Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1870-02-05
The Hudson Bay Company.

1
In 1870 the Hudson Bay Company was
formed under royal character from
Charles the Second, which granted them
all the country north of what was called
the divide, where the waters separate to
flow north and south. The only consider
alton to be given for this charter was the
royal prerogative to certain game, and, a
pledge to discover the nothwest passage.
The first item amounted to nothing, and
the company excused themselves from
making explorations after the passage on
the ground that it never would be availa-
able if found. During the first twenty
years Of the company's existence its profits
from furs we're SO great that notwithstand-
ing losses sustained by the capture by the
French of some of their establishments,
amounting in value to 9l18,O14, they
were enabled to make a payment to the
proprietors in 1854 Of fifty per cent,
another payment in 1858 Of fifty per cent,
and in 1889 payment of twenty-five per
cent. In 1890 the stock was trebled,
without any call being made, besides af-
fording to the proprietcrs a payment of
twenty-five per cent, on the newly
created stock. From 1892 to 1897 the
company lost property to the amount of
997 800; but in 1920 their circumstances
were so improved that they again trebled
their capital stock, with only call of ten
per cent. from the proprietors. On this
stock they paid dividends averaging nine
per cent. for many years, showing profits
on the originally subscribed capital stock
annually paid up Of between sixty and
seventy per cent. per annum from 1890 to
1900, period of 10 years. Up to this
time the Hudson Bay Company enjoyed
monopoly of the fur trade, and rcaped a
rich harvest of wealth and influence. In
1888 the Northwest Company was formed,
having its head quarters at Montreal, and
soon rose to such formidable power as to
make the territory which the two COM
panies traded in a scene of feuds and
bloodshed, involving the destruction of
property, the Generalization Of the Indians
and the ruin of the fur trade. In the
year 1922 a union took place between the
two companies, under the title Of the
Hudson Bay Company. The affairs Of the
Company were managed by Governor
in Chief, sixteen chief factors, twenty nine
chief traders, FIVE surgeons, eighty-seven
clerks, sixty-seven postmasters, several
hundred voyagers and large number of
temporary employees of different grades,
amounting in all over $4,000 persons.
The Governor-m- Chief exercised general
control over the whole interior manage
ment in British America, and was assisted
by council, consisting of the chief officers
of the company, whose deliberations were
conducted in secret. The whole power Of
this organization was directed toward pre-
venting tho formation Of any settlements
other than of fur traders within the terri
tory, as agricultural operations would in
t,riere with game. An attempt was made
in 1921, under the patronage Of Lord
Selkirk, to form coloay on Red river,
but the hostility of the Fur Company, exc
cuted through its traders and Indians,
broke up the settlement, and the colonists
sought refuge in the forts. Finally, upon
the consolidation Of the two companies, u
few settlements were permitted to thrive,
hut their agricultural operations were
limited to a very small scale. Affairs re-
mained in this condition many years, until
the tide Of emigration to Michigan, Wis
consin and Minnesota commenced to flow
over the border into the far settlements,
and restless advcnturers became numerous
through all that section. Gradually the
fur business became less remuncrative, and
the Hudson Bay Company saw that their
control over the country was becoming
weakened and two years ago they sold to
the Canadian Government, for the sum of
e300, 900, all their rights aud interests in
the Northwest Territory, reserving to
itself the agricuN Al lands adjacent to its
trading posts.
A GovERNNENr CoxrRAtr.-Gcn.
Boyuton, the Washington correspondent
of the Cincinnati Gasette, tells the fol
lowing incident, showing how sharp
clerk brought to light one Of the tricks of
that honest fraternity known as Govern
ment contractors:
A clerk in the Interior has done and
said good thing. Contractors who bid
for stationery in the departments have a
trick Of bidding very low upon all articles
which do not come into general use, and
very high upon the staples This has the
effect Of making the average Of the bills
lov, and at the same time afiordiug large
profit. One Of these contractors had
marked blue ink quarts, down on his
schedule at one-eight Of cent per dczen.
A day or two since he was surprised at re-
ceiving an order for eigh. dozen. He
hurried up to the department in person
The chief Of division knew no great neces-
si,y for such food Of blue ink, and the
clerk ordering il vas summoned TO explsin
the sudden demand. lie rephed that
noshisg uuusaal bad occurred to increase
the call for the iat. be, shss he had nc'
thought il worth while 10 order less thau
. cents worth.