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Lorsque le document est trop grand pour Atre reproduit en un seul cllclM. il est film* A partir de I'angto supMeur gauche, de geuche A droite, et de haut en baa. en prenant M nombre d'images iMcessaire. Les diagrammes suivants illustrent la mAthode. y errata »d to It ie pelure, pon d 1 2 3 32X 1 2 3 4 5 6 I) z S] A.H I) THE HUDSON'S BAY COMPANY. n A MILLION:" SHALL WE TAKE IT? ADDRESSED TO THE SHAREHOLDERS OF THE COMPANY BY ONE OF THEMSELVES. LONDON: A. H. BAILY AND CO., EXCHANGE BUILDINGS. 1866. (< A LoxnoN R. CLAY, SON, A-- .. TAVIon, PRIMEUfi, Br( mei our Ste /J call* pari argi and is n pay] the leav coni HUDSON'S BAY COMPANY. " A MILLION : "—SHALL WE TAKE IT ? TO THE SHAREHOLDERS. Brother Shareholders, It is no longer a secret that the Imperial Govern- ment has offered to the Governor and Committee of our Company a practical guarantee of One Million Sterling, for the transfer of our territory. Shall toe take it ? We shall, probably, at no very distant date, be called together to consider this proposal. Many parties are inclined, I believe, to accept it. They argue, that inasmuch as our Capital is only£2,000,000, and inasmuch as our cash and other property in hand is nearly £1,200,000, even at the present valuation, a payment of a million by the Government will repay the Shareholders the whole amount of the Capital, leaving a considerable surplus and sufficient means to continue the present trading. a2 4 In the face of our present unsatisfactory dividend (only 4 J per cent.) and the unduly low price of our £20 shares (which are quoted at 16), this is no doubt a tempting prospect.* But, desirable as it may seem to receive back our whole Investment, without in any way impairing the efficiency of the Company, I think it is worth considering whether in surrendering our territory for " a Million " we are not making a great and unnecessary sacrifice ; whether, in fact, we should not do better to " wait a little longer," in the hope of obtaining a much higher price for what we have to offer. Rumours are afloat of an intention on the part of the Americans to make an offer for our lands, and to * An attempt was made at the Meeting in November to explain why our Stock stood so low as 20 per cent, below par. I own I was not satisfied with the explanation. I should rather attribute the cause to the absurd secrecy and mystery in which our concerns are enveloped, and the obvious want of enterprize and activity in the conduct of our affairs. As regards the price of our Stock, as I am a holder, and neither a buyer nor a seller, it is comparatively immaterial to me ; but I must observe that regarding the Company as a 4| per cent, paying concern, it is strikingly and ridiculously low. Why, here are the Spanish Certificates, which stand unrecognized by any Government, which have nothing in the world to support them except the hopes of the holders, which never have and never will receive interest, and for which the most sanguine holder does not expect, even in the lapse of ages, to receive more than ^21, — here, I say, are those documents daily fetching 14, 15, 16, and even 18, whilst our 4| per cent, paying Stock is marked at 20 per cent, discount. Can anything be more ridiculous ? i) idend )f our doubt r seem in any think ig our I great should 3 hope e have part of and to mber to low par. d rather in which aterprize ihe price a seller, rve that jm, it is Spanish eniment, cept the I receive loes not ^21,— 15, 16, marked ious) form a Company to promote their colonization. It is not stated what they intend to offer us, but it may be presumed they would not think of offering less than the sum our own Government is prepared to guarantee. It must be admitted that there would be great political danger were the Americans to acquire these lands, and thus insert a wedge between Canada and British Columbia. At the same time, there are many who think that we are entitled to look for the highest bidder, whether British, Canadian, American, or Russian. The relative advantages of these offers is not, however, what I desire to discuss ; the question is whether we cannot do better with our property than to sell it ? ' With a view to your decision upon this question, I am anxious that you should well consider — First. The present condition of our Company. Second. Its immediate prospects. I. THE POSITION OF THE COMPANY. Ill ! I w The Hudson's Bay Company, as you are aware, was originally incorporated in 1670 under a Royal Charter of King Charles II. By this Charter " the Governor and company of adventurers of England trading with Hudson's Bay/' were invested with a vast tract of territory extending from Upper Canada to the Pacific Ocean, together with the sole right of trade and com- merce, and all mines royal within the territory. The powers granted to the Company were, in fact, un- limited, and during the two centuries which have elapsed since the Grant was made, the Agents and Officers of the Company have exercised exclusive influence over the vast territory under their control. Almost from its very outset the trading operations of the Company were successful: a circumstance which, perhaps, more than anything else, has con« tributed to the present condition of afiPairs. As early as 1684 the Company paid a dividend of 50 per cent. In 1688 another dividend was paid of 50 per cent. In 1689, 25 per cent, was paid. Between 1690 and 1800, a period of 110 years, the Company paid between 60 *md 70 per cent, per annum. For ire, was Charter overnor Qg with tract of } Pacific ad com- y. The ict, un- ih have nts and jxclusive mtrol. )erations mstance las con- As early 50 per f 50 per Between Company m. For some time after this the Hudson's Bay Company was subjected to formidable and dangerous rivalry on the part of a Colonial Association called the North West Company, which it was afterwards obliged to absorb. But in 1837 the consolidated Company paid a divi- dend of 5 per cent., with a bonus of 6 per cent. ; in 1849, it paid 10 per cent. ; in 1850, 10 per cent., and so on, down to 1856. In 1863 the affairs of the Company were handed over to the present proprietary with a view to a large extension of the Company's operations. The pro- spectus set forth that — " The operations of the Company have been hitherto, with slight exceptions, wholly of a trading character. It has become evident that the time has arrived when these operations must be extended, and the immense resources of the Company's territory, lying as it does between Canada and British Columbia, should be developed in accordance with the industrial spirit of the age, and the rapid advance- ment which colonization has made in the countries adjacent to the Hudson's Bay territories." The property of the Hudson's Bay Company, which was handed over to us in 1 863, consisted of — 1. Assets (valued recently and specially) £1,023,569. 