Dr. Tolmie says: "The Puget Sound Company _acquired_, or purchased from the Hudson's Bay Company, all its improvements at Cowlitz and Nasqualla, with its lands, live stock, and agricultural implements, all of which were transferred, in 1840 or 1841, by the Hudson's Bay Company to the Puget Sound Company." As we understand this matter, it amounts to just this, and no more: The Hudson's Bay Company had consented to enlarge their business by employing an outside capital or sinking fund they had at their disposal; they instructed Dr. Tolmie, their special agent for that purpose, to receive all the property at the two stations or farms named, to take possession of them, and instead of opening an account with their opposition sinking fund, they called it the Puget Sound Agricultural Company. This explains the ten per cent. paid stock into that company. Now, if this venture is profitable, nothing is lost; if it is not, it does not interfere with the legitimate business of the fur company--hence the distinct claim under this name. "The Puget Sound Company charged the Hudson's Bay Company for all supplies furnished, and paid the Hudson's Bay Company for all goods received from them." This was exactly in the line of the whole business done throughout the entire Hudson's Bay Company, with all their forts, and other establishments. "Were not the accounts of the Puget Sound Company always forwarded to the Hudson's Bay Company's depot?" "_They were_," says Dr. Tolmie; and so were all the accounts of all the posts on this coast sent to the depot at Vancouver, and thence to head-quarters on the other side of the Rocky Mountains. We have shown, by reference to the capital stock of the Hudson's Bay Company, that, in 1821, it was counted at £200,000. From this sum ten per cent., or £20,000, was set apart as a sinking fund to oppose any fur company or traders on the west side of the mountains, and an equal sum for the same purpose on the east. This western amount, being placed under the direction of Dr. Tolmie and his successors, produced in seven years £11,000 sterling, equal to $53,240. This transaction does not appear, from the testimony adduced in the case, to have interfered in the least with the fur trade carried on at these stations, and by the same officers or clerks of the Hudson's Bay Company; hence, we are unable, from the whole catalogue of twenty-seven witnesses in the case, to find out who is to receive this nice little sum of $1,168,000 or £240,000--only £40,000 more than the mother had to trade upon when she produced this beautiful full-grown child, the Puget Sound Agricultural Company,--having had an abortion on the other side of the continent in the loss, without pay, of a large portion of the Red River or Selkirk country. Uncle Sam was ungenerous there.