The profits were to be divided into one hundred equal parts, of which forty were to be shared between the chief factors and chief traders, according to profit and loss. If a loss should occur in one year on these forty shares it was to be made good out of the profits of the year ensuing. A general inventory and account was to be made out annually on the 1st of June. If profits were not paid to any parties within fourteen days of that date, interest was to be allowed then at the rate of five per cent.
When the Deed Poll was signed, it was stipulated that twenty-five chief factors and twenty-eight chief traders should be appointed, to be named in alternate succession from the Hudson's Bay and the North-West Company's servants. Both were placed on an equal footing, the forty shares out of the hundred being again subdivided into eighty-five shares, in order that each of the twenty-five chief factors should receive two (or 2/85ths), and each of the chief traders one of such shares. The remaining seven shares, to complete the eighty-five, were set apart for old servants, to be paid them during a term of seven years.
Plan of union.
The chief factors were to superintend the business of the Company at their respective stations, while the chief traders under them were to conduct the commerce with the Indians. The third class was the clerks, who were promoted to factorships and traderships, according to good conduct and seniority, but whose clerical salaries ranged from £20 to £100 per annum. The chief factors and traders, who wintered in the interior, were granted, in addition to their share of profits, certain personal necessaries free of cost. They were not, however, permitted to carry on any private trade on their own account with the Indians. Strict accounts were required of them annually. The councils at the various posts were empowered to mulct, admonish or suspend any of the Company's servants. Each year three chief factors and two chief traders were granted twelve months leave of absence. A chief factor or chief trader, after wintering three years in the service might retire, and hold his full share of profits for one year after so retiring, with half the share for the four succeeding years. If he wintered for five years, he was granted half profits for six years on retiring. Retirements of chief factors and chief traders were made annually by rotation, three of the former, or two of the former and two of the latter. The heirs of a chief factor or chief trader who died after wintering five years received all the benefit to which the deceased or himself would have been entitled had he lived, or in proportion otherwise. Everything was thus regulated, provision was effected for everything. The Northmen, rough, enterprising, adventurous, as many of them were, found themselves part of a huge machine, operated with sleepless vigilance of a governor and committee in London. As for the profits, they were to be estimated after the entire expenses, both in London and the fur country, were deducted. They were then to be divided into fifths, of which three-fifths went to the proprietary and two-fifths to the chief factors, chief traders and clerks, who were to be thenceforward known as the "fur-trade" or the "wintering partners."
No wonder that many of the Northmen were constrained to cry out, in the language of one of their number[109]: "Alas, the North-West is now beginning to be ruled with an iron rod!"
