This young man had been for five years in the counting-house of Gregory, one of the merchants who had allied themselves with the two malcontents. It was now decided that Mackenzie should set out with Pond and Pangman in their separate trading venture into the distant Indian country. A more perilous business than this can scarcely be imagined. Besides the natural difficulties, the party had to encounter all the fiercest enmity and opposition of which the adherents of the new association were capable. It is enough to say that after a fearful struggle they forced the latter to allow them a participation in the trade. But the feat which resulted in the coalition of the two interests in 1787 cost them dear. One of the partners was killed, another lamed for life, and many of their voyageurs injured. Yet the establishment thus joined, and shorn of all rivals save the Great Company, was placed on a solid basis, and the fur-trade of Canada began to assume greater proportions than it had yet done under the English _régime_. As this North-West concern was finally itself to merge into the Company of which these chapters are the history, it will not be unprofitable to glance at its constitution and methods, particularly as the economic fabric was to be likewise transferred and adapted to its Hudson's Bay rival. [Illustration: SIR ALEXANDER MACKENZIE.] [Sidenote: The North-West company.] It was then, and continued to be, merely an association of merchants agreeing among themselves to carry on the fur-trade by itself, although many of these merchants plied other commerce. "It may be said," observes Mackenzie, "to have been supported entirely on credit; for whether the capital belonged to the proprietor, or was borrowed, it equally bore interest, for which the association was annually accountable." The company comprised twenty shares unequally divided and amongst the parties concerned. "Of these a certain proportion was held by the people who managed the business in Canada and were styled agents for the company. Their duty was to import the necessary goods from England, store them at their own expense at Montreal, get them made up into articles suited to the trade, pack and forward them and supply the cash that might be wanting for the outfits." For all this they received, besides the profit on their shares, an annual commission on the business done. A settlement took place each year, two of the partners going to Grand Portage to supervise affairs of that growing centre, now outrivalling Detroit, Michilimackinac and Sault Ste. Marie. The furs were seen safely to the company's warehouse in Montreal, where they were stored pending their shipment to England. This class were denominated agents for the concern.