We of to-day may well smile at such a charter; but we must remember that the stones which lie buried in the clay below the wall are just as essential to the superstructure as the visible foundation. Let us grant that the charter was an absurd fiat creating a tyranny. It was an essential first step on the trail that was to blaze a way through the wilderness to democracy. In the charter lay the secret of all the petty pomp—little kings in tinsel—with which the Company’s underling officers ruled their domain for two hundred years. In the charter lay the secret of all the Company’s success and all its failure; of its almost paternal care of the Indians and of its outrageous, unblushing, banditti warfare against rivals; of its one-sidedness in driving a bargain—the true caste idea that the many are created for exploitation by the few—of its almost royal generosity when a dependent fell by the way—the old monarchical idea that a king is responsible for the well-being of his subjects, when other great commercial monopolists cast their useless dependents off like old clothes, or let them rot in poverty. Given all the facts of the case, any man can play the prophet. With such a charter, believing in its validity as they did in their own existence, it is not surprising the Adventurers of Hudson Bay ran the magnificent career the Company has had, and finally—ran their privileges aground. * * * * * Thus, then, was the Hudson’s Bay Company incorporated. Its first stock book of 1667 before incorporation, shows the Duke of York to have £300 of stock; Prince Rupert, £470; Carterett, £770 in all; Albermarle, £500; Craven, £300; Arlington, £200; Shaftsbury, £600; Viner, £300; Colleton, £300; Hungerford, £300; Sir James Hayes, £1800; Sir John Kirke, £300; Lady Margaret Drax, £300—with others, in all a capital of £10,500. The most of these shares were not subscribed in cash. It may be inferred that the Duke of York and Prince Rupert and Carterett and Sir James Hayes received their shares for obtaining the ships from the Admiralty. Indeed, it is more than probable that very little actual cash was subscribed for the first voyages. The seamen were impressed and not usually paid, as the account books show, until after the sale of the furs, and the provisions were probably supplied on credit by those merchants who are credited with shares. At least, the absence of any cash account or strong box for the first years, gives that impression. Mr. Portman, the merchant, it is, or Mr. Young, or Mr. Kirke, or Robinson, or Colleton who advance money to Radisson and Groseillers as they need it, and the stock accounts of these shareholders are credited with the amounts so advanced. Gillam and Stannard, the captains, are credited with £160 and £280 in the venture, as if they, too, accepted their remuneration in stock. * * * * *