thousand five hundred pounds — a moderate
sum for such noble proprietors. But, so
successful had their operations been at the end
of twenty years, that in order to make their
yearly dividends appear smaller than they
really were, the directors passed a resolution
declaring the Capital of the Company to be
trebled. It was accordingly entered in their
books at thirty-one thousand five hundred
pounds, each holder of one hundred pounds
stock becoming, by that arrangement, a
proprietor of the value of three hundred pounds.
Thirty years after that date a similar proceeding
was adopted; and, by a stroke of the pen,
the Company's capital was made ninety-four
thousand five hundred pounds ; each hundred
pound share being thus made to represent
nine hundred pounds. Subsequently, a
further subscription of ten per cent. on the
shares raised in cash, and nominally trebled,
so as to amount to nine thousand four
hundred and fifty pounds, was added to the
previous capital account in the Company's
books, which then stood at one hundred
and three thousand nine hundred and fifty
pounds ; of which, however, only thirteen
thousand six hundred and fifty pounds was
really subscribed by the shareholders. In
the middle of the last century, the
Company appears to have realized the sum of
six thousand three hundred and sixty-four
pounds a-year in nett profits, which,
apparently, on a capital of one hundred and three
thousand pounds is small enough for a monopoly
trade; but, taken as a dividend upon
their real capital of thirteen thousand pounds,
it amounted in fact to not less than fifty per
cent. per annum.

During the first hundred years of the
Company's rule in Rupert's Land — which is
the name bestowed upon the territory held
under their charter — the trade was carried
on by means of two ships of about two
hundred and fifty tons each, and one or
two factories established on the shores of
Hudson's Bay. Nothing whatever was
then known of the interior of the country.
A white foot had not been seen at a greater
distance than a score of miles from the waters
of the Bay; and then only in pursuit of
game, of which there was abundance on
every side.

In those primitive days of aboriginal
trading, the Company's factors were content
to sit down within their log-forts, and there
—hedged round by piles of blankets, copper
kettles, cotton handkerchiefs, knives,
gunpowder, looking-glasses, beads, and, though
last not least, gin— await the arrival of the
up-country Indians; who, during the spring
and summer months, came down to them in
great numbers in canoes, travelling along the
many rivers which flow from the distant
Rocky Mountains of the far west towards the
salt water of Hudson's Bay.

The winter is the hunting season, when,
provided with guns and ammunition by their
white friends, the Indians sally out in
pursuit of beavers, martens, otters, cats, bears,
and wolves. By the month of March, the
fruits of their labours are ready for market ;
and, loading them in bundles in their
birch-bark canoes, each tribe, in those days,
despatched them in the custody of a chief
and a certain number of their best men, in
order to barter them for English commodities
at the factories.

It was a busy and picturesque scene when
these children of the prairies came down
from their distant homes laden with beaver
skins and martens' tails, and decked out in
their gayest holiday attire; and when, pitching
their temporary tents in the close vicinity
of the fort, they prepared for the important
business of barter. On arriving within sight
of the factory, they would fire a volley from
their fowling-pieces to acquaint the factors
with their near approach, and these latter
would return the compliment by the
discharge of two or three small pieces of
ordnance.

Before any trading commenced, it was
necessary that a formal visit should be paid
to the chief factor in the fort by the principal
man of the Indians and one or two of his
followers. These receptions must have been
strange spectacles. Habited in his own
mocassins and fur tunic, he put on over all these
a suit of coarse slops presented to him by the
factors in order that he might make a proper
appearance within the walls of the fort. The
apparel thus worn consisted of a coarse cloth
coat, either red or blue, having regimental
cuffs; and a waistcoat and knee-breeches of
baize, trimmed with coarse lace. His stockings
were, one red, the other blue, and tied
below the knee with party-coloured garters.
A checked shirt and coloured cotton
handkerchief, a coarse hat and feather, and a
worsted sash, completed his costume.

The chief and his friends were received in
the large dining-hall of the factory; and, after
a mutual exchange of compliments, a quantity
of bread and dried prunes was placed before
them, with a two-gallon keg of spirits and
some pipes and tobacco. With these they were
to regale themselves in their own tents
previous to beginning the barter; but, before
departing, the wary chieftain took especial care
to fill his capacious pockets with precious gifts,
in order to ensure a royal share to himself.
When a few civilities had been exchanged
between the two parties, the Indians rose and
proceeded with the presents, accompanied by
their white friends, to their temporary
dwellings. They marched in procession, preceded
by a halberd and ensign bearer, a drummer
beating a lively tune, and a number of the
factory people carrying the spirits, prunes,
and so forth; then, having shaken hands with
the chief, the factors returned to the fort,
leaving the natives to their drunken carousal;
which lasted until the keg of spirits was
emptied. During the orgy it was pretty