The principal reason alleged for this action was the exorbitant price of beaver which it was contended turned away an immense amount of Indian trade, which reverted to the French in Canada.
Another reason given was the undesirable monopoly which caused English dealers, while paying the highest prices for beaver, to get the worst article; the best travelling to Russia and other continental countries. In this petition, concocted by enemies of the Company envious of its success, it was insinuated that the Company's trade had been of no use save to increase the practice of stock-jobbing.
The Company replies to its enemies.
To this the Company made reply that "it was well known that the price of beaver had decreased one-third since its own establishment; and that themselves, far from hindering the trade, encouraged it by every means in their power, being anxious to be relieved of an over-stocked commodity." Herein they referred to the enormous quantity of furs stored in their warehouse, for which, during the stringency of continued trade they were obliged to retain and pay repeated taxes upon.[37] As for sending goods to Russia it was only of late years that the Company had extended its trade to that and other foreign countries and for no other cause than that reasonable prices could not be obtained in England.
Although two London guilds, the Skinner's Company and the Felt-makers' Company, joined issue with the Honourable Adventurers, the fate of the petition was sealed. On account of the misfortunes which had overtaken the Company, together with the presence of other and weightier matters, for Parliamentary consideration, the petition was laid on the table, and from the table it passed to the archives, where, together with the Act of 1690, it lay forgotten for a century and a half.
It will be diverting, at this juncture in the general narrative, to glance at seventeenth century conditions of life and commerce in the domain of the Company.
Method of trade with the Indians.
Even at so early a period as 1690 was the method of transacting trade with the Indians devised and regulated. The tribes brought down their goods, beaver skins, martens, foxes and feathers, to the Factory and delivered them through a small aperture in the side of the storehouse. They entered the stockade three or four at a time; trading one by one at the window over which presided the traders. The whole of the actual trading of the Factory was in the hands of two officials known as traders. None other of the Company's servants at any fort were permitted to have direct intercourse with the Indians, save in exceptional circumstances. The trade was chiefly carried on in summer when the rivers were free from ice, although occasionally the natives in the immediate region of the factories came down in winter; the factors never refusing to trade with them when they so came. No partiality was shown to particular tribes, but the actual hunters were favoured more than those who merely acted as agents or carriers. It was not unusual for the chief factors, as the Governors came to be called after 1713, to make presents to the chiefs in order to encourage them to bring down as many of their tribe the ensuing year as possible.
