But the competition with Selkirk’s Hudson’s Bay party had brought sorry losses to both; no dividends were able to be paid by the North West and there was a loss of men on either side in the sanguinary incursions into one another’s territories. The amalgamation of 1821 was therefore not too soon. The union was followed by the gift of the government to the impoverished companies of the exclusive trade of the territory which, under the names of the Hudson’s Bay and North West territories, extended from Labrador to the Pacific and from Red River to the Arctic Ocean. The Hudson’s Bay Company, as the amalgamated company was called, held Rupert’s Land by perpetual charter and the rest of the territory, including Vancouver Island, granted to it in 1848 by special license till 1859, maintaining under its supreme rule about four million square miles. In 1860 it employed five surgeons, eighty-seven clerks, sixty-seven postmasters, 1,200 permanent servants and 500 voyageurs, making with temporary employees about three thousand men on its payroll, while about one hundred thousand Indians were actively engaged in supplying it with furs. Its profits were enormous, being from May 31, 1852, to May 31, 1862, an annual average of £81,000 on a paid-up capital of £400,000. In 1863 the company was reorganized with a capital of £2,000,000, with Sir Edmund Head as governor. After confederation the northwestern territories and Manitoba were joined to the Dominion on the indemnification of £3,000,000. This will be told in its place. Henceforth the old company, no longer a feudal government, is to play its part as one of the mercantile bodies of Canada, but one which still has a great civilizing power in the northern wilds of Canada.
“The members of the famous Beaver Club, constituted perhaps the most picturesque and magnificent aristocracy that has ever dominated the life of any young community on this continent, with the possible exception of the tobacco lords of Virginia. The majority of them were adventurous Scotsmen, but they included French-Canadians, Englishmen and a few Irishmen, and were thoroughly cosmopolitan by taste and associations.”
The Beaver Club was instituted at Montreal in the year 1785, by the merchants then carrying on the Indian trade of Canada. Originally the club consisted of but nineteen members, all voyageurs, having wintered in the Indian Country, and having been in the trade from their youth. Subsequently the membership was extended to fifty-five, with ten Honorary Members.