The view which Matthew Prior, the English plenipotentiary, took of the Company's rights was not one, however, inspired by that body. He wanted the trade of the country, rather than the sovereignty.
"I take leave to add to your lordship," he observes at the end of a communication addressed to the Secretary of State, "that these limitations are not otherwise advantageous or prejudicial to Great Britain than as we are both better or worse with the native Indians; and that the whole is a matter rather of industry than of dominion."
These negotiations finally resulted in a treaty signed on the 31st of March (O.S.), 1713, by which the whole of Hudson's Bay was ceded to Great Britain without any distinct definition of boundaries, for the determining of which commissioners were to be appointed.
Effect of the Treaty on the Company.
On the news of the conclusion of the Treaty, the Adventurers were filled with joy. The Committee was in session when a messenger came hot haste from Whitehall to bear the glad tidings. A General Court was convoked for several days later. Plans were concerted for securing the very most that the circumstances would allow. It was necessary to secure the Act of Cession which it was supposed would be issued by Lewis, ceding to Great Britain the places on Hudson's Bay, the Company being regarded merely in the light of sub-ordinary subjects. Many of the members wished to press at once for pecuniary compensation, but the wiser heads agreed that this would best be a matter for subsequent negotiation. Many thought indeed that perhaps there need be no haste in the matter, as the interest on the original estimate of damages, already nearly double the principal, was growing daily at an enormous rate.
"As to the Company's losses," says a memorandum of this year, "it will appear by a true and exact estimate that the French took from the Company in full peace between 1682 and 1688 seven ships, with their cargoes, and six forts and caches in which were carried away great stores of goods laid up for trading with the Indians. The whole amounts to £38,332 15s., and £62,210 18s. 9d. interest, computed to 1713."
Company's claim for compensation.
Under date of 30th July, 1714, occurs the following: "The Committee having received a letter from the Lords Commissioners of Trade, and they desiring their attendance on Tuesday next, and to bring in writing the demands of the Co. for damages rec'd from the French in times of peace pursuant to the 10th & 11th Articles of the Treaty of Utrecht. Upon which the Secretary is ordered to Copy out the Abstract of the whole damage sustained, amounting to with Interest the sum of £100,543-13-9; as likewise the particulars in these small volumes in order to present the same to the Commission of Trade on Wednesday next."
It does not seem to have been doubted but that the Queen, if petitioned, would grant the Company's request in time to send an expedition to the Bay that very year.[48]