According to Roque's plan, if 15 percent of the shares were set aside for the federal government, then the Nyasaland company would get about 30 percent, the South African company 25 percent, Hamilton and Vincent would only add up to about 5 percent, and the rest would be divided between the state governments and minority shareholders.

Of course, Hamilton and Vincent don't think so.

Hamilton and Vincent argue that the railways in southern Africa, with the exception of Cape, are basically at a loss and rarely profitable, so it is unfair to give only five percent to Hamilton and Vincent.

Hamilton and Vincent demanded at least ten percent, and also required separate accounting for the railways within the Cape so that Hamilton and Vincent's interests could be guaranteed.

After the integration, the total capital of the United Railway Company is about 250 million rand.

In other words, Hamilton and Vincent believe their stake in the Cape Rail Company is worth R25 million.

This valuation is obviously on the high side, and the accountants of the Nyasaland company have valued the Cape Railways at less than 40 million in total.

Most of these 40 million miles belong to South African companies, and Hamilton and Vincent together account for only a small part.

"I will do the work of Hamilton and Vincent, you are responsible for coordinating with the federal government, 15 percent is our final bottom line, and the federal government cannot interfere with the operation of the United Railroad." Xiao Si and Roque have a clear division of labor, and he knows how to deal with the likes of Hamilton and Vincent.

Roque nodded silently, Philip underestimated the resistance to the establishment of the United Railroad Company, even if all parties reached a consensus, there were still many problems to be solved, and this was just the beginning.

The next day, Roque came to the Palace of Justice again, and Philip had no opinion on the fifteen percent ratio, but Philip had a tough attitude towards the operation of the United Railroad Company, insisting that the United Railroad Company must operate under the leadership of the federal government.

"Why?" Roque was puzzled that the current state of affairs in the Transvaal and Orange had proved that the federal government was not a good manager.

Isn't it good to completely let go of anything and wait for dividends every year?

Roque is not completely opposed to the federal government's intervention, and the federal government can send supervisors to the railroad company to supervise the operation of the railroad company and protect the interests of the federal government, which Roque does not object.

"Businessmen are protecting their own interests, and only the federal government is for all southern Africans." Philip made a clear statement of distrust of the businessman.

"You mean that people like me and Cecil don't fully consider the interests of southern Africans?" Roque was really disappointed that Philip was also selectively blind on this issue.

"No, I'm not targeting you, I'm talking about Cecil and the Cape gang, who have been outside the federal government, who have been excluded from the federal government, and I, as the prime minister of southern Africa, have to change that." Philip said it vaguely, but Roque understood what Philip meant.

Philip was not targeting the Southern African Railway, but the South African company controlled by Smalls.

Founded in 1889, the South African Company was a freak, when Queen Victoria granted a charter to the South African Company, stipulating that its scope of activity would be in South Africa north of British Bechuana, west and north of the Transvaal Republic, and west of Portuguese East Africa, and it would enjoy the privileges of contracting and organising local government, forming an army and police, doing business, setting up banks and joint-stock companies, building roads, and exploiting land, forests and mineral deposits.

In the circumstances of 1889, the charter granted to the South African Company was a necessary means for the British government to maintain the rule of the region, and a reward for Cecil Rhodes himself.

The charter is still in force, but Southern Africa in 1921 is very different from Southern Africa in 1889.

Today, South African companies have actually exceeded the limits of the charter and annexed Portuguese East Africa, West Africa, and part of the Congo Free State, which is equivalent to a state within a state.

This state within a country is not the same thing as Nyasaland, which is the territory of Roque, essentially owned by the British government and subject to the supervision of the federal government of Southern Africa.

In the areas controlled by South African companies, the federal government has no right to intervene at all, and even Nyasaland has already implemented elections, and the governor must be elected through elections.

Philip wanted to end the privileges of South African companies in southern Africa.

Xiao Si probably understands this, so he resolutely rejects the federal government's interference in the United Railroad.

"What do you think?" Philip also dealt with South African companies and had to enlist Roque's support.

"The management of the Cape can be strengthened, but Rhodesia, we still have to be cautious and not rushed." Roque was partly in favour, though he had reservations about the South African company.

In terms of individual economic strength alone, South African companies are the undisputed giants of southern Africa.

