The matter was not, however, one of dry routine, for the London merchants seem to have encouraged business with generous hospitality. On November 9th, 1681, the sale took place, and the following entry is found in the minutes: "A Committee was appointed to provide three dozen bottles of sack and three dozen bottles of claret, to be given to buyers at ye sale. Dinner was also bespoken at 'Ye Stillyard,' of a good dish of fish, a loyne of veal, two pullets, and four ducks."
As the years went on, the same variations in furs that we see in our day took place. New markets were then looked for and arrangements made for sending agents to Holland and finding the connections in Russia, that sales might be effected. In order to carry out the trade it was necessary to take large quantities of hemp from Holland in return for the furs sent. The employment of this article for cordage in the Navy led to the influence of important members of the Company being used with the Earl of Marlborough to secure a sale for this commodity. Pending the sales it was necessary for large sums of money to be advanced to carry on the business of the Company. This was generally accomplished by the liberality of members of the Company itself supplying the needed amounts.
The Company was, however, from time to time gratified by the declaration of handsome dividends. So far as recorded, the first dividend was declared in 1684, and judged by modern standards it was one for which a company might well wait for a number of years. It was for 50 per cent. upon stock. Accordingly, the Earl of Craven received 150l., Sir James Hayes 150l., and so on in proportion. In 1688 another dividend of a like amount of 50 per cent. on the stock resulted, and among others, Hon. Robert Boyle, Earl Churchill, and Sir Christopher Wren had their hearts gladdened. In 1689 profits to the extent of 25 per cent. on the stock were received, and one of the successful captains was, in the exuberance of feeling of the stockholders, presented with a silver flagon in recognition of his services. In 1690, however, took place by far the most remarkable event of a financial kind in the early history of the Company. The returns of that year from the Bay were so large that the Company decided to treble its stock. The reasons given for this were:—
(1) The Company has in its warehouse about the value of its original stock (10,500l.). (2) The factories at Fort Nelson and New Severn are increasing in trade, and this year the returns are expected to be 20,000l. in beaver. (3) The factories are of much value. (4) Damages are expected from the French for a claim of 100,000l.
The Company then proceeded to declare a dividend of 25 per cent., which was equivalent to 75 per cent. on their original stock.
It was a pleasing incident to the sovereign of the realm that in all these profits he was not forgotten. In the original Charter the only recompense coming to the Crown, for the royal gift, was to be the payment, when the territory was entered upon, of "two elks and two black beavers." This may have been a device for keeping up the royal claim, but at any rate 300l. in the original stock-book stood to the credit of the sovereign. It had been the custom to send a deputation to present in person the dividends to His Majesty, and the pounds sterling were always changed to guineas.
On this occasion of the great dividend, King William III. had but lately returned from his victories in Ireland. The deputation, headed by Sir Edward Dering, was introduced to the King by the Earl of Portland, and the following address, hitherto, so far as known to the writer, unpublished, was presented along with the noble gift:—
"Your Majestie's most Loyal and Dutiful subjects beg leave to congratulate your Majestie's Happy Return here with Honor and Safety. And we do daily pray to Heaven (that Hath God wonderfully preserved your Royall Person) that in all your undertakings Your Majestie may be as victorious as Cæsar, as beloved as Titus, and (after all) have the long and glorious Reigne and Peacefull end of Augustus.