Update: 2020-08-23 10:14
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The Trust Colonial was constituted on April 7, 1899, the capital of 15 million francs was represented by 150,000 shares with a capital of 100 Belgian francs; in addition, 150,000 dividend shares were created, half of which were distributed as an advantage to L'Africaine and the other half to the other subscribers, in proportion to their subscriptions. 

The 150,000 capital shares were subscribed by 301 shareholders  
The shares were paid up to 25% and a sum of 3 million was made available to the new Company (12-(24-25/04/1899)-1973). 
On May 2, 1899, 25,000 shares of capital were placed for public subscription at a price of 110 francs (21-(1901 T1)-781/782).

Board of Directors 

Baron de Moreau d'Andoy, Chairman; H. Hage-Orban de Xivry; Alfred Roose; Eugène Carez; Arthur Roose; Camille d'Heygere, G. Bruneel de Montpellier, Aug. Collet, Adolphe Bero.
Commissioners: Jules Mussely, Arn. d'Udekem d'Acoz, Marquis N. de Liveri, Victor De Coen (21-(1899 T1) -111).


As a principal, all financial and credit operations which were likely to facilitate and develop colonial enterprises, whatever their nationality or nature and whether they were aimed at trade, industry, exploitation of the riches of the soil or subsoil, public works, communication routes or transport by land and water;
To take an interest in all other enterprises, to participate in their operation, in the formation of companies for their operation or in their transfer or contribution to companies to be formed or already formed.
Acquire and sell all State securities, bonds and shares of companies whose purpose is to carry out colonial enterprises, and incidentally other securities; carry out all credit operations on these securities, issue them or participate in their issue and placement, either by subscription or by guarantee;
To contribute to the acquisition of all colonial domains as well as all privileges, all territorial, agricultural, mining or other concessions; To this end, to carry out, directly or through intermediaries with governments, chartered companies or others, all operations aimed at obtaining concessions and privileges, to contribute to their development, to contribute or transfer them, to merge with other companies and to carry out, in a word, in all countries, all financial, commercial, industrial, real estate and other operations which are likely in a direct or indirect manner to develop the colonial movement or the application of its corporate purpose;
To carry out all its operations either in its own name or in the name of third parties and on their behalf or in participation with them (12-(24-25/04/1899)-1973).

Change in capital, event(s), shareholding(s), quotation 

Report by L'Africaine of January 30, 1900. - The Trust Colonial was intended to provide financial assistance to L’Africaine for the carrying out of current or new business, and this purpose was largely achieved. The Trust has secured considerable benefits and there is good reason to be optimistic about the expected results (21-(1900 T1)-115). 

Report of November 1901. - The debtors and bankers included in the balance sheet for an amount of 4,428,304.16 represented for the most part the current account of L'Africaine. The composition of the portfolio was not communicated. Details of the participations are given below: 

- L’Africaine. This Society is still very active, and the results will soon become satisfactory.
- Cie du Luabo. This company has diverse resources to ensure a dividend on its shares that will gradually increase. In the last balance sheet, the profit is 600,000 francs, applied to the increase in assets.
- Cie générale Franco-Malgache. The first balance sheet ends with a loss of 150,407.11 francs by expenses of all kinds; but the Company continues its installations and the only sale of the livestock assures it a certain success.
- Cie de la Mobaye. The country is rich and fertile; the rubber liana abounds; the installations are done without loss of time or money and the results are brilliant.
- Portuguese Guinea. It is hoped that the new management will take advantage of the Company's many properties.
- Benguella Commercial Counter. For 1901, this Company will have received 100 tons of rubber, 252 kg of ivory, 9 tons of wax, 8 tons of copal. It is very well established. The results suffer from the fall in the price of rubber (6 francs instead of 8.50).
- Produits Végétaux du Haut-Kassai. The year 1900-1901 received 124 tons of rubber; the quantity will compensate for the loss in value.
Cie Gorongoza. Still in the installation period.
- Trust Colonial Portugais. Applies to the development of the Macequece Gold Mines Company. The richness of the deposits will soon attract the attention of the major financial markets to this part of the territory of the Mozambique Company.
- Cie Kadei-Sangha. The administration was changed, and the concession was then taken over, which is worth the best areas of Belgian Congo and where 10 tons of rubber are expected to be found every month.
And other companies such as La Brésilienne, Monopole du Portugal, Crédit Commercial Congolais, Plantations de Lubefu, South-East Africa, Abuna (21-(1901 T1) -781/782)
Report of November 1902. - The debtors and bankers included in the balance sheet in the amount of 4,965,934.94 francs represented the bulk of L'Africaine current account. No indication of the composition of the portfolio.
The balance sheet of the time also shows that the first two financial years showed a profit, which was not the same for the other financial years when losses accumulated.
The extraordinary reserve was used to redeem 500 shares of the Company (21-(1902 T1) -743/744).
1903 - At the assembly of December 1903, the Council, alleging the inappropriateness, and moreover approved by the majority, does not provide any detail on the portfolio which necessarily was analogous to that of L’Africaine
The extraordinary reserve was used to repurchase 5,000 shares of the Company (21-(1905 T1)-652).

