It Was Unnecessary To Point Out To Their Lordships Of What
Importance It Would Be In The Case Of War On The Other Side Of The
Atlantic.
There was another matter on which he wished to say a few
words.
Some eight or nine days ago it was stated in a portion of the
press that the Hudson Bay Company had sold their property. That
statement was not altogether accurate, and certainly it was premature,
for he had been informed within two hours before he came down to the
House that the whole arrangement had only been completed that
afternoon. He had not received any official communication on the
subject, but some of the gentlemen concerned had been kind enough to
inform him of the facts. He had stated on a former occasion that the
Hudson Bay Company had wished to sell. Certain parties in the City had,
in the first instance, entered into communication with them for the
purpose either of purchasing or obtaining permission for a transit
through the Company's possessions. After some negociation the
alternative of permission for a transit was agreed upon. That
conclusion having been arrived at he did not know what it was that
raised the whole question of sale again, but some fortnight or three
weeks ago fresh negociations were opened. Parties in the City proposed
to the Hudson Bay Company to give them by way of purchase a sum of
1,500,000l. What had taken place was this: The Hudson Bay
Company very prudently required that the money should be paid down, and
that the whole sum of 1,500,000l. should be ready on a given
day, which he believed was yesterday. Of course the intending
purchasers could not carry out that transaction in the course of a
week, and they, therefore, applied to the International Financial
Association to assist them. The Association agreed to do so, and the
money either had been paid or would be on a day arranged upon. A
prospectus would be issued tomorrow morning, and the shares would be
thrown upon the market, to be taken up in the ordinary way upon the
formation of companies. These shares would not remain in the hands of
the Association, but would pass to the Proprietors, as if they had
bought their shares direct from the Hudson Bay Company. Of course the
Company would only enjoy the rights which those shares carried, and no
more. They would, in fact, be a continuation of the Company; but their
efforts would be directed to the promotion of the settlement of the
country: the development of the postal and transit communication being
one of the objects to which they would apply themselves. Of course, the
old Governor and his colleagues, having sold their shares, ceased to be
the governing body, and a new council, consisting of most respectable
persons, had been formed that afternoon. Among them were two of the
Committee of the old Company, with one of whom, Mr. Colville, he had
had much personal communication, and could speak in the highest terms
as a man of business and good sense.
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