I remember reading a treatsie on british firearm development about the transition from big bores, 45 etc to smaller cals. The french started it with the 8mm lebel but the english (and americans) experimented with everything from .243 to .35 and reached the conclusion that .3 or thereabouts gave the best performance over the widest range of conditions.
They lacked the advantages of modern powders and case design but these really only add incrementally to the performance of what obviously is a pretty damn good diameter round.
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