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Flag of the Hudson's Bay Company which originated from its days as an English trading company The Company's flag prior to In the 17th century the French had a de facto monopoly on the Canadian fur trade with their colony of New France.
According to Peter C. Newman"concerned that exploration of the Hudson Bay route might shift the focus of the fur trade away from the St.
Lawrence Riverthe French governor", Marquis d'Argenson in office —61"refused to grant the coureurs de bois permission to scout the distant territory". A year later they returned with premium furs, evidence of the potential of the Hudson Bay region.
Subsequently, they were arrested for trading without a licence and fined, and their furs were confiscated by the government. The Bostonians agreed on the plan's merits but their speculative voyage in failed when their ship ran into pack ice in Hudson Strait. Boston-based English commissioner Colonel George Cartwright learned of the expedition and brought the two to England to raise financing.
Eventually, the two met and gained the sponsorship of Prince Rupert. On 5 Juneboth ships left port at DeptfordEngland, but the Eaglet was forced to turn back off the coast of Ireland. It was later known as Rupert House, and developed as the community of present-day WaskaganishQuebec.
Both the fort and the river were named after the sponsor of the expedition, Prince Rupert of the Rhine, one of the major investors and soon to be the new company's first governor.
After a successful trading expedition over the winter of —69, Nonsuch returned to England on 9 October with the first cargo of fur resulting from trade in Hudson Bay.
This and subsequent purchases by Glover made it clear the fur trade in Hudson Bay was viable. The area was named " Rupert's Land " after Prince Rupert, the first governor of the company appointed by the King. This drainage basin of Hudson Bay constitutes 1. The specific boundaries were unknown at the time.
Rupert's Land would eventually become Canada's largest land "purchase" in the 19th century. Rupert House southeastMoose Factory south and Fort Albany,  Ontariowest were erected on James Bay; three other posts were established on the western shore of Hudson Bay proper: Inland posts were not built until AfterYork Factory became the main post because of its convenient access to the vast interior waterway systems of the Saskatchewan and Red rivers.
Called "factories" because the " factor ," i. A means of exchange arose based on the " Made Beaver " MB ; a prime pelt, worn for a year and ready for processing: For example, two otter pelts might equal 1 MB".
They travelled by canoe and on foot to the forts to sell their pelts. In exchange they typically received popular trade goods such as knives, kettles, beads, needles, and the Hudson's Bay point blanket. The arrival of the First Nations trappers was one of the high points of the year, met with pomp and circumstance.
The highlight was very formal, an almost ritualized "Trading Ceremony" between the Chief Trader and the Captain of the aboriginal contingent who traded on their behalf. They established an extensive system of inland posts at native villages, and sent traders to live among the tribes of the region, learning their languages and often forming alliances through marriages with indigenous women.
The French appointed Pierre Le Moyne d'Ibervillewho had shown great heroism during the raids, as commander of the company's captured posts. In an English attempt to resettle Fort Albany failed due to strategic deceptions by d'Iberville.
After England and France were officially at warand the conflict played out in North America as well. D'Iberville raided Fort Severn in but did not attempt to raid the well-defended local headquarters at York Factory. On the way to the fort, he defeated three ships of the Royal Navy in the Battle of Hudson's Bay 5 Septemberthe largest naval battle in the history of the North American Arctic.
D'Iberville's depleted French force captured York Factory by laying siege to the fort and pretending to be a much larger army. The French retained all of the outposts except Fort Albany until The economic consequences of the French possession of these posts for the company were significant; HBC did not pay any dividends for more than 20 years.
See Anglo-French conflicts on Hudson Bay. Among the treaty's many provisions, it required France to relinquish all claims to Great Britain on the Hudson Bay, which again became a British possession. A long-held misconception is that the number of stripes was related to its value in beaver pelts.Writing a business plan is a prerequisite to your company’s success.
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