For more information on Hudson's Bay Co., visit Britannica.com.
Britannica Concise Encyclopedia:
Hudson's Bay Company |
For more information on Hudson's Bay Co., visit Britannica.com.
5min Related Video:
Hudson's Bay Company |
British History:
Hudson's Bay Company |
The company was founded on 2 May 1670 under the patronage of Prince Rupert after a voyage in 1668 had proved that access to the fur trade could be established through Hudson Bay. The company fought the French for control of the bay until 1713. Its territorial rights were sold to the dominion of Canada in 1869, but the company continued to trade.
Photography Encyclopedia:
Hudson's Bay Company |
During the 1860s and 1870s, a small group of company employees in the Eastmain, Moose, and Rupert's River districts pursued photography as a pastime. Prominent among them were Bernard Rogan Ross (1827-74), a native of Londonderry who used photography to illustrate his scientific, anthropological, and geographical investigations; Charles George Horetzky (1838-1900), an accountant at Moose Factory who later served as a photographer on the Canadian Pacific Railway surveys of the Canadian West; James Laurence Cotter (1839-89), a career ‘company man’ whose photographs appeared as engravings in the Illustrated London News and in annual reports of the Geological Survey of Canada; and William Bell Malloch (d. c. 1885), a doctor sent to Moose Factory in 1870. Using the wet-plate process in isolation and under trying conditions, these and other company employees, including chief trader George Simpson McTavish (1834-c. 1893) created a valuable record of Company, fur-trade, Indian, and Inuit life in the area of James and Hudson bays.
— Joan Schwartz
Bibliography
US History Encyclopedia:
Hudson's Bay Company |
The Hudson's Bay Company resulted from the western explorations of Pierre Esprit Radisson and Médard Chouart, Sieur de Groseilliers, in the mid-seventeenth century. On trips into Wisconsin and Minnesota country, they learned from Native Americans of a great fur country northwest of Lake Superior that might be reached via Hudson Bay. This idea, linked with one of a probable northwest passage through Hudson Bay, led the Frenchmen to England in the middle 1660s. There they assembled a sort of syndicate of wealthy and influential men that grew into the Hudson's Bay Company, and received its charter on 2 May 1670, as the Governor and Company of Adventurers of England Trading into Hudson's Bay. Under that charter and supplemental charters the company still operates, making it one of the oldest commercial corporations.
Much of the company's effect on the United States sprang from a bitter struggle that raged between it and the North West Company. During the heyday of the fur trade, the company had posts in most parts of what is now Canada and a few forts on U.S. soil, mostly along the boundary line west from Grand Portage. Near the Red River of the North (now Manitoba), Thomas Douglas, fifth Lord Selkirk—one of the North West Company's largest stock owners—had established a colony on company lands in 1811. The Hudson's Bay Company and the North West Company resolved many of their differences by merging in 1821, but Selkirk died in the same year, leaving the company to administer his colony. Members of Selkirk's colony had contributed to the establishment of Fort Saint Anthony (now Fort Snelling) in 1819, and the misfortunes of the colonists continued to lead many of them to emigrate to Fort Snelling, making them some of Minnesota's earliest European settlers. Red River cart traffic with Minnesota settlements, proximity to U.S. soil, and the colonists' discontent with company rule led to annexation hopes and schemes on both the part of the colonists and the United States between 1849 and the final surrender of the company's territories in 1869.
Missionaries provided the second major effect of the Hudson's Bay Company. Operating under the aegis of the company, they not only attempted to convert Native American and mixed-race groups, they also played an important part in the company's expansion into Oregon country. Company men appeared in Oregon in 1821 to carry on the fur trade begun years earlier by the North West Company. Although a joint occupation agreement existed between the United States and Great Britain from 1818 to 1846, Dr. John McLoughlin, the company's chief factor, helped Oregon become American by welcoming American traders, explorers, missionaries, and settlers. The decline of the fur trade and the threat of war were the final factors that convinced Great Britain in 1846 to abandon its claims south of the forty-ninth parallel. The Hudson's Bay Company continues to operate today, albeit without its monopoly of trade, its territory, and administrative rights in the West that were granted under its first charter.
Bibliography
MacKay, Douglas. The Honourable Company: A History of the Hudson's Bay Company. Indianapolis, Ind.: Bobbs-Merrill, 1936.
Newman, Peter C. Company of Adventurers. New York: Viking, 1985.
Rich, E. E., ed. The History of the Hudson's Bay Company 1670–1870. London: Hudson's Bay Record Society, 1958–1959.
Columbia Encyclopedia:
Hudson's Bay Company |
Founding
The company was founded as a result of the exploration of the region by Pierre Radisson and the sieur des Groseilliers in 1668-69 under the auspices of London merchants. The expedition's success in opening up the fur trade with the Native Americans prompted Prince Rupert, Charles's cousin, and others to appeal to the king for a charter. A preliminary charter seems to have been granted that year, but it was not until 1670 that the much-discussed permanent charter was granted to these "Gentlemen Adventurers trading into Hudson's Bay." It conferred on them not only a trading monopoly but practically sovereign rights in the region specified as that drained by rivers flowing into Hudson Bay. The extent of this vast region was not then known, nor was it fully known for about a century.