2. Landed Territory, held under the Charter, and extending over 1,400,000 square miles, or upwards of 896,000,000 acres. 3. Cash Balances, amounting to £370,000. The Assets consisted of goods in the hands of 8 the Agents with which to conduct the fur trade of tlie Company ; of goods on shipboard ; of shipping, business premises in London, and buildings in the territory necessary for carrying on the trade at the various posts. The Landud Territory embraces, not only the districts in which the fur trade is conducted, but a large area, on the southern frontier of the property, eminently adapted for European colonization. This district produces, from a most fertile soil, abundance of wheat and other cereal crops. It is capable of sustaining a numerous population. The territory contains no less than 1,400 miles of navigable lakes and rivers, running, for the most part, east and west, and constituting not only a means of settlement but an important feature in the means of communication between the Atlantic and Pacific Oceans. The navi- gable water-line of the lakes and rivers in the Com- pany's territory is 2,757 miles, and the shore-lines nearly 6,000 miles. ^ In addition to their Chartered Territory, the Company possesses, under titles confirmed by Her Majesty's Government, several plots of valuable land in British Columbia, occupying the most favourable sites at the mouths of the rivers : also farms and building sites in Vancouver's Island ; and in Canada 10 square miles at La Cloche in Lake Huron, and tracts at 14 other places, including a property in Montreal. f 9 adc of ipping, in the at the ily the but a operty, . This ndance able of Brritory e lakes d west, ;nt but lication e navi- 3 Com- re-lines •y, the )y Her le land Durable Qs and anada on, and erty in In the valley of the Saskatchewan there is a district of land called the ** Fertile Belt," which is unsur- passed for the richness of its soil and its adaptability for agricultural purposes. This great district is said to be capable of maintaining twenlu millions of people, and the explorations of Simpson, Palliser, Ilind, Blakiston, and others, all prove that within this territory exists the most fertile land in America, west of the Mississippi. Captain Palliser says : — "The extent of surface drained by the Saskatchewan and other tributaries of Lake Winnipeg, which we had an opportunity of examining, amounts in round numbers to 150,000 square miles. This region is bounded to the north by what is known as the * strong woods/ or the southern limit of the gi-eat circum-Arctic zone of forest which occu- pies these latitudes in the northern hemisphere. Between the line of the * strong woods,* and the northern limit of the true prairie country, there is a belt of land varying in width, which at one period must have been covered by an extension of the northern forests, but which has been gradually cleared by successive fires. It is now a partially wooded country, abounding in lakes and rich natural pasturage, in some parts rivalling the finest park scenery of our own country. Throughout this region the climate seems to preserve the same character, although it passes through very different latitudes, its form being doubtless determined by the curves of the isothermal line. Its superficial extent embraces about 65,000 square miles, or 40,000,000 acres, of which more than one-third is at onci: available for the purposes of the agriculturist y Mons. £. Bourgeau, who accompanied Captain Palliser in his explorations, has thus reported on the B ;! !! 10 subject of this territory to Sir W. Hooker, the eminent botanist : — It for remains lor me to call tlie attention of the English Government to the advantage there would be in establish- ing agricultural districts in the vast plains of Kupert's Lftnd, and particularly on the Saskatchewan, in the neigh- bourhood of Fort Carlton. The district is much more adapted to the culture of the staple crops of temperate climates, wheat, rye, barley, oats, &c., than one would have been inclined to believe from the high latitude. In effect, the few attempts at cereal culture already made in the vicinity of the Hudson's Bay Company's forts demon- strate, by their success, how easy it would be to obtain products sufficiently abundant largely to remunerate the efforts of the agriculturalist. In order to put this land under cultivation, it would be only necessary to till the better portions of the soil. The prairies offer natural pasturage as favourable for the maintenance of immerous herds, as if they had been artificially created. The con- struction of houses for habitation, and for pioneer develop- ment, would involve but little expense, because, in many parts of the country, independent of wood, one would find fitting stones for building purposes, and in others, clay to make bricks. ... In the gardens of the Hudson's Bay Company's forts — but more particularly in those of the different missions, succulent vegetables of the leguminous family, such as beans, peas, and French beans, have been successfully cultivated ; also cabbages, turnips, carrots, rhubarb and currants. Different species of gooseberries, with edible fruit?, as well as raspberries, grow wild here." Such are the character of the reports respecting this district addressed to the Government at home. But the Queen's Government are not alone in making I *■ 11 ninent English tablisli- lupert's i neigh- h more mperate B would ide. In made in , demon- o obtain srate the his land ) till the natural lumerous rhe con- develop- in many ould find s, clay to Ion's Bay se of the iguminous lave been carrots, )seberries. Id here." cting this ne. But making inquiry, and obtaining information respecting our valuable territory. Some time since the Government of the United States took the utmost pains to inform itself on every question relating to Rupert's Land, and there can be no doubt that the Americans most fully appreciate the value