Year, with all exclusive privileges taken away,
gives a profit of no less than $166,000, is a convincing proof of what
may be effected by improved business organization and thorough energy
and firmness. It has, however, been matter of considerable anxiety to
me to learn that it is Governor Dallas's desire to return to England
next year.
"As regards the future management of the fur trade, Governor Dallas is
of opinion that a considerable reduction may be made in the number of
the employes; and that by a judicious weeding out of those who, in all
large establishments managed from a distance, either were originally,
or have become, inefficient, not only will expenses be saved, but a
much larger trade be carried on.
"In any considerable change of personnel, the partnership rights of the
factors will have to be considered; and one of the gravest and most
difficult subjects of consideration will be, how to reconcile the
rights of these gentlemen in a share of profit with that reorganization
which the commercial interests of the Company evidently require.
"These changes can only be made after discussion with the factors and
chief officers; and in some cases it may be desirable to buy out
individual interests on a more or less extended scale.
