Also advising consequent need for care in the selection of the new Niger Board in view of special Company traditions of responsibility to the government and indigenous peoples; new directors' behaviour over remuneration unfavourably contrasted with old Board's 'quixotic' altruism.

Problems of issuing prospectus for immediately raising further capital when financial particulars of both reorganised Company and merging companies not available; banks 'a little bewildered at the pace' and disinclined to be 'lavish' [see also fols. 366-370].