After giving an account of three wrecks in four years, I hope it may not seem inconsistent to say that I believe the next century will see a Hudson’s Bay route to Europe. What—you say—after telling of three wrecks in four years? Yes—what Atlantic port does not have six wrecks in ten years? New York and Montreal have more. If the Hudson’s Bay route is not fit for navigation, the country must make it fit for navigation. Of telegraphs, shelters, light-houses, there is not now one. Canals have been dug for less cause than the Upper Narrows of Hudson Straits. If Peter the Great had waited till St. Petersburg was a fit site for a city, there would have been no St. Petersburg. He made it fit. The same problem confronts northwest America to-day. It is absurd that a population of millions has no seaport nearer than two thousand miles. Churchill or York would be seaports in the middle of the continent. Of course, there would be wrecks and difficulties. _The wrecks are part of the toll we pay for harnessing the sea. The difficulties are what make nations great._ One day was the delay allowed the fur ships for the straits. Who has not waited longer than one day to enter New York harbor or Montreal? * * * * * Meanwhile, moneybags at home were counting their shekels. A wild craze of speculation was sweeping over England. It was a fever of getting-something-for-nothing, floating wild schemes of paper capital to be sold to the public for pounds, shillings and pence. In modern language it would be called “wild-catting.” The staid “old Worthies”—as the Adventurers were contemptuously designated—were caught by the craze. It was decided on August 19, 1720, to increase the capital of the Company from £31,500 to £378,000 to be paid for in subscriptions of 10 per cent. installments. Before the scheme had matured, the bubble of speculation had collapsed. Money could neither be borrowed nor begged. The plan to enlarge the stock was dropped as it stood—with subscriptions to the amount of £103,950 paid in—which practically meant that the former capital of £31,500 had been trebled and an additional 10 per cent. levied. On this twice-trebled capital of £103,950, dividends of 5 per cent. were paid in 1721; of 8 per cent. in 1722; of 12 per cent. in 1723 and ’24; of 10 per cent. from 1725 to 1737, when the dividends fell to 8 per cent. and went up again to 10 per cent. in 1739. From 1723, instead of leaving the money idle in the strong box, it was invested by the Company in bonds that bore interest till their ships came home. From 1738, the Bank of England regularly advanced money for the Company’s operations. Sir Bibye Lake was governor from the time he received such good terms in the French treaty. The governor’s salary is now £200, the deputy’s £150, the committeemen £100 each. It was in February, 1724, that a warehouse was leased in Lime Street at £12 a year, the present home of the Company.