"To carry out these arrangements, it would be necessary to set aside in
trust about 150,000l. stock. But the Company would lose nothing
by it, as they would save in salaries what they gave in dividends.
"At the outset only 35,000l. of the stock would be called for,
with an increase of 5,400l. per annum. Even allowing for a
considerable retired list, it is doubtful if the whole 150,000l.
would ever be appropriated; and of course the dividends on whatever
portion was not appropriated would revert to the Company.
"In the revision of the deed poll, it would be essential to retain the
clauses which secure to the Company the right to place officers on the
retired list, and to dismiss them for misconduct.
"The mode of keeping the accounts, both in London and in the country,
is one of much importance, requiring early consideration. At present
there are no accounts, properly speaking, kept at the posts; and very
great delay occurs in ascertaining the results of the business from
London. It is essential to introduce some system of analysed post
accounts, which should keep the Governor and his Council fully informed
of the state of the business at every post, and by which they might
judge of the management of the officers in charge. There is now no
practical check on extravagance or dishonesty, except that arising from
the upright principles of the officers in the service. The adoption of
a system of local audit appears the best remedy for many of the
existing evils.
"The Company's agent at New York (Mr. Wm. McNaughton), who is a
valuable officer, has not at present sufficient employment to make his
position worth occupying. As there is a valuable market in New York to
which it would, at certain times, be advantageous to send buffalo
robes, wolves' and some other furs, which could be done without
interference with the market in England, it is important to render the
New York agency more efficient.
"(Signed) A. G. DALLAS.
"(Signed) EDWARD W. WATKIN.
"7th August, 1863."
This memorandum was sent home to Governor Sir Edmund Head, with other
papers.
On the serious questions of the future relations of the vast territory
to Canada and the Mother Country; how it could best be settled; how it
should be governed; what arrangement as to boundaries, and so on - I had
many and serious conferences with public men. And in answer to many
questions as to my own views, I drew up the following memorandum, as a
resume of the whole subject. It is now nearly twenty-four years
old. I have read it again and again.
