the interior from the encroachments of foreign interlopers. The depôt
of this department is at Fort Vancouver, on the Columbia River.

The Hudson's Bay Company, as it at present exists, was incorporated in
the winter of 1820-21, a coalition having been then formed with the
North-West Company. Upon this taking place, an Act of Parliament was
obtained which gave them not only the possession of the territory they
had originally held by virtue of their royal charter, but also
investing them with the same rights and privileges conferred by that
charter in and over all the territories that had been settled by the
North-West Company for a term of twenty-one years.

The Governor, Deputy-Governor, and managing Committee, are, properly
speaking, the only capitalists. The stock is divided into one hundred
shares; sixty of which their Honours retain for themselves; and the
remaining forty are divided among the chief traders and chief factors,
who manage the affairs in the Indian country. A chief factor holds two
of these shares, and a chief trader one; of which they retain the full
interest for one year after they retire, and half interest for the six
following years. These cannot be said to be stock-holders, for they
are not admitted to any share in the executive management; but
according to the present system they are termed Commissioned Officers,
and receive merely the proceeds of the share allotted to them. They
enjoy, however, one very superior advantage,--they are not subjected
to bear their share in any losses which the Company may sustain. It is
generally reckoned that the value of one share is on an average about
350l. sterling a-year. By the resignation of two chief traders, one
share is at the Company's disposal the year after, which is then
bestowed on a clerk. When two chief factors retire, a chief trader is
promoted in like manner. Promotion also take place when the shares of