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 did, after being told by Gray of his discovery. They also made claims of settlement by their Fur Company, just as the 22 United States did by the settlement made by Astor and others. As the Hudson Bay Company and the Northwest Fur Company of Montreal figure so extensively in the contest for English ownership of Oregon, it is well to have a clear idea of their origin and power.

The Hudson Bay Company was organized in 1670 by Charles II., with Prince Rupert, the King's cousin, at its head, with other favorites of his Court. They were invested with remarkable powers, such as had never before, nor have since, been granted to a corporation. They were granted absolute proprietorship, with subordinate sovereignty, over all that country known by name of "Rupert's Land" including all regions "discovered or undiscovered within the entrance to Hudson Strait." It was by far the largest of all English dependencies at that time.

For more than a century the company confined its active operations to a coast traffic.

The original stock of this company was $50,820. During the first fifty years the capital stock was increased to $457,000 wholly out of the profits, besides paying dividends.

During the last half of the 17th century the Northwest Fur Company became a formidable opponent to the Hudson Bay Company, and the