the Duke of Fife and Lord Farquhar both resigned from the Board; Rhodes and Beit replaced them and another supporter of Rhodes also joined the Board. As Rhodes had recaptured full control over the company, Cawston decided to resign. Lord Gifford, however, remained on the Board, which Rhodes dominated until his death. After Rhodes Rhodes retained effective control of the BSAC until his death in 1902, but after the Jameson Raid the company's relations with the Colonial Office over Rhodesia were difficult, as the Colonial Office was unwilling to recognise the company had to give priority to its commercial interests rather than administration. After Rhodes' death, the BSAC directors attempted to make the company commercially profitable, but until 1924 it was deeply unprofitable because its administrative costs outweighed its commercial income, and it never paid a dividend in that period. After a financial crisis in Britain in 1908, the value of its shares declined sharply: its share capital had to be increased from £6 million to £12 million between 1908 and 1912, and it needed large loans to stay in business. As the accumulated deficits increased, the value of the shares continued to decline until the 1920s. From around 1920, the company favoured a union of Southern and Northern Rhodesia, followed by their inclusion in the Union of South Africa, and it was in discussion with South African leaders about this. South Africa offered favourable terms for buying out the BSAC's interests, and the company would be relieved of any future administrative costs. The BSAC did not want to be left with responsibility for the administration of Northern Rhodesia when Southern Rhodesia gained responsible government, but did want to preserve its commercial interests there, in particular its mining and land rights. To do this, it had to negotiate a settlement with the British government for both parts of Rhodesia. The two parties began negotiations in an atmosphere of mutual suspicion at the end of 1922, but nevertheless reached an agreement of 29 September 1923 to settle all the outstanding questions on Southern and Northern Rhodesia. From 1925 until his death in 1937 Sir Henry Birchenough, a former Director of the company, served as president. After 1924 the BSAC's rights allowed it to collect vast sums in royalties, particularly from the development of the Northern Rhodesian Copperbelt, from the late 1920s until its mineral rights were liquidated just before Zambian independence