of the district. The New York Chamber of Commerce also obtained a Report some time ago, respecting this territory ; and I quote the following remarkable passage from that important document : — " There is, in the heart of North America, a distinct subdivision, of which Lake Winnipeg may be regarded as the centre. This subdivision, like the valley of the Missis- sippi, is distinguished for the fertility of its soil, and for the extent and gentle slope of its great plains, watered by rivers of great length and admirably adapted for Steam Navigation. It has a climate not exceeding in severity that of many portions of Canada and the Eastern States. It will, in all respects, compare favourably with some of the most densely peopled portions of the Continent of Europe : in other words, it is admirably adapted to become the seat of a numerous, hardy and prosperous community. It has an area equal to eight or ten first class American States. Its great river, the Saskatchewan, carries a navi- gable water-line to the very base of the Rocky mountains. It is not improbable that the valley of this river may yet offer the best route for a railroad to the Pacific, The navigable waters of this great subdivision interlock with those of the Mississippi." I might multiply testimony to the fertile character of this territory, to an extent that would be absolutely wearisome. Every one who has visited the district 13 It ''. ' it « speaks in the same terms of it. Sir George Simpson speaks of the valleys west of Lake Winnipeg as pre- senting " a beautiful country, with lofty hills and long valleys, full of sylvan lakes ; whilst the bright green of the surface, as far as the eye could reach, assumed " a foreign tinge under an uninterrupted profusion of " roses and blue bells." Father de Smet, a devoted missionary to the Indians (whose name is said to be a " tower of strength and faith "), reports the whole " country on every side to offer situations favourable for the construction of mills." " The country," he says, " is capable of supporting a large population." A writer in the New Yorh Knicherhocher Magazine^ says, " Here " is the great fact — that the North- Western area of " this continent — an area not inferior in size to the " whole of the United States east of the Mississippi, " an area perfectly adapted to the fullest occupation " by the people of cultivated nations, lies almost " wJioUy unoccupied! " But I prefer passing from this general testimony to consider specially the productions of the territory. Gold has been found on the banks of the Saskat- chewan. In December, 1864, gold-seekers there were gathering as much as £4 worth a day ; and still more recent advices afford evidence that gold is much more widely diffused throughout this region than was previously known. Copper and malachite exist in the region of the Copper-mine river, as its name expresses. Plumbago, iron, and petroleum have been found on 13 Simpson ; as pre- md long lit green assumed fusion of devoted 1 to be a le whole liable for he says, A writer s, " Here Q area of se to the ississippi, 3cupation ?5 almost iimony to itory. B Saskat- here were still more uch more ;han was [ist in the jxpresses. found on Lake Athabasca. Salt is found in a very pure state near the Great Slave Lake, and salt springs exist on the borders of other lakes. Limestone occurs at Lake Winnipeg, and granite is found in inexhaustible quan- tities between Lake Winnipeg, Lake Superior, and Hudson's Bay. Coal has been discovered on the Assouri River near Fort Edmonton, and also on the Red Deer River. With respect to vegetable productions, the moun- tainous parts of the territory are covered with timber sufficient to supply the wants of the valleys for cen- turies. Grass is everywhere; millions of bufialoes find pasture throughout the territoiy. Wild rice is plentiful, and the whole district is gay with roses, blue bells, woodbine, convolvulus, helianthii, and thousands of nameless and delicate flowers. The noblest species of game, such as the Buffalo, Cariboo, and Wapiti deer, swarm upon the plains. Of birds there is also an endless variety, from the eagle to the humming-bird. The 'white fish,' (a most delicate species of trout) is found in all the lakes, and in the rivers there are sturgeon, pike, gold-eyes, and many other varieties of fish. But, above all the resources of this territory, it has to be considered that this district, from its geographical position, and its local circumstances, forms the inevi- table future highway from the Atlantic to the Pacific Ocean. The territory of the Hudson's Bay Company presents not only the shortest, but the easiest route 14 from the Atlantic to British Columbia and Vancouver's Island. Besides which it may be observed, that the Cariboo mines — the principal gold-diggings of the British north-west, — are so far within the Rocky Mountains that they are practically more easily acces- sible from the Hudson's Bay district than from the coast of the Pacific. The route through our territory is, in fact, the only route which population is likely to follow. Any railroad constructed south of the 49th parallel, and consequently within the limits of the United States, must inevitably pass for a distance of 1,300 miles through uncultivable land. Through the "fertile belt," however, any line of communication would enjoy the great advantage of being fed by an agricultural population from one extremity to the other. The advantages which would accrue from the con- struction of a Pacific railroad through our territory are beyond calculation.)' It would not only open up a large country to civilization, but it would open up to all the cultivators of soil within that country a means of transit to the markets in the Pacific. This route, moreover, would be the shortest and easiest to China, Japan, Australia, and the East Indies. No less than 2,000 miles would be saved by this route between liondon and Hong Kong^ In an engineering point of view there is no route so easy as to follow up the valley of the Saskatchewan. On the whole line from Lake Superior to the Pacific, the chain of the Rocky 4 15 ncouver*a , that the ;s of the e Rocky ily acces- from the r territory 3 likely to the 49th ts of the istance of trough the aunication fed by an :y to the ft the con- • territory open up a pen up to y a means Chis route, ; to China, D less than between ring point ow up the line from the Rocky