is best off and happiest in South Africa where, as amid the mountains of Basutoland, he still maintains a semi-independence. Both Dutchmen and Englishmen have carried on bloody wars against this people, but neither the Boers nor the English have been able wholly as yet to break up their tribal organization; and, guarded by their mountains and their courage, they are slowly absorbing modern civilization, in a manner more healthful than would be possible under a sudden dislocation of their social and moral system. How long this interesting phenomenon in national African development will be allowed by circumstances to continue, it is difficult to say. Should gold or precious stones be found in their territory, it would then be worth while expending many millions in destroying the people and taking complete possession of the land.