had previously recognised the BSAC claims, it could not challenge them now on the basis of a reinterpretation of terms of the 1923 agreement. Settler representatives proposed either that the BSAC mineral rights should be bought out or that punitive levels of tax should be imposed on BSAC royalties. After years of BSAC obstruction, the company was forced to agree in 1950 that it would surrender their mineral rights in 1986 without compensation, and meanwhile give 20% of its royalties to the Northern Rhodesian government. The 1950 agreement continued through the period of the Federation of Rhodesia and Nyasaland, but at the end of Federation in 1963 the African leaders of what became Zambia sought its revision, proposing to buy out the British South Africa Company's mineral rights for a lump sum. The BSAC refused, and the Northern Rhodesian government of Kenneth Kaunda commissioned a full legal enquiry into the validity of the company's claims. The results were published as a White Paper which considered the validity of commercial rights held and exercised under the colonial legislative and administrative system. The Northern Rhodesian government argued that many of the treaties on which BSAC relied were of doubtful validity and probably could not have effectively transferred mineral rights. Even if the treaties were valid, none if them covered the Copperbelt, and any subsequent agreements merely confirmed the company's rights if they were originally valid: they did not give the treaties retrospective validity. It further argued that, as the British government had wrongly allowed the BSAC to claim royalties it was not entitled to, the British government should pay any compensation it thought the company was due, and not place this burden on an independent Zambia. Shortly before the planned date for independence of 24 October 1964, Kaunda threatened to expropriate the BSAC immediately afterwards if no agreement were reached. On 23 October, BSAC agreed to give up any mineral rights it might have in return for compensation of £4 million, the British and Zambian governments paying half each. Financial returns Traders of B.S.A.C stock profited handsomely from the speculative trading of the stock which was trading for multiple times higher that its nominal book value on the LSE and the Rhodesian Stock Exchange which was initiated in the Masonic Assembly Room on 20 June 1894.A History of the Zimbabwean Stock Exchange An investor who invested in the original one million shares