METHODS OF TRADE.
Rich Mr. Portman--Good ship _Prince Rupert_--The early
adventurers--"Book of Common Prayer"--Five forts--Voting a
funeral--Worth of a beaver--To Hudson Bay and back--Selling
the pelts--Bottles of sack--Fat dividends--"Victorious as
Cæsar"--"Golden Fruit."
The generation that lived between the founding of the Company and the
end of the century saw a great development in the trade of the infant
enterprise. Meeting sometimes at the place of business of one of the
Committee, and afterwards at hired premises, the energetic members of
the sub-committee paid close attention to their work. Sir John Robinson,
Sir John Kirke, and Mr. Portman acted as one such executive, and the
monthly, and at times weekly meetings of the Court of Adventurers were
held when they were needed. It brings the past very close to us as we
read the minutes, still preserved in the Hudson's Bay House, Leadenhall
Street, London, of a meeting at Whitehall in 1671, with His Highness
Prince Rupert in the chair, and find the sub-committee appointed to
carry on the business. Captain Gillam for a number of years remained
in the service of the Company as a trusted captain, and commanded the
ship _Prince Rupert_. Another vessel, the _Windingoo_, or _Wyvenhoe
Pinck_, was soon added, also in time the _Moosongee Dogger_, then the
_Shaftsbury_, the _Albemarle_, and the _Craven Bark_--the last three
named from prominent members of the Company. Not more than three of
these ships were in use at the same time.
The fitting out of these ships was a work needing much attention from
the sub-committee. Year after year its members went down to Gravesend
about the end of May, saw the goods which had been purchased placed
aboard the ships, paid the captain and men their wages, delivered the
agents to be sent out their commissions, and exercised plenary power in
regard to emergencies which arose. The articles selected indicate very
clearly the kind of trade in which the Company engaged. The inventory
of goods in 1672 shows how small an affair the trade at first was.
"Two hundred fowling-pieces, and powder and shot; 200 brass kettles,
size from five to sixteen gallons; twelve gross of knives; 900 or 1000
hatchets," is recorded as being the estimate of cargo for that year.
A few years, however, made a great change. Tobacco, glass beads, 6,000
flints, boxes of red lead, looking-glasses, netting for fishing, pewter
dishes, and pewter plates were added to the consignments. That some
attention was had by the Company to the morals of their employés is seen
in that one ship's cargo was provided with "a book of common prayer, and
a book of homilies."
About June 1st, the ship, or ships, sailed from the Thames, rounded
the North of Scotland, and were not heard of till October, when they
returned with their valuable cargoes. Year after year, as we read the
records of the Company's history, we find the vessels sailing out and
returning with the greatest regularity, and few losses took place from
wind or weather during that time.
The agents of the Company on the Bay seem to have been well selected
and generally reliable men. Certain French writers and also the English
opponents of the Company have represented them as timid men, afraid
to leave the coast and penetrate to the interior, and their conduct
has been contrasted with that of the daring, if not reckless, French
explorers. It is true that for about one hundred years the Hudson's
Bay Company men did not leave the shores of Hudson Bay, but what was
the need so long as the Indians came to the coast with their furs and
afforded them profitable trade! By the orders of the Company they opened
up trade at different places on the shores of the Bay, and we learn from
Oldmixon that fifteen years after the founding of the Company there were
forts established at (1) Albany River; (2) Hayes Island; (3) Rupert's
River; (4) Port Nelson; (5) New Severn. According to another authority,
Moose River takes the place of Hayes Island in this list. These forts
and factories, at first primitive and small, were gradually increased in
size and comfort until they became, in some cases, quite extensive.
The plan of management was to have a governor appointed over each fort
for a term of years, and a certain number of men placed under his
direction. In the first year of the Hudson's Bay Company's operations as
a corporate body, Governor Charles Bailey was sent out to take charge
of Charles Fort at Rupert's River. With him was associated the French
adventurer, Radisson, and his nephew, Jean Baptiste Groseilliers. Bailey
seems to have been an efficient officer, though fault was found with
him by the Company. Ten years after the founding of the Company he died
in London, and was voted a funeral by the Company, which took place
by twilight to St. Paul's, Covent Garden. The widow of the Governor
maintained a contention against the Company for an allowance of 400_l._,
which was given after three years' dispute. Another Governor was William
Lydall, as also John Bridgar, Governor of the West Main; and again Henry
Sargeant, Thomas Phipps, Governor of Fort Nelson, and John Knight,
Governor of Albany, took an active part in the disputes of the Company
with the French. Thus, with a considerable amount of friction, the
affairs of the Company were conducted on the new and inhospitable coast
of Hudson Bay.
To the forts from the vast interior of North America the various tribes
of Indians, especially the Crees, Chipewyans, and Eskimos, brought
their furs for barter. No doubt the prices were very much in favour of
the traders at first, but during the first generation of traders the
competition of French traders from the south for their share of the
Indian trade tended to correct injustice and give the Indians better
prices for their furs.
The following is the standard fixed at this time:--
Guns twelve winter beaver skins for largest,
ten for medium,
eight for smallest.
Powder a beaver for 1/2 lb.
Shot a beaver for 4 lbs.
Hatchets a beaver for a great and little hatchet.
Knives a beaver for eight great knives and eight
jack knives.
Beads a beaver for 1/2 lb. of beads.
Laced coats six beavers for one.
Plain coats five beavers for one plain red coat.
Coats for women,
laced, 2 yds. six beavers.
Coats for women, plain five beavers.
Tobacco a beaver for 1 lb.
Powder-horn a beaver for a large powder-horn and two
small ones.
Kettles a beaver for 1 lb. of kettle.
