December 21, 1821, the King of England granted a license for twenty-one years, to the Hudson's Bay Company and to W. McGillivray, S. McGillivray, and E. Ellice (representing the North-West Company) "the exclusive privilege of trading with the Indians, in all such parts of North America, to the northward and westward of the lands and territories belonging to the United States of America, as shall not form part of any of our provinces in North America, or of any lands or territories belonging to the said United States of America, or to any European government, state, or power." Said grant also provided: "And we do hereby declare that nothing in this our grant contained shall be deemed or construed to authorize the said Governor and Company, or W. McGillivray, S. McGillivray, and E. Ellice, or any person in their employ, to claim or exercise any trade with the Indians on the north-west coast of America, to the westward of the Stony Mountains, to the prejudice or exclusion of any citizen of the United States of America, who may be engaged in the said trade: Provided always, that no British subjects other than and except the said Governor and Company, and the said W. McGillivray, S. McGillivray, and E. Ellice, and the persons authorized to carry on exclusive trade by them on grant, shall trade with the Indians within such limits, during the period of this our grant." Under this license, the parties to whom it was granted continued their operations until 1824, when the claims of the North-West Company were extinguished by mutual consent; the Hudson's Bay Company then became the sole possessor of the privileges conceded, which were enjoyed by that body until the expiration of the grant. Previous to that period, 1838, a new grant was made to the Company, entitled, "Crown Grant to the Hudson's Bay Company of the Exclusive Trade with the Indians in certain parts of North America, for a term of twenty-one Years, and upon Surrender of a former Grant."