Mountains presents the only real engineering difficulty to ihe construction of a railroad which shall place the Atlantic and Pacific Oceans in communication by way of our territory ; and the obstacles presented by the Rocky Mountains are nothmg to those of the Mont ^ Cenis, the Alleghanies, or the great Austrian route through Styria. In the prospectus presented to us in 1862, we were told :— "With a view of providing the means of telegraphic and postal communication between Canada and British Columbia across the Company's territory, and thereby of connecting the Atlantic and Pacific Oceans, by an exclu- sively British route, negotiations have been pending for some time past between certain parties and her Majesty's Government, and the representatives of the Government of Canada; and preliminary arrangements for the accomplish- ment of these objects have been made through her Majesty's Government (subject to the final sanction of the Colonies) based upon a five per cent, guarantee from the Governments of Canada, British Columbia, and Vancouver's Island. . . . One of the first objects of the [new] Company will be to examine the facilities and consider the best means of carrying out this most important work, and there can be little doubt that it will be successfully executed either by the Hudson's Bay Company itself, or with their aid and sanction." From that time to the present, I am sorry to say that we have heard nothing further of these " negotia- tions and preliminary arrangements." We certainly ought, in this year 1866, to be conducting a postal "aft Hi ' I \i- 16 service through our own territory to Vancouver. As far back as May, 1862, a body of 300 Canadians passed through our territory on an overland journey to the Cariboo mines, prospecting at the sources of the Saskatchewan, and our Governor Dallas was fully authorized by the then Directors of the Company to co-operate in every possible way in opening the route. But here we are still without even a line of postal communication. What I want my brother Shareholders to appreciate, therefore, is the fact that it is not only this great territory, so easy of cultivation, possessing such infinite resources, so full of navigable lakes, and traversed by such noble rivers, but that it is absolutely the Great Highway of the World's Commerce, that they are about to sell for — A Million of lionet/ / I ■a 'i i (( )} ifi 17 er. As tnadians journey urces of vas fully ipany to le route. »f postal predate, lis great h infinite ersed by e Great they are 111. THE PROSPECTS OF OUR COMPANY. But it may be said, all these are very fine ideas, and probably in the course of some future generation they may be realized : but we cannot afford to wait. " A bird in the hand is worth two in the bush : " — It will be better to take the present advantage offered to us, and leave the purchasers to reap the future benefits. Now, I am by no means sure that we shall have to wait, for the development of our territory, by any means so long as some people may fancy. It is to be recollected that the whole set of the tide of emigration has, during the last twenty years, been to the North-west provinces of America, — to States ivJiich are immediately adjacent to our territory. Think of the marvellous— the utterly unprecedented, increase which has taken place in these States. Only a few years ago, these States, which have now " settled up," as the Americans say, — which are sending mem- bers to Congress and exercising important influences vn lip.. 18 on the future of America, — only a few years ago, I say, the great States of Michigan, Iowa, Wisconsin, and Minnesota, all bordering on Lake Superior, Lake Huron, and Lake Michigan, were what our Hudson Bay territory is now, almost untracked wilderness. Now, I must ask you to look at some statistics, with a view to judge of the rapidity of colonization, and the growth of the prosperity of the American States which adjoin our own possession. i;=i MICHIGAN. Michigan was admitted into the Union in 18;U. Its population has increased as follows : — Year. 1820 1830 1840 1850 1860 Population. 8,765 Katio of Increase. 31,639 255.65 p«?r cent 212,267 .... 570.69 397,654 87.34 749,113 .... .... 88.38 ,, The State comprises nearly 36,000,000 acres of land. The following is a comparative view of the progress of the agriculture of Michigan between IS 50 and 1860. »> if Agriculture. 1850. Acres under cultivation 1,929,160 „ enclosed but unimproved .. . 2,454,780 Cash Value of Farms j|51,872,446 Value of Farming Implements „ 2, 89 1 , 37 1 1860. 3,419,861 3,511,581 163,279,087 5,855,642 s ago, I isconsin, ior, Lake Hudson mess, statistics, jnization, American in 1837. •reaso. r cent. )> >> V ) acres of evv of the ,veen lvS50 1800. 3,419,861 3,511,581 163,279,087 5,855,642 IIurseH Cows Oxen Other CatLlo. ISheep Swino 19 Ijve Stock. 1 8:.o. 58,506 99,676 55,350 119,471 I860. 154,168 200,635 65,949 267,683 746,425 1,465,477 205,847 374,664 Value of Stock $8,008,734 $23,220,026 Cereal Products, in Bushels. 1850. 1860. 4,925,889 8,31.3,185 :m Wheat Indian Coin 5,641,420 Oats 2,866,056 Barley 75,249 Buckwheat 472,917 Other Products. 1850. 12,152,110 4,539,132 305,914 123,202 Butter lbs, Cheese Wool Value of Animiils Slaughtered $ Orchard Produce . , ♦> » »> » 1860. 7,834,359 14,704,837 1,011,492 2,009,064 2,043,283 ...... 4,062,858 8,008,734 ...... 823,220,026 132,6.50 • 1,137,678 Let lis take another neighbouring State, IOWA. Iowa is nearly ten years younger than her sister i State, Michigan ; having been admitted to the Union I in 1846. In 1830 there were actually no settlers in this State. In 1840 she had a population of 43,112. The following figures show the increase : — Year. Population. 1830 Mne. 1840 43,112 1850 192,214 1860 674,948 1863 702,374 t\ .!■ 20 Here are some of the agricultural returns of this State up to the very latest accounts : — 1850. 1863. Acres of Improved Land 824,682 4,902,000 Wheat harvested ... bushels. 1,530,581 14,592,000 Indian Com „ 8,656,799 39,000,000 The railways in this State run over 804 miles, and have cost upwards of $25,000,000 ! The value of real and personal property in this State was assessed in 1864, at §107,113,639, or upwards of £33,000,000 sterling j t/iirf^-(/iree times as much as we are expected to take for our possessions. And all this progress has been made in fifteen years. Take the next State — Wisconsin. WISCONSIN. This State did not enter the Union until 1848. Its population, in 1840, was estimated at 6,100. It '* settled up " so rapidly between 1840 and 1850, that, in the latter year, it had 305,000 inhabitants. In 1860 it numbered 775,881. The State only contained 20 miles of railroad in 1850: it now has 1,010 miles, which have cost $37,165,000. The following are some of its statistics : — 1850. Improved Land acres. 