The area of forestry includes the larger remaining part of the great pine belt, together with a very heavy reserve of merchantable oak-timber. The part of the forest area in Canada aggregates one and one-quarter million square miles, and yields an annual product of about eighty million dollars; about one-third of the lumber is exported. The northerly region of Canada produces furs and pelts. As long ago as 1670, Charles II. granted to Prince Rupert and a stock company the lands comprising a very large part of Canada around Hudson Bay, and secured to them the sole right to trap the fur-bearing animals of the region. In time the company, known as the Hudson Bay Company, transferred all its lands to Canada, and out of the domain thus annexed various provinces and unorganized districts have been created. The company now exists as a corporation for the merchandise of furs. For the greater part, Indians are employed as hunters and trappers, and the pelts are collected at the various trading-posts, known as "houses" and "factories," to be sent to the head-quarters of the company near Winnipeg. Nearly every Arctic animal furnishes a merchantable pelt. The cheaper skins are made into garments in Canada and the United States; those commonly classed as furs are sold in London. Several other fur companies are also operating in Canada. The fisheries of the coast-waters and the Great Lakes are among the most productive in the world. Everything within the three-mile limit of the shore is reserved for Canadian fishermen. The smaller bays and coves are reserved also within the three-mile limit. Beyond this limit the waters are open to all, and a fleet of swift gun-boats is necessary to prevent illicit fishing. Salmon, cod, lobsters, and herring form most of the catch, amounting in value to upward of twenty million dollars yearly. The output of minerals varies from year to year; since 1900 it has averaged about sixty million dollars a year. The gold product constitutes nearly one-half and the coal about one-sixth of the total amount. Nickel, petroleum, silver, and lead form the rest of the output. Iron ore is abundant, but it is not at present available for production on account of the distance from transportation. Commerce is facilitated by about eighteen thousand miles of railway and nearly three thousand miles of canal and improved river-navigation. One ocean-to-ocean railway, the Canadian Pacific, is in operation; another, an extension of the Grand Trunk, is under way. The rapids and shoals of the St. Lawrence and Richelieu Rivers are surmounted by canals and locks. Welland Canal connects Lake Erie and Lake Ontario, and the Canadian lock at St. Mary's Falls joins Lake Superior to Lake Huron. By means of the lakes and canals vessels drawing fourteen feet may load at Canadian ports and discharge at Liverpool.