The History of the Hudson Bay Company

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Recommended: Compare the short term and long term impacts of fur trade on native north america

Fur trading started between the Europeans along with the Aboriginals when the most valuable beaver pelts was a substituted for metal and clothing goods such as iron knives and axis, copper kettles, blankets and trinkets. The beaver pelts were well desired by the Europeans for the reason that using this fur for headgear provided an elegant way to keep dry. However these pelts were for fashion, as men and women could be instantly noted within the social hierarchy by according to their beaver hats. It was so valuable that the sand on the floor was filtered to save every hair that has fallen off. For the Europeans, captivating advantages of the rich furs from the Indians in the New World was a major factor in generating handsome profits, and there is no other pelt exchanging business enterprise like the Hudson's Bay Company. It is the oldest venture of Canada and it inspired many by its domination in the fur trading industry during its early years. They equipped their own armies, minted its own coins and even issued its own medals. The company had controlled fully one-third of present-day Canadian territory and were thought by many as a kingdom by itself in the fur industry. They had trading posts from the very north Arctic Ocean to Hawaii and as far south as San Francisco. HBC's revenue didn't generate simply from this one way trade in furs to Europe; it also consists of large amounts of European goods to North America. These goods incorporated many other products that local people cannot construct such as gunpowder, bullets, weapons, tobacco, kettles, pots, beads, fishing hooks, needles, scissors, and so much more. The Hudson's Bay Company showed a great measure of success since its formation, but it didn't come without s... ... middle of paper ... ...echi. Within two decades since their competition was formed, they had lost 78% of the fur trade business in Canada. The Bay started to see its deficit in the west and started its development closer to the Rockies during 1813-1820. The war for domination in trading furs broke out many battles of war; the Seven Oaks Incident of 1816 was the most memorable of all. It was the worst conflict and result no winner. In June 1819, the HBC captured numerous partners and men from NWC which ruined the Nor'westers reputation and their business that year. The NWC were worried about their company's future when major shareholders had different views on the business. The HBC at that time grew more profitable, attaining stronger revenues and reducing the Nor'westers business. The conflict between the two companies ended when HBC brought NWC through a merger in 1820.

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