1,045,499 Unimproved, but owned „ 1,931,159 Cash Value of Farms $ 28,528,563 „ Implements... „ 1,641,568 KealEstateA Personal Property „ 42,056,595 Value of Live Stock „ 4,897,385 1860. 3,746,036 4,153,134 131,117,082 5,758,847 263,671,668 17,807,366 # i of this 1863. 4,902,000 4,592,000 9,000,000 iles, and value of assessed 000,000 expected 3n years. 48. Its 00. It 50, that, In 1860 road in ive cost I860. 3,746,036 t,153,134 1,117,082 5,758,847 3,671,668 r,807,366 2! Products. 1850. I860. Wheat bushels. 4,286,131 ... 15,812,625 Indian Corn „ 1,988,879... 7,565,290 Rye , 81,253 ... 888,534 Oats „ 3,414,672 ... 11,059,270 Potatoes „ 1,402,077 ... 3,848,505 Uutter lb. 3,633,750 ... 13,651,053 The vahie of flour and meal produced in this State during the year 1850 was $3,536,293; in 1860, §8,160,183; or an increase of 130 per cent. The value of lumber, plain and sawed, in 1850, was $1,215,516; in 1860, $4,836,159, or an increase of 297 per cent. Marvellous as is the progress of Wisconsin, it is, however, nothing to that of our next- door neighhom\ MINNESOTi\. Minnesota was admitted into the American Union, and permitted to enjoy the rights of a sovereign State, so recently as 1 857 — only eight years since! Her progress has been without a parallel in the annals of any territory, ancient or modern, in the world. And this, I should observe, has been in the face of the most disastrous circumstances. In the early period of the settlement, the cultivated part of Minnesota was inundated by a plague of grasshoppers. After eating up every green thing in the country, they disappeared in the middle of the summer ; but left behind them a deposit of eggs, which hatched in the year following, and produced a second plague far greater than the first. The grass- l X 22 m I i I hopper plague lasted three years, and after that came a worse trial for the settlers even than the plague of grasshoppers. The country, in 1 802, was surprised by a general uprising of the tribe of the Sioux Indians, settled in the State, wlio massncred all the whites they could lay their hands on, butchering more than 500 in cold blood. They also devastated all their cultivated lands, carrying off booty to the amount of a million dollars. Minnesota, up to 1862, had contributed no less than 12,266 men to the northern armies; yet she was compelled, late in that year, t<) set on foot a mili- tary expedition to expel the Sioux ; and this was done so effectually, that in a very short time nearly 3,000 armed soldiers, and upwards of 30,000 militia were enrolled to defend their homesteads, by whom the Indians were speedily and effectually driven from the country to a distant region, where they are no longer dangerous. From the official records it appears that up to 1850 Minnesota had no settled population at all. In that year the census gave this State 6,077 inhabitants. In 1860 the population had increased to 173,855, and in 1864, to upwards of 350,000: the principal city, St. Paul, a very beautifully-situated place on the eastern bank of the Mississippi, alone containing a population of 16,000. St. Paul is only separated by the river from St. Anthony and Minneapolis, two other thriving towns, which show a population of 10,000. The whole valley of the Mississippi, to Crow Wing, a distance of 128 miles, is reported, on ■1 No. i l,i,! :if ;-S it came ague of irprised Indians, ;es they lan 500 iltivated million uted no yet she t a niili- as done y 3,000 tia were ora the roin the 3 longer ol850 In that nts. In 55, and )al city, on the ining a iparated eapolis, )ulation ippi, to rted, oa, official authority, to be '* lined with thriving villages and towns.*' The agricultural statistics of Minnesota are even more astounding than those of her pop\ilation. IWO. 18C0. No. of Acres Tillorl 1,900... 433,267 „ ImprovLMi ,, 5,035 ... 540,951 Grain and Potatoes harvested... bushels. 71,709 ... 14,693,517 Everything in this State has increased in corre- sponding proportions ; in fact, the statistics are of such a character, that if they were not the result of the most accurate investigation they would be scarcely credible. The following is a comparative table of the Live Stock in this State in 1850 and 1860 respectively. Live Stock. Horses and Mules. '^1 Working Oxen Milch Cows . . . Other Cattle ... 1850. 874 655 607 740 * Total Head of Neat Cattle 2,002 . Sheep 80 Swine I860, 17,263 17,290 38,938 49,781 106,009 12,595 734 104,479 * Value of Live Stock $92,859 3,210,769 Animal Products. I Butter lb. 1,100 2,839,500 I Cheese „ — 186,527 I Wool „ — 19,306 Value of Slaughtered Animals $2,840 480,162 21 The following table shows the growth of property in the State of Minnesota in twelve years. No. of Assessed rountioa. Valuation of Real and Personal Year. Estate, Dollars. 1849 514,956 1 1850 806,437 6 1851 1,282,123 3 1852 1,715,835 8 1853 2,701,437 6 1854 3,508,518 13 1855 1856 1857 1858 1859 1860 1861 10,424,157 18 24,394,395 24 49,336,673 31 41,846,778 37 35,564,492 40 36,753,408 41 38,712,427 41 The water power of Minnesota is one of the prin- cipal causes of its flourishing position. The country is described as permeated with navigable rivers, and the number, beauty, and picturesqueness of its lakes, form a marked feature in the scenery of the State. The lakes are from one to thirty miles in diameter — some of them circular, others of very irregular outline. The " water privileges " are already so far in operation that in 1864 there were 65 water-mills (besides 83 steam-mills) for making lumber. The total feet of logs sawn in that year was 110,500,000, and the value of lumber, shingles, and lath was computed at ^1,151,815. Besides these sawing mills there were 63 flour-mills on the water-courses, and 22 steam 25 flour -mills in other parts. The Falls of St. Anthony alone are coinputed by intelligent engineers to afford 1:20,000 horsc-powcr. This is considerably beyond the motive power employed in textile manufactures in England in 1850 ; and it should be observed that the hydraulic po^ver of Minnesota is not