Died 8th August, And The Vessel Returned The
18th.
The Mus-quash, Robert Crow, master, sailed from Prince of
Wales' Fort, July 7th.
Returned 22nd August.
It must be observed that, in 1745, Parliament had offered a reward of
20,000l. for the discovery of the North-west Passage. The Act
was entitled "An Act for giving a publick reward to such person, or
persons, His Majesty's subjects, as shall discover a North-west Passage
through Hudson's Streights to the Western and Southern Ocean of
America." In the evidence before the Committee, varied opinions were
given as to this Northwest Passage. Mr. Edward Thompson, who had been a
ship-surgeon, being examined as to the probability of a North-west
Passage, said, "He had the greatest reason to believe there is one,
from the winds, tides, and black whales; and he thinks the place to be
at Chesterfield's inlet; that the reason of their coming back was they
met the other boat which had been five leagues further, and the crew
told them the water was much fresher and shallower there; but where he
was the water was fifty fathoms deep, and the tide very strong; the ebb
six hours and the flood two, to the best of his remembrance; that it is
not common for the tide to flow only two hours; but he imagines it to
be obstructed by another tide from the westward; that the rapidity of
the tide upwards was so great, that the spray of the water flew over
the bow of the schooner, and was so salt that it candied on men's
shoes, but that the tide did not run in so rapid a manner the other
way." Captain William Moore, being asked whether he believed there was
a North-west Passage to the South Seas, said, "He believes there is a
communication, but whether navigable or not he cannot say; that if
there is any such communication 'tis further northward than he
expected; that if it is but short, as 'tis probable to conclude from
the height of the tides, 'tis possible it might be navigable; and it
was the opinion of all the persons sent on that discovery that a north-
west wind made the highest tides." Captain Carruthers said, "That he
don't apprehend there is any such passage; but if there is, he thinks
it impracticable to navigate it on account of the ice; that he would
rather choose to go round by Cape Horn; and that it will be impossible
to go and return through such passage in one year; and he thinks 'tis
the general opinion of seamen that there is no such passage." Mr. John
Tomlinson, merchant, of London, said, "He was a subscriber to the
undertaking for finding a North-west Passage; which undertaking was
dropped for want of money: that he should not choose to subscribe again
upon the same terms; that he cannot pretend to say whether there is
such a passage or not, or whether, if found, it could be ever rendered
useful to navigation."
The merchant witnesses were in favour of throwing open the trade of
Hudson's Bay; and this Mr. Tomlinson said more ships would be sent, and
more people brought down to trade. "This is confirmed," he said, "by
the experience of the Guinea trade, which, when confined to a company,
employed not above ten ships, and now employs 150;" and "that the case
of the Guinea trade was exactly similar (to the Hudson's Bay), where
the ships near one another, and each endeavours to get the trade; and
the more ships lie there, the higher the price of negroes."
The capital of the Hudson's Bay Company, increased by doublings and
treblings of its nominal amount, was, in 1748, 103,950l., held
by eighty-six proprietors.
The trade between London and Hudson's Bay was carried on in 1748, and
for some previous years, by four ships. The cost of the exports was in
1748 5,102l. 12s. 3d., and the value of the sales
of furs and other imports in that year amounted to 30,160l.
5s. 11dd. The "charge attending the carrying on the
Hudson's Bay trade, and maintaining their factories," in 1748, is
stated at 17,352l. 4s. 10d. The original cash
capital was 10,500l. That capital was "trebled" in 1690, making
the nominal capital 31,500l.; in August, 1720, it was proposed
to augment the cash capital, and to make the nominal total
378,000l. But at a "General Court," held on the 23rd December,
1720, it was resolved to "vacate" the subscription "by reason of the
present scarcity of moneys, and the deadness of credit." And it was
further "Resolved, that in the opinion of this Committee, that each
subscriber shall have 30l. stock for each 10l. by him
paid in," "which resolutions were agreed to by this Court." Anyhow, the
capital in 1748 is stated at 103,950l. A trade which, by sending
out about 5,000l. a year, brought back a return of
30,000l., was no doubt worth preserving; and even taking the
outlay for working and maintenance of forts and establishments, there
was over 8 per cent, on the nominal capital left, or probably 40 per
cent on all the cash actually paid in; not too great a reward for the
benefits gained by the country from this trade.
Some particulars of the regulation of exchange of commodities may here
be interesting.
The system of trade was simple barter. The equivalent of value was
beaver skins; while skins of less value were again calculated as so
much of each for one beaver. A kettle was exchanged for one beaver. A
pound and a half of gunpowder, one beaver. One blanket, six beavers.
Two bayonets, one beaver. Four fire-steels, one beaver. One pistol,
four beavers. Twelve needles, one beaver. One four-foot gun, twelve
beavers. Three knives, one beaver, and so on over a long list of
various articles. Some of the things exchanged nearly 130 years ago,
show that the Indians had a good knowledge of trade, and of objects
used by civilised people.
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