What might France trade Zanzibar for?

In my research for a timeline, I came upon the Malagasy Protectorate, which was a British protectorate in Madagascar 1882-1897. The British gave it to the French in exchange for France giving up their claims in Zanzibar.

Let us suppose that the POD is that the British value Malagasy over Zanzibar, why is not relevant. With the only claims on Zanzibar now being Germany and France, what might France offer to Germany in exchange for control over Zanzibar? I was thinking New Caledonia or Djibouti, but I don't know exactly how France ranked its colonies in value.
 
New Caledonia has a significant settler population and major nickel deposits. Djibouti helps to protect the Red Sea entrance. Zanzibar seems like it would be less valuable than those, especially since France at this point has several other islands in that region (the Comores/Mayotte).
 
New Caledonia has a significant settler population and major nickel deposits. Djibouti helps to protect the Red Sea entrance. Zanzibar seems like it would be less valuable than those, especially since France at this point has several other islands in that region (the Comores/Mayotte).

What might France trade for it then? surely it has to be somewhat valuable?
 
Not sure. Maybe another island in the region? Perhaps one of the Pacific territories, like Wallis and Futuna?
 
Zanzibar is an economic territory; nobody in their right mind is going to try to establish a settler colony in densely populated and tropical Zanzibar unless they want to have all of their colonists die quite quickly along with losing control of the situation. Perhaps, then, the British could offer to recognize expanded French influence in China or Siam, or some rather friendly trade deals, or Awdal in Somaliland, or settling some mineral right questions in Africa.
 
Not sure. Maybe another island in the region? Perhaps one of the Pacific territories, like Wallis and Futuna?

I think a Pacific territory is likely; both the Germans and the French had designs on the South Pacific, and I can see all or a portion of French Polynesia going to the Germans, though how much depends on the bargaining position of the Germans versus the French.
 
Didn't the Germans trade their claims on Zanzibar for Helgoland? (I know because it was a staple saying whenever there were reports of the island becoming a tourist trap: " oh, well... And to think we could have gotten Zanzibar instead") but anyhow. If the Germans traded it for an island closer to home, may be the French could exchange it for a minor channel island. Victor Hugo was already living there after all.
 
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