This association is now, under the operation of their charter, in sole possession of all that tract of country bounded north by {251} the northern Arctic Ocean; east by the Davis’ Straits and the Atlantic Ocean; south and south-westwardly by the northern boundary of the Canadas, and a line drawn through the centre of Lake Superior; thence north-westwardly to the Lake of the Wood; thence west on the 49th parallel of north latitude to the Rocky Mountains, and along those mountains to the 54th parallel; thence westwardly on that line to a point nine marine leagues from the Pacific Ocean; and on the west by a line commencing at the last mentioned point, and running northwardly parallel to the Pacific coast till it intersects the 141st parallel of longitude west from Greenwich, England, and thence due north to the Arctic Sea. They have also leased for twenty years, commencing in March, 1840, all of Russian America, except the post of Sitka; the lease renewable at the pleasure of the Hudson’s Bay Company.[63] They are also in possession of Oregon under treaty stipulation between Britain and the United States. Thus this powerful company occupy and control more than one-ninth of the soil of the globe. Its stockholders are British capitalists, resident in Great Britain. From these are elected a board of managers, who {252} hold their meetings and transact their business at “The Hudson’s Bay House” in London. This board buy goods and ship them to their territory, sell the furs for which they are exchanged, and do all other business connected with the Company’s transactions, except the execution of their own orders, the actual business of collecting furs in their territory. This duty is entrusted to a class of men who are called partners, but who in fact receive certain portions of the annual net profits of the Company’s business, as a compensation for their services. These gentlemen are divided by their employers into different grades. The first of these is the Governor-General of all the Company’s posts in North America. He resides at York Factory, on the west shore of Hudson’s Bay.[64] The second class are chief factors; the third, chief traders; the fourth, traders. Below these is another class, called clerks. These are usually younger members of respectable Scottish families. They are not directly interested in the Company’s profits, but receive an annual salary of £100, food, suitable clothing, and a body servant, during an apprenticeship of seven years. At the expiration {253} of this term they are eligible to the traderships, factorships, &c. that may be vacated by death or retirement from the service. While waiting for advancement they are allowed from £80 to £120 per annum. The servants employed about their posts and in their journeyings are half-breed Iroquois and Canadian Frenchmen. These they enlist for five years, at wages varying from £68 to £80 per annum.[65]