"The trade is at present pursued by the export of furs, gunpowder, shot, woollens, hardware and other articles, which together with large supplies of provisions for the factories, constitute an annual outfit consisting wholly of British manufactures and British produce of from £40,000 to £50,000, in return for which we receive the furs of bears, wolves, foxes, otters, martens, beaver and other animals, together with some oil and articles of inferior value. The cargoes are sold at public sale. The beaver and some few inferior furs, together with the oil, are bought for home consumption and sell for about £30,000, but the fine furs were, till after the sale of 1806, bought by the fur merchants for the fairs of Frankfort and of Leipsic for Petersburg, and before the present war, for France. Since that year there has not been a fur sold for exportation, and as a proof to your worships that the deficiency of buyers did not arise from our holding back for a higher market, we sold in 1806 for seven shillings per skin furs that in the more quiet state of Europe in 1804 had brought us 20s. 3d., and which for years previous to that time had sold for a similar price; and other depreciation pervaded in about the same proportion the whole of those furs calculated only for the foreign market, and in some instances furs were sold for a less price than the duties we had paid for them. "Since that period no orders have been received from abroad, and our warehouses are filled with the most valuable productions of three years' import that if sold at the prices of those years before the closing of the ports on the Continent would have produced us at least £150,000. "It may be objected to us, that we were improvident in pursuing under such circumstances a trade which must so inevitably tend to ruin. But a certainty that a considerable quantity of furs found their way to New York, and an earnest zeal for the preservation of trade which by the conduct of the Hudson's Bay Company had been secured to this country for a century and a half, prompted us to every exertion to maintain the footing we had established, and the annually increasing amount of our trade gave us just grounds to look forward with confidence to the opening of the northern ports of Europe as the period when all our difficulties would cease; an event which, anterior to the battles of Austerlitz or of Jena, was looked for with the most sanguine expectation. "Above all were we impelled by the strongest motives to continue these supplies which were necessary for the subsistence of six hundred European servants, their wives and children, dispersed over a vast and extended field of the North American Continent, and who would not be brought to Europe under a period of three years as well as those upon whom the many Indian nations now depend for their very existence.