What does "efficient" mean?
I do have a bit of an issue, in general, with this notion that a cartridge is more efficient than another, and in particular that the 9.3x62 is more efficient than the .375 H&H.
Let me hasten to add that I am not one whose feather are ruffled because I like them both equally and consider them both ideal. The .375 H&H for me and the 9.3x62 for my wife, per my previous post, based on our different needs.
But back to the "efficient" concept.
Sure, if one focuses on the MPBR, a .375 H&H 300 gr .398 BC slug at 2,530 fps has a plus or minus 3" MPBR of 248 yards and a 9.3x62 286 gr slug .410 BC at 2,360 fps has a plus or minus 3" MPBR of 234 yards, hence a 21.48% larger case capacity buys you only a 5.98% longer MPBR. I can see where one would think the 9.3x62 is more efficient.
But this is a very myopic view of the true purpose of the two cartridges since neither is designed to be a long-range PG cartridge, hence MPBR is rather irrelevant.
In truth, when looking at DG use, a .375 H&H 300 gr slug at 2,530 fps has a muzzle energy of 4,262 ft./lbs. and a 9.3x62 286 gr slug at 2,360 fps has a muzzle energy of 3,544 ft./lbs. hence a 21.48% larger case capacity buys you a 20.25% higher energy, which for two bullets of comparable diameter, weight, construction, and sectional density, is a very good predictor of penetration, which is a much more appropriate criteria to compare the two cartridges than MPBR.
From this perspective, 20% additional energy and resulting increased penetration for 21% more powder does not seem so inefficient to me.
So, no, sorry to say, the 9.3x62 is not "more efficient" than the .375 H&H; it is simply providing ~20% less DG killing power for 21% less powder burnt, which, when one thinks about it, is not entirely illogical.
If the 9.3x62 provided the same DG performance as the .375 H&H with 21% less powder, then sure, it would be more efficient, but in fact it provides 20% less DG performance, therefore it is not more efficient.
Whether this efficiency myth is based on the fact that the 9.3x62 kills as well as the .375 H&H is also flawed reasoning. Sure, they both kill PG dead, but on the DG heavies they are simply not in the same league.
No one in their right mind would recommend the 9.3x62 for a frontal elephant brain shot. The fact that the 9.3x62 is still OK for Buff does not change anything to that reality.
So, more efficient on PG, sure! More efficient on Buff, well ... not quite on backup shots up the rear end and trying to reach the vitals up front, even though still OK on broadside shots. More efficient on the heavies? You have got to be kidding!
As I said above, this is no case of feather ruffling, and I still like them both equally and consider them both ideal (the .375 H&H for me and the 9.3x62 for my wife), but let us not take leave of our senses in these discussions about "efficiency"
This being said, can modern propellant, modern bullet and modern loading techniques raise the 2020 9.3x62 to the level of the 1920 .375 H&H? Of course! But again, let us not be too myopic, the same components and loading techniques applied to the .375 H&H keep the 2020 .375 H&H 20% above the 2020 9.3x62. BOTH can be made faster if one does not mind pressure and sticky extraction
Sort of the same discussion as between the .416 Rem and .416 Rigby. Can the Rem run up the Rigby at max load? Sure! Have you tried to extract one of these loads in the hot sun of Africa?