"I Have The Honour To Be, Dear Sir, "Yours Faithfully, "EDWD.

W. WATKIN.

"Sir E. W. HEAD, Bart., "Governor of the Hudson's Bay Company."

One other object I desired to accomplish, was an exchange of boundary between the Hudson's Bay and the United States, with the view to Superior City being brought into British territory by a fair payment and exchange of land. The negociation looked very hopeful at one time, but it was not followed up in London, and it fell to the ground. There are few people who understand that it is not only desirable to do the right thing, but to do it at the right time - that is, when circumstances favour the doing.

I am entitled to say that, owing to the non-acceptance, at the time, of our proposals, much delay in realizing the great object of settling the government and colonizing the territory arose: inadequate terms for the sale and purchase of the vast landed estate of the Company had to be accepted from Canada; and the "wintering partners," not made real partners, as recommended by Governor Dallas and myself, but held at arm's length, had, at last, to be compensated for giving up the old "deed poll" with a sum of 107,055l., paid in 1871 - ten years after the date of our report to Sir Edmund Head.

But, "all's well that ends well," and the great work is, at last, accomplished.

CHAPTER XII.

The Hudson's Bay Company and the Select Committee of 1748-9.

The history of the old co-partnery, the "Governor and Company of Adventurers of England trading into Hudson's Bay," ought to be written by some able hand. Samuel Smiles or Goldwin Smith, with the aid of the archives held by the Governor and Committee, would make a book which would go round the world. To publish such a record is a duty incumbent upon Mr. Eden Colville and his colleagues. From no merit or prevision of theirs, a happy and profitable transformation has been made of their undertaking. The individuals, as well as Canada as a State, and the Empire, also, have gained largely. The monopoly has been broken up, under liberal and generous treatment of the monopolists - monopolists who had deserved their monopoly by their able administration; and those who ran the risk, paid the cost, and incurred the anxiety, neither complain nor ask for the credit of their work. The merchant adventurer trading to the Eastern Indies, and the merchant adventurer trading into Hudson's Bay, each on his side of the world, has preserved vast territories to the Crown and people of England. Their conquests have cost the taxpayers of England nothing; while the trade and enterprise they promoted have enriched millions, and have opened careers, often brilliant, for men of courage and self denial, many of whose names will go down to posterity in fame and honour.

The Hudson's Bay Company was constituted under a charter of Charles the Second. That charter began thus: "Charles the Second, by the grace of God King of England, Scotland, France, and Ireland, Defender of the Faith, to all to whom these presents shall come greeting:

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