confined to the St. Anthony Falls, but is distributed throughout the State. And the consideration must not be nedectcd, that this water power, which has formed so great an inducement to settle in Minnesota, is an inducement which presents itself in a still greater degree in every part of our territory. Mr. Seward, the U.S. Secretary of State, in a recent visit to St. Paul, Minnesota, spoke in the following terms of the resources of the locality : — " I now find myself for the first time upon the liigh- laiid.s in tlic centre of the continent of Nortli America, cqui-distunt from tlic waters of Hudson's Bay aud of the Gulf of Mexico, from the Atlantic Ocean to the ocean in wliicli the sun sets, — here, upon the spot where- spring up ahnost side by side, the two great rivers of the American Continent [the Ht. Lawrence and the Mississippi]. The one after a course of 2,000 miles, carrying your com- merce half way to Elurope ; the other, after a distance of 2,000 miles finding its way into the Gulf of Mexico. Here is the place — the central place — where the agriculture of the richest region of North America must pour out its tribute to the whole world. On the east, all along the shore of Lake Superior, and on the westj stretching in one hroad plain IN A FicRTlLE BELT across the Continent ^ is a country where Slaie after State is yet to arise f and where I , m t '. I- 26 the productions for the support of human society in other old crowded States must he brought forth. This is the com- manding field Studying what perhaps may seem to some trifling or visionary, I once cast about me for the future and ultimate seat of the power of the North American people. I had looked at Quebec, at New Orleans, at Washington, and San Francisco, at Cin- cinnati and St. Louis, and it had been the result of my conjecture that the seat of power for North America would be found in the valley of Mexico, and that the glories of the Aztec capital would be revived by its becoming ultimately the capital of America. But I have corrected that view. / now believe that the ultimate seat of Government on this great Continent will be found somewhere within a circle or radius not very for foom the spot on which I stand at the head of the navigation of the Mississipi river" * And this is the territory which we are asked to sell for **A Million." "Shall we take itP" Already the State of Minnesota has constructed a Railroad from Milwaukie,t on Lake Michigan, to the City of St. Paul. That Railway is to be carried on to * A speech of this sort, which expresses so forcibly the American appreciation of the value of our territory, might suggest to Mr. Cardwell the desii'ability of coming to some decision respecting its affairs. The Americans are at our very boundaries; and nothing so easy as to get up some dispute about lines of demarcation, which may involve both the Im- perial and Canadian Governments in difficulties, in which they have everything to lose and nothing to gain. t Milwaukie, the chief city of Wisconsin, is now the second largest grain-exporting town of the United States. Only a few years since it did not contain a single habitation. The statistics of this place are astounding. >. 27 <■ 1 1',' the bead of Lake Superior and to Pembina on the frontier of the Hudson's Bay territory. Thus the Hudson's Bay Company's lands will be opened by direct Railway intercourse with the Lakes and with the river St. Lawrence, and it cannot be doubted that, by these routes, the population which is flow- ing into Minnesota will largely extend itself, in the next decade, into our territory; giving us, without any exertions of our own, all the advantages antici- pated in our Prospectus, as likely to result from the colonization of our lands. The settlement of Immigrants in America uni- formly follows the course of the rivers and railroads. Wherever a railroad is constructed, or is placed in course of construction, villages and towns spring up with wonderful rapidity. The Illinois Central Railway presents, perhaps, the most remarkable illustration of this. The Company which constructed this road obtained a concession of lands at each side of the track. Within ten years they have sold 1,500,000 acres of these lands to more than 20,000 settlers; and the result has been to place IlUnois at the head of the corn-producing States of America; her produc- tion of wheat and Indian com, in 1860, largely exceeding the production of the two great States of New York and Pennsylvania together. During 1864, this Illinois Central Railway Company sold nearly 264,500 acres of land along their line; a larger aggregate than in any one year since the opening of I i I; 1 1 \: i i'f I. 28 the road. The land is sold in quantities to suit purchasers, at low prices, and, either for cash or credit; the price ruling from $9 to §15 per acre, according to situation and other circumstances. The sales of 1864 realized to the Company $2,406,000, or nearly £500,000 sterling ; half the whole amount for which we are asked to part with our far more extensive and valuable property. With such facts as these before us, it would be well to consider carefully whether there is not a far better course open to us than that of parting with our property to the Canadian Government for a "Million." The commencement of a railroad through our territory from Pembina, and a scheme of land sales assimilated to that of the Illinois Central Railroad Company, would, no doubt, bring settlers very rapidly indeed into the region of the " Fertile Belt." If it was thought desirable, a separate Company might no doubt readily be formed to take our land and colonize it : although it may be a great question whether it would not be better to keep the enterprise in our own hands. If we commenced the construction of a railroad through our territory, it is to be considered that it must, ulti- mately, form a link in the chain of ocean connexion, and must thus acquire immense importance. There are plenty of persons thoroughly acquainted with coloni- zation in America, &c., who would gladly undertake the enterprize on terms : but it seems really worth consideration whether the whole affair would not be better in our own hands. 