bought their shares direct from the Hudson Bay Company. Of course the
Company would only enjoy the rights which those shares carried, and no
more. They would, in fact, be a continuation of the Company; but their
efforts would be directed to the promotion of the settlement of the
country: the development of the postal and transit communication being
one of the objects to which they would apply themselves. Of course, the
old Governor and his colleagues, having sold their shares, ceased to be
the governing body, and a new council, consisting of most respectable
persons, had been formed that afternoon. Among them were two of the
Committee of the old Company, with one of whom, Mr. Colville, he had
had much personal communication, and could speak in the highest terms
as a man of business and good sense. There were, also, seven or eight
most influential and responsible people, and the name of the Governor,
Sir Edmund Head, who had been elected to-day, would be a guarantee of
the intentions of the new Company, for no one would believe that he had
entered into this undertaking for mere speculative purposes, or that
the Company would be conducted solely with a view to screw the last
penny out of this territory. While the council, as practical men of
business, would be bound to promote the prosperity of their
shareholders, he was sure they would be actuated by statesmanlike
views. No negociation with the Colonial Office had taken place; and as
this was a mere ordinary transfer, no leave on their part was
necessary. But arrangements must be entered into with the Colonial
Office for the settlement of the country; and at some future time it
would be, no doubt, his duty to inform their Lordships what these
arrangements were."


The Prospectus, as issued in London, for the new organization, at the
end of June, 1863, contained this paragraph:--