The
Shares Were Taken Over And Paid For By The International Financial
Society, Who Issued New Stock To The Public
To an amount which covered
a large provision of new capital for extension of business by the
Company, and a
Profit to themselves and their friends who had taken the
risk of so new and onerous an engagement.
I may finish this section by stating that, as respects the new Hudson's
Bay shareholders, their 20l. shares have been reduced by returns
of capital to 13l., and having, nevertheless, in the "boom" of
lands in the West, been sold at 37l. as the price of the
13l.; they are now about 24l. Thus, every one who has
held his property, and will continue to hold it, has, and will have, a
safe and unusually profitable investment. These shareholders, besides
the large reserves near their posts, which I shall enumerate later on,
have a claim to one-twentieth of the land where settlements are
surveyed and made. This gives a great future to the investor. On the
other hand, Canada - in place of the Mother Country, to whom the whole
ought to have belonged, for the purposes previously set forth - has
obtained this vast and priceless dominion for a payment of only
300,000l., on the award of Earl Granville; and the Pacific
Railway, by reason of that great possession, has been completed and
opened.
But there is much to record between the period of purchase and the sale
to Canada.
I here give to the reader some letters of the Duke's relating to these
negotiations generally:
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