Thus we reach the present condition of the company, more than 220 years old, maintaining 200 central posts and unnumbered dependent ones, and trading in Labrador on the Atlantic; at Massett, on Queen Charlotte Island, in the Pacific; and deep within the Arctic Circle in the north. The company was newly capitalized not long ago with 100,000 shares at £20 ($10,000,000), but, in addition to its dividends, it has paid back £7 in every £20, reducing its capital to £1,300,000. The stock, however, is quoted at its original value. The supreme control of the company is vested in a governor, deputy governor, and five directors, elected by the stockholders in London. They delegate their powers to an executive resident in this country, who was until lately called the "Governor of Rupert's Land," but now is styled the chief commissioner, and is in absolute charge of the company and all its operations. His term of office is unlimited. The present head of the corporation, or governor, is Sir Donald A. Smith, one of the foremost spirits in Canada, who worked his way up from a clerkship in the company. The business of the company is managed on the outfit system, the most old-fogyish, yet by its officers declared to be the most perfect, plan in use by any corporation. The method is to charge against each post all the supplies that are sent to it between June 1st and June 1st each year, and then to set against this the product of each post in furs and in cash received. It used to take seven years to arrive at the figures for a given year, but, owing to improved means of transportation, this is now done in two years. [Illustration: THE COUREUR DU BOIS AND THE SAVAGE]