One of the most interesting events in the fur trade last month was the
announcement by the Hudson's Bay Company of its intention to accept
consignments of skins for sale at its London auctions. The news came as
a surprise to many, as it has long been known that the famous old
Company took particular pride in offering no skins for sale at its
auctions save those collected by its own posts and graded with that
excellency which has earned for the Company the reputation of setting an
accepted standard for all skins.
To those who are familiar with the past history of H.B.C., the news did
not come altogether as a surprise. The Company has demonstrated on many
occasions in the past that it does not hesitate to reverse its decisions
and alter its policies when the changes wrought by time and economic
progress in the domain of the Company make such changes a business
necessity.
Many in the fur trade wondered why the Company did not enter the
consignment business sooner but the sequence of events has since
demonstrated that by keeping out of that end of the business until after
the speculators had had their fling, the Company was able to enter on
the "ground floor," so to speak, and with everything in its favor.
The establishment of great fur auction companies in St. Louis, New York
and Montreal tended to deprive London of its old-time prestige, and,
naturally, anything that detracted from the influence of the London fur
market also affected the Hudson's Bay Company.
With the passing of the famous old firm of Nesbitt, the London fur
market lost one of the best-known consignment houses in the world. This
house was particularly happy in its connection with the American trade
and enjoyed the confidence and respect of the best American firms. When
the Nesbitt firm was forced to liquidate in order to save as much as
possible for its clients, it was felt that the London market had lost
one of its landmarks and was, to a certain extent, weakened in its
uphill fight to regain its leadership in the fur trade.
By taking over the warehouses and offices of the Nesbitt Company and
announcing its willingness to accept consignments of fur skins, the
Hudson's Bay Company carries on where Nesbitt Ltd. left off. H.B.C. will
now be in a position to hold its auctions on its own premises.
The London market will be made all the stronger by the entrance of the
Company as a consignment house, as it will naturally follow that the
class of goods consigned will have to be up to a fine standard and will
only be accepted from reputable and first-class firms.
By taking the lead in the London market, by setting the standard for all
the trade, both in goods and in business principles, by inducing the
best firms to send their best goods to the London market, by eliminating
speculative bidding and by having great financial strength and sound
business methods back of it, the Hudson's Bay Company has once more
proved its ability to come through all kinds of trials and tribulations
with flying colors.