29 nfii It may be asked, have we means for such an enter- prize ? We were told in the original Prospectus that, in addition to fill the property handed over to us at home and abroad, " there would be ample funds immediately available for the proposed extended opera- tions of the Company." And so there were; but these ample funds have never been employed. Upon this point let me observe, first, that as the land re- quired is all our own, the means requisite for the con- struction of a railroad would not be unduly large. Second, I say that, whether large or small, we have abundant funds for any work we may desire to under- take. It was stated at the last meeting, and it is a fact, that not more than half our capital is usefully employed. We have actually got standing at Interest in London, either in private Loans, or investments in Stock or Bonds, a sura of no less than £385,000. Out of our £2,000,000 of capital we have only, on the showing of the last account, £809,000 invested in our trade. It would surely be a good thing to try and do something with all the money which we have lying comparatively unemployed, producing no more than 3| and 4 per cent, at a time when the Bank rate is up to 8. Our property is, indeed, very far beyond anything that we have any notion of. You know that hitherto our Accounts have never been audited, and that at the last General Meeting it was agreed to appoint Auditors. From the rumours which are aiioat, it would t- M; m 30 appear that the facts, as ascertained by these Auditors, go to show an immense excess of property in the hands of the Company beyond the value at any time exhibited to us. One fact alone will illustrate the real state of the case. In May last, nil our real pro- perty in London, and the whole of the fleet of Ships and Steamers employed in our trade, was put down in the ''Abstract" sent to us, at £65,164 11*. bd. What do you think has occurred since ? Why, an offer has been made to us for the block of buildings belonging to us, in Fenchurch Street, of no less than £75,000, or £10,000 more than the estimated value of the whole of our real property. Ships and Steamers ? It appears, from an official explanation of the Governor of the Company, that the principal items of real property in this Estimate were "included in the Balance-sheet only at the value put upon thm forty-two years ago I ** The Ships were also set down at sums " much below their real worth." Then there is our claim on the United States under the Oregon treaty, which, as we were told at the Meeting last November, has been referred to arbi- tration. In the accounts submitted to us there has never been the slightest suggestion of any sum to be received on this account. I understand that the govern- ment of the United States actually offered, at a period not very remote, to pay our Company a Million dollars (say £200,000 sterling), on account (( •a* this der the rbi- has be lern- it a llion this 31 claim. The offer was then refused, the Company claiming a very much larger sum. What may be the result of the arbitration I cannot say. You will remember that the last Report assured us that our case in America was in excellent hands. Judge Curtis, " a gentleman of admitted ability and integrity, has been sworn in as Umpire, and our case in America is in the hands of the Honourable Charles Day, of Montreal, as leading counsel, in whom the committee have full confidence." It was anticipated, in the last Report, that a conclusion might be arrived at before the end of the past year. The result has not yet reached us ; but it cannot be far off. And the pro- babilities are, that this result will bring another very large item to our credit — a sum certainly not less than that which the United States Government offered not very long ago. Let us, then, just review the position — Our Cash Balances, Investments, &c., as per Balance Sheet, amount to £386,581 18 Our Fenchurch Street Property realizes Our Claim on the United States may be expected to produce not less than Our advances on account of the Fur trade are taken at . . . 75,000 200,000 809,149 19 ih ,1 m t' '; 32 ht Our real Property in London, our Fleet of Ships, Stenniers, &c., (evidently greatly undervalued) was taken in last Report at . 05,1 G4 11 5 These figures show to our credit upwards of a MILLION AND A-HALF of property, or three-fourths of the whole amount of our large capital, without esti- mating one fartliing as the value of our territorial possessions in America, our lands in Canada, British Columbia, and Vancouver's Island, the establishments, and improved estates, and live stock, goods, mate- rials, &c. at our numerous ports and agencies, or any of our other miscellaneous property. You are aware that we have five principal depots, and no less than 164 different trading ports in America. These have been valued at nearly £400,000. In 1856, the "Company's lands and buildings, exclusive of those in Vancouver's Island and Oregon, were estimated at .... "The amount invested at Fort Victoria, and at other establish- ments and ports in Vancouver's Island, was estimated at . . You will remember that the chairman told us, in November, that our Vancouver's Island property, which is gradually being sold, had produced, last year, $34,584. " It would be easy," he said, " to throw more land upon the market and to press sales, but to £318,884 12 8 75,000 i^i »' cm IS, in perty, year, throw but to 33 flo so would be to depreciate the vahie, and, there- fore would be unwise." It is clear, therefore, that we have abundance of means, present and prospective, for any enterprise we choose to undertake. Looking at the advance whicli the adjacent States have made, at the wonderful de- velopment of real and personal property within them, and at their greatly enhanced value in consequence, should we not do well to apply some of those means which we now have lying comparatively idle, in endea- vouring to produce the like results? At any rate, should Ave do well to listen to an offer of such a sum as a Million for our rights ? I believe firmly that in ten years we shall acquire ten Millions, if we only apply ourselves to turn our territory to account. At any rate, ought we not to try and find the best market and the highest bidder ? If our own shareholders, as a body, are unwilling to launch out as thus pro- posed, might we not confer with others who are now ready to do so ? Considerable purchases of our stock are known to have been recently made by leading American capitalists in London for American account. The Americans evidently have an eye to our tenitory, and a far better appreciation of its value than anybody else. If it were deemed unpatriotic to make over our rights either to the Government of the United States, or to an American Company, there is still no reason why we should not deal with Americans in the form of a concession of certain lands and privi- E (!'