Although there are many companies under Roque's name, because they are scattered in many fields, the strength of the single company is still slightly inferior to that of South African companies.

Didn't I say it earlier, the South African company is a freak, Xiao Si can set up a local government, has its own army and police, and has considerable strength in finance, food, land and forest development, and mineral resource exploitation.

And given the special relationship between Roque and Xiaosi, Nyasaland will be embarrassed once Rhodesia, which is controlled by South African companies, is targeted.

At that time, Nyasaland will be the target of public criticism.

"Locke, I'm going to break up the South African company, and I'm thinking about you—" Philip's excuse was clearly not satisfactory to Roque.

The privilege of a South African company in Rhodesia, Roque has it in Nyasaland.

The entire land of Nyasaland is Roque's private domain, and in this way, Roque actually has more privileges than Xiaosi.

After Xiao Si was knighted, Rhodesia also nominally became Xiao Si's personal domain.

However, the scope of Rhodesia recognized by London is much smaller than the current Rhodesia, in fact, this is also digging a hole for southern Africa and artificially creating contradictions.

Xiao Si and Ade knew this, so when Ade was prime minister, they did not make any moves against the South African company, but they didn't expect Philip to be fooled.

"You can spin off the South African company, like the way the U.S. government does with Mobil oil, but it can't have too much impact on the South African company, and there are millions of people living in Rhodesia, and they all work for the South African company, and we have to take that into account." Roque automatically brought into the role of prime minister, and also operated southern Africa as his own territory.

There are now more than 20 million Chinese living in Southern Africa, and for the happiness of these 20 million Chinese, Roque will not allow anyone to mess with Southern Africa.

Not even Philip.

"The U.S. government did spin off Mobil oil, but it did not remove the Rockefeller family's monopoly on U.S. oil, and the U.S. government has become a laughing stock on the issue of Mobil oil." Philip was ambitious, but unrealistic.

"The way the U.S. government handled Mobil Oil, at least giving the public a clear explanation, and that's enough, do you want to directly erase the South African company?" Roque's understanding of social structure is deeper than that of Philip.

In the social structure of the United States, the government actually serves enterprises, so the U.S. government must ensure the interests of American enterprises, and it does not dare to really attack trusts like Mobil Oil.

The same is true in southern Africa, it is never the federal government that really promotes the development of southern Africa, but the business institutions such as the RAND Bank, the South African company, and the Favart Group.

"There should be no such freaks as South African companies in Southern Africa now!" Now that Roque had pierced the window paper, Philip was no longer secretive.

"So isn't Nyasaland also out of place in southern Africa now?" Roque directly flipped the table, now to dismember the South African company, so the next step is not to target the RAND Bank and Nyasaland, will it be against Favart Steel Group in the future?

Philip is crazy, even his own people are beaten.

"The situation in Nyasaland is different from Rhodesia—" Philip finally came to his senses, and Philip would not do anything about destroying the Great Wall.

But for Southern Africa, South African companies are also the Great Wall.

"There is no difference, Rhodesia is Cecil's territory, Nyasaland is mine, it's essentially the same, South African companies don't stand in the way of the development of Southern Africa, on the contrary, they play an important role in the development of Southern Africa, we have to admit that." Roque was resolute, and when the federal government of Southern Africa was formed, Roque and Xiao Si discussed this issue, and concluded that Rhodesia and Nyasaland must huddle together to warm up and advance and retreat together.

Now that Philip wants to target Rhodesia, Roque will definitely not sit idly by, because Roque believes that if the Prime Minister of Southern Africa is not Philip but someone else, when the Prime Minister wants to target Nyasaland, Xiao Si will make the same choice as Roque.

Discussions with Philip yielded nothing.

Roque is not surprised, everyone has their own thoughts, looks at problems from different angles, and draws different conclusions, and it will take time to unify ideas and reach an agreement.

That night, the dispute between Roque and Philip in the Palace of Justice was reported and placed on Xiao Si's desk.

Xiao Si was silent after reading it, and sat alone in the office for a long time.

The next day, Xiao Si took the initiative to go to the Ministry of Defense to find Roque, and as soon as he came up, he was shocked.

"I've decided to spin off the South African company—"

That's the choice of smart people.