Looking-glass and comb two skins.
The trade conducted at the posts or factories along the shore was
carried on by the local traders so soon as the rivers from the
interior--the Nelson and the Churchill--were open, so that by the time
the ship from London arrived, say in the end of July or beginning of
August, the Indians were beginning to reach the coast. The month of
August was a busy month, and by the close of it, or early in September,
the ship was loaded and sent back on her journey.
By the end of October the ships arrived from Hudson Bay, and the anxiety
of the Company to learn how the season's trade had succeeded was
naturally very great. As soon as the vessels had arrived in the Downs
or at Portsmouth, word was sent post haste to London, and the results
were laid before a Committee of the Company. Much reference is made in
the minutes to the difficulty of preventing the men employed in the
ships from entering into illicit trade in furs. Strict orders were given
to inspect the lockers for furs to prevent private trade. In due time
the furs were unladen from the ships and put into the custody of the
Company's secretary in the London warehouse.
The matter of selling the furs was one of very great importance. At
times the Company found prices low, and deferred their sales until the
outlook was more favourable. The method followed was to have an auction,
and every precaution was taken to have the sales fair and aboveboard.
Evidences are not wanting that at times it was difficult for the Court
of Adventurers to secure this very desirable result.
The matter was not, however, one of dry routine, for the London
merchants seem to have encouraged business with generous hospitality.
On November 9th, 1681, the sale took place, and the following entry is
found in the minutes: "A Committee was appointed to provide three dozen
bottles of sack and three dozen bottles of claret, to be given to buyers
at ye sale. Dinner was also bespoken at 'Ye Stillyard,' of a good dish
of fish, a loyne of veal, two pullets, and four ducks."
As the years went on, the same variations in furs that we see in our
day took place. New markets were then looked for and arrangements made
for sending agents to Holland and finding the connections in Russia,
that sales might be effected. In order to carry out the trade it was
necessary to take large quantities of hemp from Holland in return for
the furs sent. The employment of this article for cordage in the Navy
led to the influence of important members of the Company being used with
the Earl of Marlborough to secure a sale for this commodity. Pending the
sales it was necessary for large sums of money to be advanced to carry
on the business of the Company. This was generally accomplished by the
liberality of members of the Company itself supplying the needed amounts.
The Company was, however, from time to time gratified by the declaration
of handsome dividends. So far as recorded, the first dividend was
declared in 1684, and judged by modern standards it was one for which a
company might well wait for a number of years. It was for 50 per cent.
upon stock. Accordingly, the Earl of Craven received 150_l._, Sir James
Hayes 150_l._, and so on in proportion. In 1688 another dividend of a
like amount of 50 per cent. on the stock resulted, and among others,
Hon. Robert Boyle, Earl Churchill, and Sir Christopher Wren had their
hearts gladdened. In 1689 profits to the extent of 25 per cent. on the
stock were received, and one of the successful captains was, in the
exuberance of feeling of the stockholders, presented with a silver
flagon in recognition of his services. In 1690, however, took place by
far the most remarkable event of a financial kind in the early history
of the Company. The returns of that year from the Bay were so large that
the Company decided to treble its stock. The reasons given for this
were:--
(1) The Company has in its warehouse about the value of its original
stock (10,500_l._). (2) The factories at Fort Nelson and New Severn
are increasing in trade, and this year the returns are expected to be
20,000_l._ in beaver. (3) The factories are of much value. (4) Damages
are expected from the French for a claim of 100,000_l._
The Company then proceeded to declare a dividend of 25 per cent., which
was equivalent to 75 per cent. on their original stock.
It was a pleasing incident to the sovereign of the realm that in all
these profits he was not forgotten. In the original Charter the only
recompense coming to the Crown, for the royal gift, was to be the
payment, when the territory was entered upon, of "two elks and two black
beavers." This may have been a device for keeping up the royal claim,
but at any rate 300_l_. in the original stock-book stood to the credit
of the sovereign. It had been the custom to send a deputation to present
in person the dividends to His Majesty, and the pounds sterling were
always changed to guineas.
On this occasion of the great dividend, King William III. had but lately
returned from his victories in Ireland. The deputation, headed by Sir
Edward Dering, was introduced to the King by the Earl of Portland,
and the following address, hitherto, so far as known to the writer,
unpublished, was presented along with the noble gift:--
"Your Majestie's most Loyal and Dutiful subjects beg leave to
congratulate your Majestie's Happy Return here with Honor and Safety.
And we do daily pray to Heaven (that Hath God wonderfully preserved your
Royall Person) that in all your undertakings Your Majestie may be as
victorious as Cæsar, as beloved as Titus, and (after all) have the long
and glorious Reigne and Peacefull end of Augustus.
"On this happy occasion we desire also most humbly to present to your
Majestie a dividend of _Two Hundred and twenty-five guineas_ upon
three hundred pounds stock in the Hudson's Bay Company, now Rightfully
delivered to your Majestie. And although we have been the greatest
sufferers of any Company from those common enemies of all mankind the
French, yet when your Majestie's just Arms shall have given Repose to
all Christendom, we also shall enjoy our share of these great Benefits
and do not doubt but to appeare often with this golden fruit in our
hands, under the happy influence of Your Majestie's most gracious
protection over us and all our Concerns."
It is true that towards the end of the seventeenth century, as we shall
afterwards see, the trade of the Company was seriously injured by the
attacks of the French on the Bay, but a quarter of a century in which
the possibility of obtaining such profits had been shown was sufficient
to establish the Company in the public favour and to attract to it much
capital. Its careful management from the first led to its gaining a
reputation for business ability which it has never lost during two and a
quarter centuries of its history.