Perhaps the gay gentlemen of the Governing Committee made merry too long at times, for it appears to have been necessary to impose a fine on all committee men who did not attend 'yt one hour after ye deputy-governor turns up ye hour glass,' the fines to go to the Poor Box as 'token of gratitude for God's so great a blessing to ye Comp'y.'

In February the Governing Committee was always in a great bustle chartering or buying frigates for the year's voyages. Then the goods for trade, to be exchanged with the Indians for furs, were chosen and stored. In the list for 1672 are found '200 fowling pieces and 400 powder horns and 500 hatchets.' Gewgaws, beads, ribbons, and blankets innumerable were taken on the voyages, and always more or less liquor; but the latter, it should be remarked, was not traded to the Indians except in times of keen competition, when the Company had to fight rivals who used it in trade. Secret orders were given to the captains before sailing. These orders contained the harbour signals. Ships not displaying these signals were to be fired on by the forts of Hudson Bay or lured to wreck by false lights. The sailing orders were always signed 'a God speede, a good wind, a faire saile, y'r loving friends'; and the gentlemen of the Committee usually went down to the docks at Gravesend to search lockers for illicit trade, to shake hands and toss a sovereign and quaff drinks. From the point where a returning ship was 'bespoken' the chief trader would take horse and ride post-haste to London with the bills and journals of the voyage. These would be used to check unlading. Next, the sorting of the furs, the payment of the seamen's wages—about £20 per year to each man; then the public auction of the furs. A pin would be stuck in a lighted candle and bids received till the light burnt below the pin. Sack and canary and claret were served freely at the sales. Money accruing from sales was kept in an iron box at the Goldsmiths' exchange, and later in the warehouse in Fenchurch Street.

Trading in the early days was conducted with a ceremony such as kings might have practised in international treaty. Dressed in regimentals, with coloured velvet capes lined with silk, swords clanking, buglers and drummers rattling a tattoo, the white trader walked out to meet the Indian chief. The Indian prostrated himself and presented the kingly white man with priceless furs. The white man kneeled and whiffed pipes and thanked the Sun for the privilege of meeting so great warriors, and through his interpreters begged to present the Great Chief with what would render him invincible among all foes—firearms. Then with much parleying the little furs such as rabbit and muskrat were exchanged for the gewgaws.

Later, the coming of rival traders compelled the Company to change its methods and to fix a standard of trade. This standard varied with the supply of furs and the caprice of fashion; but at first in respect to beaver it stood thus:

½lb. beads1 beaver.
1 kettle 1 "
1lb. shot 1 "
5lbs. sugar 1 "
1lb. tobacco 1 "
1gal. brandy 4 "
2 awls 1 "
12 buttons 1 "
20 fish-hooks 1 "
20 flints 1 "
1 gun12 "
1 pistol 4 "
8 balls 1 "

A wicket would be opened at the side of the main gate of the fort. Up to this wicket the Indians would file with their furs and exchange them according to the standard. Tally was kept at first with wampum shells or little sticks; then with bits of lead melted from teachests and stamped with the initials of the fort. Finally these devices were supplanted by modern money. We may suppose that the red man was amply able to take care of himself in the trade, especially when rivals at other points were bidding for the furs. If the white man's terms were exorbitant and no rival trader was within reach, the Indian's remedy was a scalping foray. Oftener than not the Indian was in debt for provisions advanced before the hunt. If the Indian forgot his debt or carried his fur to a competitor, as he often did in whole flotillas, the white man would have his revenge some season when food was scarce; or, if his physical prowess permitted, he would take his revenge on the spot by administering a sound thrashing to the transgressor. It is on record that one trader, in the early days of Moose Factory, broke an oar while chastising an Indian who had failed in his duty.

Many of the lonely bachelors at the forts contracted marriage with native women. These marriages were entered on the books of the Company, and were considered as valid as if bound by clergy. Sometimes they led to unhappy results. When men returned from the service, the Indian wife, transplanted to England, lived in wretched loneliness; and the children—'les petits,' as they are entered in the books—were still less at home amid English civilization. Gradually it became customary to leave the Indian women in their native land and to support them with a pension deducted from the wages of the retired husband and father. This pension was assured by the Company's system of holding back one-third of its servants' wages for a retiring fund. If a servant had left any 'petits' behind him, a sum of money was withheld from his wages to provide a pension for them, and a record of it was kept on the books. This rule applied even to men who were distinguished in the service.

In June 1670, one month after the charter was granted, three ships—the Wavero, the Shaftesbury Pink, and the Prince Rupert—conveying forty men and a cargo of supplies, sailed for Hudson Bay. Gillam commanded the Prince Rupert, Radisson went as general superintendent of trade, and Charles Bayly as governor of the fort at the Rupert river. Gorst the secretary, Romulus the surgeon, and Groseilliers accompanied the expedition. The ships duly arrived at Fort Charles, and, while Bayly and his men prepared the fort for residence and Groseilliers plied trade with the Indians, Radisson cruised the west coast of the Bay on the Wavero. He made observations at Moose and Albany rivers, and passed north to Nelson harbour, where Button had wintered half a century before. Here, on the projection of land between two great rivers—the future site of York Factory—Radisson erected the arms of the English king. The southern river he named Hayes, after Sir James Hayes, Prince Rupert's secretary. The mouth of this river was a good place to get furs, for down its broad tide came the canoes of the Assiniboines, the 'Stone Boilers' whom Radisson had met near Lake Superior long ago, and of the Crees, who had first told him of the Sea of the North.

Radisson returned to England with Gillam on the Prince Rupert, while Groseilliers wintered on the Bay; and it appears that, during the next three years, Radisson spent the winters in London advising the Company, and the summers on the Bay, cruising and trading on the west coast. In 1672 he married Mary Kirke. Sir James Hayes said afterwards that he 'misled her into marrying him,' but there is nothing to show that the wife herself ever thought so. Perhaps Radisson hoped that his marriage to the daughter of one of the leading directors of the Company would strengthen his position. He received £100 a year for his services, but, although his efforts had turned a visionary search for the North-West Passage into a prosperous trading enterprise, he was not a shareholder in the Company.