"Friend, once 'twas Fame that led thee forth
To brave the Tropic Heat, the Frozen North,
Late it was Gold, then Beauty was the Spur;
But now our Gallants venture but for Fur."
A number of purchases seem to have been made by private parties; but the bulk of the undressed beaver-skins probably went to fur merchants, and there is good reason to believe that the majority found their way into the hands of Portman and Prettyman. Beaver seems on this occasion to have fetched from thirty-five to fifty-five shillings—a high figure, which for a long time was maintained. But the Company showed considerable sagacity by not parting with its entire stock of furs at once. Only the beaver-skins were disposed of at this sale; the peltries of moose, marten, bear and otter were reserved for a separate and subsequent auction.
Meeting at John Horth's.
Prior to its incorporation, and for a year afterwards, the Company does not seem to have pursued any formal course with regard to its meetings. At first, they met at the Tower, at the Mint, or at Prince Rupert's house in Spring Garden. Once or twice they met at Garraway's. But at a conclave held on November 7th, 1671, it was resolved that a definite procedure should be established with regard both to the time and place of meeting, and to the keeping of the minutes and accounts. These latter, it was ordered, were forthwith to be rendered weekly to the General Court, so that the adventurers might be conversant with all sales, orders and commissions included in the Company's dealings. Employees' accounts were also to be posted up; and the same regulation was applied to the lists of goods received for the two ships then lying in the Thames. It was further decreed that the weekly meetings should take place at Mr. John Horth's office, "The Excise Office," in Broad Street, pending the building of a "Hudson's Bay House."
Soon afterwards, a "General Court" of the adventurers was held, at which the Prince, Lord Ashley, Sir John Robinson, Sir Peter Colleson, Sir Robert Viner, Mr. Kirke and Mr. Portman were in attendance. We catch a thoroughly typical glimpse of Prince Rupert at this meeting; sober business was not at all to his taste, and at a very early stage in the proceedings he feigned either indisposition or another appointment, and took his departure. A hint, however, may possibly have been given to him to do so, for, no sooner was the door closed behind him, than his friend Lord Ashley introduced a very delicate topic which was entered into by all those present. It concerned nothing less than Prince Rupert's profits, which up to this time seem to have been very vaguely defined.
Lord Ashley spoke for the Prince and he seems to have demanded some definite payment besides a share in the enterprise; but there is no record of an agreement or of any exact sum, nor is there any basis for the conjecture that his share was ten thousand pounds. The charter of monopoly was an important one, and the King certainly not the man to fail in appreciating its value; but how much he did out of good will to his kinsman, and how much out of consideration for his own profit, will never be known. A perusal of the vast quantity of manuscript matter which exists relating to this arrangement leads to the conclusion that Charles sold the charter out of hand. And indeed one pamphleteer, intent on defaming the Company in 1766, even goes so far as to profess actual knowledge of the sum paid to his Majesty by the adventurers. Upon a consideration of all the speculations advanced, I have come to the conclusion that it is highly improbable that the King received any immediate pecuniary advantage whatever on account of the charter. There is no shadow of evidence to support the charge; and there is at least some presumptive evidence against it. Charters were both commonly and cheaply given in those days. Even where consideration was given, the amount was insignificant. In 1668, for example, Charles transferred the province of Bombay, which had come to the British Crown as portion of the dower of Catherine of Braganza, to the East India Company for an annual rent of no more than £10. On the whole then the data, such as they are, strongly favour the belief that he granted the charter simply in the cause of friendship and at the urgent instance of his cousin; while, as an additional motive, it was probably also urged upon him that a charter boasting the royal signature would be a virtual assertion of his dominion over territory which was always somewhat in dispute.