at £1 each and participated in each rights issue up to 1904, would have paid an average of £1.66 for each share. No dividends were received before 1924, but from then the average annual dividend for the next 26 years was 7.5 pence, a poor rate of return. However, from 1950, dividend rates increased sharply, reaching 75 pence a share in 1960, largely from Northern Rhodesian copper royalties. Each share was split two-for-one in 1955 and each of the new shares was exchanged for three Charter Consolidated shares at the beginning of 1965. Security Clause 3 of the BSAC Charter allowed the company to obtain powers necessary for the preservation of public order in, or for the protection of, the territories comprised in its concessions, and Clause 10 allowed the company to establish and maintain a police force. This did not permit the formation of an army but BSAC created a paramilitary force of mounted infantrymen in 1889 which was virtually its army and which allowed it to defeat and replace the Matabele kingdom and then overcome resistance of the Shona north of the Limpopo river in the First Matabele War and Second Matabele War. It was the first British use of the Maxim gun in combat (causing five thousand Ndebele casualties). The company carved out and administered a territory which it named Zambezia, and later, Rhodesia, which now covers the area occupied by the republics of Zambia and Zimbabwe. Southern Rhodesia At first, the BSAC force was named the British South Africa Company's Police, but from 1896 it was called the British South Africa Police. The Colonial Office initially authorised a force of 100 men, but Rhodes increased this to 480 before the Pioneer Column entered Mashonaland. Its numbers had risen to 650 men by the end of 1890, an unsustainable burden on the BSAC resources. Rhodes ordered a reduction in its manpower to 100 at the end of 1891, and later to only 40 men. This was supplemented by the Mashonaland Horse, an unpaid volunteer force of up to 500 men. The police force was greatly increased in size at the time of the First Matabele War, although much if this increase was in the form of volunteer police reservists. Although the police force had been created by the BSAC and was at first under the command of a company official, after the Jameson Raid it was renamed