were endowed by this liberal monarch with “all countries which lie within the entrance of Hudson’s Straits, in whatever latitude they may be, so far as not possessed by other Christian States.” Thus largely privileged, the adventurers entered upon a career of unusual success. In a few years they paid a dividend at the rate of fifty per cent.; a little later they trebled their capital out of profits, and paid to shareholders twenty-five per cent. upon the increased amount; still later the capital was once more trebled from the same source, without diminution of the rate of dividend. The fur trade was one of the most lucrative of which merchants had any experience. The savages who overthrew the Roman empire had introduced to Southern Europe the beautiful furs of the north. Henceforth the article was in urgent demand. Great ladies sought eagerly, for purposes of ornament, such furs as those with which the northern savage clothed himself and his children--sought eagerly, but often unsuccessfully, for demand outstripped supply. It was certain that Europe would purchase at liberal prices all the furs which the adventurers were able to bring. The Hudson Bay Company entered with vigour upon this inviting field. They established a fort near the coast, and made it known among the Indians that they were prepared to trade. With as little delay as possible they pushed their settlement far into the interior. Scattered at great intervals across the continent arose the little trading-stations. They were composed of a few wooden huts, with a strong surrounding palisade or wall; with well-barred gates; with loop-holes, from which, in case of need, the uncertain clients of the Company could be controlled by musketry. These posts were ordinarily established near rivers, accessible to the savages by canoe or by sledge. Their loneliness was extreme. For hundreds of miles on every side stretched the dense forest or the boundless prairie, untrodden by man. At fixed seasons--once or twice in the year--the natives appeared, bearing the spoils of the chase--skins, oil, the tusk of the walrus, feathers, dried fish. Ordinarily the entire tribe come on this great mission. They encamp before the fort. An officer goes forth, and the gate is jealously barred behind him. Gifts are exchanged and speeches effusively affectionate and confiding. Within the fort are stores filled with wares, which the Company has brought from afar,--blankets, beads, scalping-knives, fish-hooks, muskets, ammunition, tea, sugar, red and yellow paints for purposes of personal adornment. These strange traders enter in groups of three or four, for they cannot be trusted in larger numbers. They deposit the articles which they offer; the Company’s servants put a value upon these, and hand over an equivalent, according to the choice of their customer. Money, until lately, would have been worthless to the Indian, and none was offered. At one time