■■ iM 11 'N a!^ 84 lit LI m leges with specified objects ; and in this way, I cannot doubt, very much more than a Million would be realized. At any rate, let us ask ourselves, How much would the Americans give us ? With the progress of Minnesota as one of the great subjects of observation and daily conversation in the United States, the importance of the adjacent territory, and especially of the region of the *' Fertile Belt," cannot fail to be increasingly felt. The Americans, as before observed, understand the theory and practice of colonization and the all-important results and consequences of it, far better than any other people. On all these points the Canadians are most un^ fortunately backward. Even as I write, a paragraph meets my eye in a London journal, copied from, a leading Toronto newspaper, in which the idea of giving the ** extravagant " sum of a Million to " the Hudson's Bay people," is most earnestly deprecated. The miserable pedlars in Canada have i;he smallest ideas of enterprize and advancement. With one of the largest and finest territories in America at their feet, the Canadians remain almost a stagnant people — numbering in both their provinces a popula- tion inferior in number to that of the single State of New York, and scarcely greater than that of the recently populated State of Ohio. The Canadians are spiritless and poor: and, as too often happens with poverty-stricken people, they are insanely jealous of every one richer than themselves, or who is likely 35 ite of f the kdians ppens ialous likely to do better. A Million of money — a su . w/'fwh they probably could only muster with diff uliy— • strikes the Canadian mind as an immense extrava- gance, which must necessarily involve some enormous job. But what, let me ask, is a Million of Money ? A Million is only one-seventieth part of the annual revenue of Great Britain and Ireland. A Million is one six-hmdredth part of the treasure expended in the three years of the American War. A Million is owq five-Jmndredth part of the annual import and export trade of Great Britain. A Million is one sixty -eighth part of our annual trade with the United States before the War. A Million is one twenty-jifth part of the sum we annually expend on our Army and Navy. A Million is about sevenpence-halfpenny for each acre of our territory ! Shall we take it? A Million is about ohq fiftieth part of the sum which the Canadians might well, and wisely, and advantageously expend in endeavouring to bring a population into their sparsely-peopled country, or into the adjacent territories. But I fear little is to be expected from the Canadians. If they are to have our territory, at least. Brother Shareholders, let us see to one thing. The Imperial Government offers to " guarantee" the payment of the " Million" by the Canadians : a very necessary gua- I- > I % m\\ i I ; ! ri! rantee, no doubt. But I say, do not let us be satisfied with a guarantee. " Down with the Dust ;'* *' Cash Payments," and " No Credit," should be our cry. Do not let us bo put off with promises or guarantees. Let us sell to the highest bidder, and ask for the money down. If the Canada people get our territory the probabilities are they will do little with it. They do not seem to have cither the means, the self-reliance, or the enterprise. They will probably be shuffling and scheming, for half-a-dozen years to come, how to get ofiF the payment, and throw the responsibility of the Million on the Imperial Government. I say let us require the CaaJi, and take nothing less— j/'ef^e sell at all. Which I humbly submit, in the aspect of our affairs, with our ample resources, and with the brilUant prospect before us, is not only utterly unnecessary, but involves a shocking sacrifice. Wishing you all the compliments of the season, I remain. Brother Shareholders, Yours sincerely, ONE OF YOURSELVES. London, January, 1866. ^ES. NOTE. In the preceding pages I have purposely abstained from any reference to the Trading of the Hudson's Bay Com- pany. It is understood that the consideration for the pur- chase of our Lands is not to cover our Fur trade — that the hunting-grounds of the Company will be reserved, and our trade continued. It is out of the profits of the trading that our dividends are paid, and there is certainly reason for believing that those profits are sufficiently ample to allow us a larger dividend than that 4} per cent, per annum, which the Committee so steadily and cautiously administer. Be- specting the trading, however, an observation has been made to me, apropos to the subject of this pamphlet, which appears to be worth repeating. Our trading is usually considered to be merelj' in the furs and pelts, which our agents collect in our territory. But, in point of fact, our trading is of a double character. By the ships which we send to our factories for furs, we carry to the territory stocks of goods of European manufacture, which are sold by our agents at considerable profits to the settlers in our country and the parts adjacent. Now, it is quite obvious that the greater the population, and the greater the wealth of these districts, the greater must be the profit arising to the Company from this class of business. It is especially for our interest, even if we look to profit H I lijir: Wi Ml 38 from the trading only, to promote, in every way, the colo- nization and settlement of our territory, and not to allow it to fall into the hands of parties who have no interest in its development. Of course, with a Railway open into our lands, we cannot expect, nor would any of us desire, to maintain a monopoly of trading transactions : that would be both impossible and undesirable. But it is obvious that our old established agencies, our superior knowledge of the population, of their means, and of their requirements, together with the ample Capital we are able to employ, must always give us great advantages in conducting trading operations in the Territory, And we ought to do all we can to extend those operations and make them additionally profitable. U. (JLAY, SON, AND TAVLnr, PRINTERS, BREAD STREET HILL. olo- V it I its our I, to ►uld OVLS dge nts, lUSt ling we illy