1904 - The claim of about 5 millions on the African was indicated as secured. The Participations shown on the balance sheet mainly represented advances towards the Bolivian railroad business, which appeared to be on track. The Quélimane railway was to be built, which would allow the land to be realized (21-(1905 T1)-652).

1905 - The composition of the portfolio was always ignored. In the profits for the year, the income from the portfolio was too small to be shown separately. Subsidiary records mentioned some hope for a better future (21-(1906 T1) -671).

1906 - Portfolio income was still not reported. Negotiations pursued by the African had not yet been concluded. The profits shown included interest, except for the claim on L’Africaine, which comprises principal and interest. The portfolio consisted of the same securities as L’Africaine.
On August 30, the accumulated losses were offset by the reduction in capital and reserves, the capital was then reduced to 3,750,000 francs; the nominal value of the shares was reduced to 25 francs (21-(1907 T1) -1113).
1907 - The composition was communicated: see portfolio
The securities, shares and property pledged were given to the Cie La Luinha which, with the intervention of the Cie Auxiliaire Générale, of Paris, a subsidiary, of the Caisse des Propriétaires, of Brussels, lent, for 5 years, to the Trust Colonial the sum of 650,000 francs, it being said that a Committee will have, for a period of 10 years, the management of this portfolio, with the faculty of realization. In the event of realization of the pledge, the Trust will receive the balance of the sale price after deduction of the amount lent, of the interest at 6%, of 10% of the proceeds of the securities sold below the par value of 50%, of all that exceeds the par value.
The Trust sold the Lifune (river in Angola) estate in Portuguese Angola to the Cie La Luinha for 300,000 francs.
The entire portfolio was valued at 4,197,112.06 francs; only two securities were traded on the stock exchange.
The Trust's claim on the L’Africaine was settled by transferring to the former all the assets and liabilities of the latter, except for the Trust Colonial shares (21-(1908 T1) -1302).
1908 - The agreement made with the Cie La Luinha, to which the Trust contributed the major part of its portfolio, under conditions which left it in a precarious situation, was cancelled and replaced by another one involving the transfer to the Compagnie d'Entreprises Coloniales of a reduced part of its portfolio, another part being used to release the Trust from the major part of its debts or commitments and the remaining surplus. We see in the table the values transferred to the Colonial Companies Company, those remaining to the Trust and finally those transferred to miscellaneous.
At that time, the Trust owned 22,000 ordinary shares of Cie d'Entreprises Coloniales, a portfolio of 259,000 francs, a shareholding in Mozambique Mines of 139,000 francs, debtors for a sum of 1,155,000 francs, which the Trust was actively pursuing, and debts for 972,000 francs which the Trust hoped to settle quickly, by transactions, to arrive at a lower figure (21-(1910 T1) -812/813).

1909 - The administration hoped to be able to offset the assets and liabilities to free up the 22,000 shares of Cie d'Entreprises Coloniales which could be distributed to the shareholders. The Luabo affair will be reconstituted; the Trust's claim reduced from 500,000 to 250,000 francs will be paid; the current Luabo shares are worthless, and the rest of the portfolio was worth very little (21-(1910 T1) -812).

1910 - The Colonial Trust could not yet say whether the assets, apart from the 22,000 Cie d´Entreprises Coloniales shares, would be sufficient to settle the liabilities (21- (1911 T1) -1000). (21-(1911 T1) -1000).

1911 - On March 6, the capital was reduced to 1,500,000 francs and the nominal value of the shares was reduced to 10 francs (21-(1912 T1) -1569).

1912 - The EGM of December 29, 1911. The Company was able to compromise with three creditors in return for the delivery of 6,500 ordinary shares of Cie d'Entreprises Coloniales.
 It still had 15,500 shares left which, during the last transactions (8.50 francs), were worth 131,750 francs, and an estimated portfolio of 6,925 francs. On the other hand, it had debts of 283,000 francs (21-(1912 T1) -1570).

Share price at 31/12 (Belgian francs) (21-(1912 T1)-1569/70) 


Act cap.

Act div.






































Dissolution and liquidation 

The Trust Colonial was dissolved, and the company went into liquidation on December 29, 1911 (12-(19/01/1912)-431).


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The shares, old titles and historical financial documents presented have no market value, they only have a collection value.