To those who are familiar with the past history of H.B.C., the news did not come altogether as a surprise. The Company has demonstrated on many occasions in the past that it does not hesitate to reverse its decisions and alter its policies when the changes wrought by time and economic progress in the domain of the Company make such changes a business necessity.
Many in the fur trade wondered why the Company did not enter the consignment business sooner but the sequence of events has since demonstrated that by keeping out of that end of the business until after the speculators had had their fling, the Company was able to enter on the "ground floor," so to speak, and with everything in its favor.
The establishment of great fur auction companies in St. Louis, New York and Montreal tended to deprive London of its old-time prestige, and, naturally, anything that detracted from the influence of the London fur market also affected the Hudson's Bay Company.
With the passing of the famous old firm of Nesbitt, the London fur market lost one of the best-known consignment houses in the world. This house was particularly happy in its connection with the American trade and enjoyed the confidence and respect of the best American firms. When the Nesbitt firm was forced to liquidate in order to save as much as possible for its clients, it was felt that the London market had lost one of its landmarks and was, to a certain extent, weakened in its uphill fight to regain its leadership in the fur trade.
By taking over the warehouses and offices of the Nesbitt Company and announcing its willingness to accept consignments of fur skins, the Hudson's Bay Company carries on where Nesbitt Ltd. left off. H.B.C. will now be in a position to hold its auctions on its own premises.
The London market will be made all the stronger by the entrance of the Company as a consignment house, as it will naturally follow that the class of goods consigned will have to be up to a fine standard and will only be accepted from reputable and first-class firms.
By taking the lead in the London market, by setting the standard for all the trade, both in goods and in business principles, by inducing the best firms to send their best goods to the London market, by eliminating speculative bidding and by having great financial strength and sound business methods back of it, the Hudson's Bay Company has once more proved its ability to come through all kinds of trials and tribulations with flying colors.
Impressions of the Store Managers' Conference
By F. F. HARKER
Being comparatively a newcomer with the Hudson's Bay Company, judging by the long records of service of other managers present, I felt deeply moved by the cordial spirit of comradeship shown me by my co-partners.
I was greatly impressed by the frank way we were received by the Canadian Advisory Committee.