In early days when the Company had the field to itself, and sent out only a score or two of men in two small ships, £20,000 worth of beaver were often sold in a year, so that after paying back money advanced for outfit and wages, the Company was able to declare a dividend of 50 per cent. on stock that had been twice trebled. Then came the years of the conflict with France—causing a loss in forts and furs of £100,543. Though small cargoes of beaver were still brought home, returns were swamped in the expenses of the fight. No dividends were paid for twenty years. The capital stock was all out as security for loans, and the private fortunes of directors pledged to keep the tradesmen clamoring for payment of outfits quiet. Directors borrowed money on their own names for the payment of the crews, and the officers of the Company, governors, chief factors and captains were paid in stock. Then came the peace of 1713 and a century’s prosperity, when sales jumped from £20,000 to £30,000 and £70,000 a year. In five years all debts were paid, but the Company had learned a lesson. To hold its ground, it must strengthen grip. Instead of two small sloops, four and five armed frigates were sent out with crews of thirty and forty and sixty men. Eight men used to be deemed sufficient to winter at a fur post. Thirty and forty and sixty were now kept at each post, the number of posts increased, some of them built and manned like beleaguered fortresses, and that forward march begun across America which only ended on the borders of the Pacific and the confines of Mexico. Though the returns were now so large from the yearly cargo, dividends never went higher than 20 per cent., fell as low as six, and hardly averaged above eight. Then came the next great struggle of the Company for its life—against the North-West Company in Canada and the American traders in the Western States. Sales fell as low as £2,000. Oddly enough to-day, with its monopoly of exclusive trade long since surrendered to the Canadian Government, its charter gone, free traders at liberty to come or go, and populous cities spread over two-thirds of its old stamping ground, the sales of the Company yield as high returns as in its palmiest days. The reason is this: