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We know now, due to 9.3x57's (Rod's) testing, that sized down to .366", the 235gr. Speer gain some toughness of jacket and become excellent game bullets for the 9.3's, giving penetration all out of proportion to their weight. They were driven at some 2,450fps in those tests.

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The 235gn Speer might work ok at velocities around 2400 fps, but the 375 H&H can put 500 fps or more on top of that.
My old Speer reloading manual lists hunting loads up to 2967fps with this bullet. In my experience the 235gn Speer is way too soft at speeds anywhere near what the H&H can easily push them.
Shooting with an old peep sight BRNO 375 H&H back in the 1980's, I had this bullet fragment and fail to penetrate just on medium size pigs.

I reckon Elmer was right, they're too soft at H&H velocities.

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