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The Founding of Hudson Bay Company
A group of Rich English merchants(Inclucing prince Rupert) formed the Hudsons Bay company and King Charles II granted the company a fur trade ownership for all of the lands drained by the river flowng into Hudson's Bay. -
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The History of The Hudson's Bay Company
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Outposts and Fur Depots
The HBC's early outposts and fur depots were often broken into by the French who also had claim to the Hudson Bay region, reducing their profits. This warfare with the French did not end untill the british conquest of Canada in 1762. The sales also started to decline due to the competition from montreal pedlars who were selling fur at much lower prices. -
The Cumberland House
The HBC built the Cumberland House which was the first inland post inbetween the Saskatchewan and Churchill rivers, then the HBC pushed westward to the Padcific slope. The Cumberland House was mainly a fur trading post. It was founded in Saskatchewan because of the large number of the Cree tribes who gathered there in the late spring and early fall seasons and therefore it was a great place to trade and sell the rich furs they had gathered over the winter months -
Gaining and Expanding
The HBC got very lucky and got to expand the company in 1821 when it merged with it's most competitive rival, the North West company, which further aided in their sales of goods. Also, the company was granted a license for exclusive trade in areas outside the boundries of Rupert's Land. This meant that the company held an effective ownership and rights on the fur trade from the Labrador to the Pacific Ocean and also from the Yukon and the Arctic to the United States. -
HBC discovers rich coal deposits at Nanaimo.
With the introduction of the steamship in recent years, HBC looks for a source for its coal needs. HBC brings Scottish miners from the Orkney Islands to mine coal at Fort Rupert on Vancouver Island in 1835, however the the coal is not of good quality. The discovery of coal deposits at Nanaimo leads the Company to establish new mines and a trading post at Nanaimo in 1852. Mining continues there until 1873 where the HBC's coal needs are fullfiled, it was also a source of income for some time. -
Confederation Creates the Dominion of Canada.
During the years before the Confederation, HBC is pressured by the British government, as it investigates the Company as a monopoly and it's trading practices. Negotiations begin regarding the transfer of land ownership to Canada and compensation for HBC. Before an agreement is reached, the British colonies of the Province of Canada (Ontario and Quebec), Nova Scotia and New Brunswick join together to form the Dominion of Canada. -
The Deed of Surrender, by which HBC returns control of Rupert’s Land to the Crown, comes into effect.
By the terms of the Deed of Surrender, HBC received £300,000k kept 120 posts, and got land concessions. HBC gave up its rights to Rupert’s Land, but instead of having a monopoly on the fur trade, it actually had title to 45,000 acres of land around its posts, for the next 50 years, on some seven million acres of the tract bounded by the American border to the South, the Rockies to the West, the North, and lake Winnipeg to the East. (This was the largest real estate transaction in history) -
Modernization
The HBC had a meeting with one of the directors from Harrods department store in London and gained some useful advice. After this the Hudson's Bay Company began an rapid modernization program. This was the start of a new chapter for the company. This plan was the result of the original six Hudson's Bay Company department stores in Victoria, Vancouver, Edmonton, Calgary, Saskatoon, and Winnipeg. -
Expansion
In the late 1970's the Hudson's Bay Company ended. They gained two large Canadian retailers, which were Zellers and Simpsons. This let the Comapny expanded themselves throughout Western and Central Canada. Also at this time Queen Elizabeth II granted the company a new charter and it's head office moved from london, England to Winnipeg, Manitoba. -
Change in Ownership
The HBC changed owners who were a family of the late Roy Herbert Thomson, 1st Baron Thomson. This change in the company put a large debt on them which forced the Hudson's Bay into a financial crisis in the 1980's. which is also the reason as to why the company sold off its northern Canadian stores and it's ventures in gas, oil and coal. -
HBC Moves HQ from Winnipeg to Toronto.
HBC sells off all it's non-core-retail assets in a deliberate move to address its large debt load. Also selling off interests in the oil and gas business, HBC sells its Northern Stores Division and fur auction house. A group of investors, including 415 employees, purchase the Northern Stores Division which becomes the North West Company in 1990. -
National Realty and Development Corporation Partners Buy HBC.
NRDC also owns Lord & Taylor department store chain with 47 outlets. Richard A. Baker becomes the 39th Governor of HBC. In the same year, the Rotman School of Business, University of Toronto, names the incorporation of the HBC as the number 1 business event in a top 40 ranking of business events in Canadian history.
