The valuable furs and peltries scattered in former days over the extensive forests, lakes, and rivers of the Canadas, like the rich mines of Potosi and Mexico, invited many adventurers. The French, for some time after settling there, carried on an irregular but lucrative traffic in furs and peltries, with very little opposition, until the year 1670, when the Hudson’s Bay Company, established by royal charter, took possession of the territory now called “Rupert’s Land,” or Hudson’s Bay. The Canada, or as it was more generally called, the North-West Company, was formed in 1787; and these soon became the two great rival companies of the north, as we shall have occasion to notice more fully hereafter. Next on the theatre of action appeared the Mackina Company, which swept the warm regions of the south, as the two others did those of the wintry north, until the American Fur Company, established by Mr. Astor in 1809, commenced operations; but he, finding the Mackina fur traders somewhat in his way, bought out that Company, and added its territorial resources in 1811 to those of the American Fur Company. This body corporate was entitled the South-West, in contradistinction to the North-West Company.[4] Mr. Astor now saw himself at the head of all the {4} fur trade of the south, and his intention was to penetrate through the barriers of the Northern Company, so as eventually to come into possession of all the fur trade east of the Rocky Mountains. With this plan still before him, he now turned his views to the trade on the coast of the Pacific, or that new field lying west of the Rocky Mountains, and which forms the subject of our present narrative. In this quarter the Russians alone had regular trading ports, opposite to Kamtschatka, where they still carry on a considerable trade in furs and seal-skins, sending them across the Pacific direct to China. Their capital is limited, and their hunting grounds almost entirely confined to the sea-coast and islands around their establishments. The American coasting vessels also frequent this quarter, collecting vast quantities of valuable furs, which they convey to the Chinese market. This casual traffic by coasters, yielded to their owners in former days, by means of the returning cargo, an average clear gain of a thousand per cent. every second year; but these vessels are not so numerous of late, nor are the profits thus made so great as formerly. The comprehensive mind of Mr. Astor could not but see these things in their true light, and perceive that if such limited and desultory traffic produced such immense profits, what might not be expected from a well-regulated trade, supported by capital and prosecuted with system: at all events, the Russian trader would then be confined within {5} his own limits, and the coasting vessels must soon disappear altogether.