The Company then proceeded to declare a dividend of 25 per cent., which was equivalent to 75 per cent. on their original stock.
It was a pleasing incident to the sovereign of the realm that in all these profits he was not forgotten. In the original Charter the only recompense coming to the Crown, for the royal gift, was to be the payment, when the territory was entered upon, of "two elks and two black beavers." This may have been a device for keeping up the royal claim, but at any rate 300l. in the original stock-book stood to the credit of the sovereign. It had been the custom to send a deputation to present in person the dividends to His Majesty, and the pounds sterling were always changed to guineas.
On this occasion of the great dividend, King William III. had but lately returned from his victories in Ireland. The deputation, headed by Sir Edward Dering, was introduced to the King by the Earl of Portland, and the following address, hitherto, so far as known to the writer, unpublished, was presented along with the noble gift: —
"Your Majestie's most Loyal and Dutiful subjects beg leave to congratulate your Majestie's Happy Return here with Honor and Safety. And we do daily pray to Heaven (that Hath God wonderfully preserved your Royall Person) that in all your undertakings Your Majestie may be as victorious as Cæsar, as beloved as Titus, and (after all) have the long and glorious Reigne and Peacefull end of Augustus.
"On this happy occasion we desire also most humbly to present to your Majestie a dividend of Two Hundred and twenty-five guineas upon three hundred pounds stock in the Hudson's Bay Company, now Rightfully delivered to your Majestie. And although we have been the greatest sufferers of any Company from those common enemies of all mankind the French, yet when your Majestie's just Arms shall have given Repose to all Christendom, we also shall enjoy our share of these great Benefits and do not doubt but to appeare often with this golden fruit in our hands, under the happy influence of Your Majestie's most gracious protection over us and all our Concerns."
It is true that towards the end of the seventeenth century, as we shall afterwards see, the trade of the Company was seriously injured by the attacks of the French on the Bay, but a quarter of a century in which the possibility of obtaining such profits had been shown was sufficient to establish the Company in the public favour and to attract to it much capital. Its careful management from the first led to its gaining a reputation for business ability which it has never lost during two and a quarter centuries of its history.
CHAPTER IV
THREE GREAT GOVERNORS
Men of high station – Prince Rupert primus – Prince James, "nemine contradicente" – The hero of the hour – Churchill River named – Plate of solid gold – Off to the Tower.
The success of the Hudson's Bay Company, and the influence exerted by it during so long a period, has often been attributed to the union of persons of station and high political influence with the practical and far-seeing business men of London, who made up the Company. A perusal of the minutes of the first thirty years of the Company's history impresses on the mind of the reader that this is true, and that good feeling and patriotism were joined with business tact and enterprise in all the ventures. From the prosperous days of Queen Elizabeth and her sea-going captains and explorers, certainly from the time of Charles II., it was no uncommon thing to see the titled and commercial classes co-operating, in striking contrast to the governing classes of France, in making commerce and trade a prominent feature of the national life.
The first Governor of the Hudson's Bay Company, Rupert, Prince of Bavaria, grandson by the mother's side of James I. of England, is a sufficiently well-known character in general history to require no extended notice. His exploits on the Royalist side in the Civil War, his fierce charges and his swiftness in executing difficult military movements, led to his name being taken as the very embodiment of energy and prowess. In this sense the expression, "the fiery Rupert of debate" was applied to a prominent parliamentarian of the past generation.
After the restoration of Charles II., Prince Rupert took up his abode in England, finding it more like home to him than any Continental country. Enjoying the plaudits of the Cavaliers, for whom he had so strenuously fought, he was appointed Constable of Windsor, a no very onerous position. From the minutes of the Hudson's Bay Company we find that he had lodgings at Whitehall, and spent much of his time in business and among scientific circles – indeed, the famous toys called "glass tears," or "Rupert's drops," were brought over by him to England from the Continent to interest his scientific friends.
We have seen already the steps taken by the returned Commissioners from the American Colonies to introduce Radisson and Groseilliers to Prince Rupert, and through him to the royal notice.
The success of the expedition of Gillam and the building of Charles Fort on Hudson Bay led to the Prince consenting to head the new Company. He had just passed the half century of his age when he was appointed Governor of the vast terra incognita lying to the west of the Bay to which, in his honour, was given the name Rupert's Land.
The Company lost no time in undertaking a new expedition. Prince Rupert's intimate friend, the Earl of Craven, was one of the incorporators, and it was with this nobleman that Prince Rupert's widowed mother, the Princess Elizabeth, had found a home in the days of adversity.
The close connection of the Hudson's Bay Company with the Court gave it, we see very plainly, certain important advantages. Not only do the generous terms of the Charter indicate this, but the detailing of certain ships of the Royal Navy to protect the merchantmen going out to Hudson Bay shows the strong bond of sympathy. Certainly nothing less than the thorough interest of the Court could have led to the firm stand taken by the English Government in the controversies with France as to the possession of Hudson Bay.
Several excellent paintings of the Prince are in existence, one by Vandyke in Warwick Castle, showing his handsome form, and another in Knebworth, Hertford. The Prince was unfortunately not free from the immorality that was so flagrant a feature of the Court of Charles II. At that time this was but little taken into account, and the fame of his military exploits, together with the fixing of his name upon so wide an extent of the earth's surface, have served to give posterity an interest in him.
For twelve successive years Prince Rupert was chosen Governor at the General Court of Adventurers, and used his great influence for the Company. He died on November 29th, 1682, at the comparatively early age of sixty-three.
The death of the first Governor was a somewhat severe trial for the infant Company. The Prince's name had been one to conjure by, and though he had been ably supported by the Deputy-Governor, Sir James Hayes, yet there was some fear of loss of prestige to the Adventurers on his unexpected death.
The members of the Company were anxious to keep up, if possible, the royal connection, but they were by no means clear as to the choice of the only available personage who came before their view. James, Duke of York, was a man with a liking for business, but he was not a popular favourite. The famous jeu d'esprit of Charles II. will be remembered. When James informed Charles II. that there was a conspiracy on foot to drive him from the throne, "No, James," said Charles, "they will never kill me to make you king."
The minutes of the Company show that much deliberation took place as to the choice of a successor to Prince Rupert, but at length, in January, 1683, at a General Court, the choice was made, and the record reads: – "His Royal Highness the Duke of York was chosen Governor of the Company, 'Nemine contradicente.' "The new Governor soon had reasons to congratulate himself on his election, for on April 21st, 1684, Sir James Hayes and Sir Edward Dering reported to the Adventurers their having paid 150 guineas to His Royal Highness as a dividend on the stock held by him. Prince James was chosen Governor for three successive years, until the year when, on the death of Charles, he became King. While James was not much in favour as a man, yet he possessed decided administrative ability, and whether this was the cause or not, certainly the period of his governorship was a successful time in the history of the Company.
Failing a prince or duke, the lot could not have fallen upon a more capable man than was chosen as the Duke of York's successor for the governorship. On April 2nd, 1685, at a General Court of the Adventurers, the choice fell upon one of the most remarkable men of his time, the Right Hon.