Early Years
The company's monopoly was not respected by other English traders. The Great Company, as the Hudson's Bay Company was known, did a highly profitable business, but Hudson Bay was claimed also by the French, who sent expeditions against the posts that recently had been established near the mouths of the Moose, Albany, Severn, and Nelson rivers. Warfare went on, almost regardless of whether there was peace or war between the two nations in Europe, until after the Peace of Utrecht (1713-14). The French on the whole were more successful than the British in the conflict over control of the posts, but ultimately all of Hudson Bay was recognized as British territory. Rivalry, however, continued between the French traders from Montreal and Quebec and the Hudson's Bay men.
The Great Company was content to remain at its seaboard posts and made little effort either to send traders inland or to search out the Northwest Passage. The only notable early voyages made westward that are known today were those of Henry Kelsey, the disastrous attempt of James Knight in 1719 to find by sea the Northwest Passage and fabled gold mines, the expeditions of Anthony Hendry (1754), and the journey of Samuel Hearne across barren grounds to the mouth of the Coppermine River in 1771, which definitively proved that there was no short Northwest Passage out of Hudson Bay. The company was harshly criticized in the middle of the 18th cent., chiefly because of its failure to discover the Northwest Passage.
Rivalry with the North West Company
With the transfer of Canada from France to England by the Treaty of Paris in 1763, new competition developed in the lands nominally held in monopoly. Scotsmen had assumed a large role in the Montreal fur trade, and their trade cut into the declining returns of the Hudson's Bay Company. Out of the combinations of these Montreal merchants grew the North West Company, which was to be the chief rival of the older company. The Hudson's Bay men were stirred out of their lethargy: Samuel Hearne founded Cumberland House on the Saskatchewan River in 1774, and thereafter the Hudson's Bay Company took a greater interest in the West.
Other difficulties beset the company. In 1782 a French naval expedition took Fort Prince of Wales, on the Churchill River, one of the most important company posts. It was returned and became Fort Churchill, but trade there and at York Factory, the other great eastern post, declined. Brisk rivalry with the Northwesters (as the traders of the North West Company were known) in the West did not turn to the advantage of the Hudson's Bay Company. Company policy apparently did not encourage exploration, and the great geographer, David Thompson, left it to join the Northwesters.
Amalgamation
The whole policy and nature of the Hudson's Bay Company was altered when the earl of Selkirk gained control after 1808. His scheme to colonize Scottish and Irish farmers on company lands led to the Red River Settlement trouble, which brought disaster to the company. The ruinous and bloody rivalry was brought to an end by the amalgamation of the companies in 1821. The name of the older company was retained.
The amalgamation marked the beginning of a period of true monopoly. The new united company virtually had absolute rule over a vast territory that extended from the Atlantic to the Pacific, since all of Canada except the settled eastern provinces was leased to the company. Parts of the United States, especially the Columbia River country, were subject to joint Canadian and American occupancy, but virtually were under company rule, especially during the long tenure of John McLoughlin, who acted as administrator there. The governorship (1821-56) of Sir George Simpson marked the peak of the company's fortunes.
Diversification
In 1857 the company was subjected to a parliamentary investigation. Although the company trade privileges were renewed, its position was not secure. In 1863 the stock of the company was bought up and reissued by the International Financial Society; the stock passed from a few to many holders. This internal reorganization had a vast effect on the company.
The company also was changed from without, particularly after confederation (1867). Opponents were able to challenge successfully its monopolistic operations. In 1869 the company territory was by governmental order transferred to Canada in return for £300,000. The nature of the company was thereafter entirely different.
It began to change from being solely a fur-trading organization and eventually became a gigantic corporation of almost innumerable interests. The sales of company lands brought in much money. For many years (1889-1914) Lord Strathcona was governor. It was after his death that the real expansion of the company into retail trade and varied manufacturing took place, in the administrations of Sir Robert Molesworth Kindersley (1915-25) and Charles Vincent Sale (1926-30). In World War I company ships were used as transports and the company rendered great service to the war effort. In 1930 the company was split up: the Canadian stores became a separate organization, and the London portion once more turned to the fur trade. Company headquarters were transferred from England to Canada in 1970, and most enterprises other than retail stores were sold off in 1983. In 1987 the Northern Stores division, which served N Canada and had originated as the old trading posts, was sold as well, becoming (1990) the North West Company. In 2006 control of the Hudson's Bay Company was acquired by an American investor, Jerry Zucker.
Bibliography
Partly because of the secrecy of the company concerning its records and partly because of the strong feeling for and against the company, there has been no adequate, impartial, and scholarly history of the Hudson's Bay Company in general; E. E. Rich's official history (3 vol., 1961) is based on the company's records, but is not annotated. See introductions to scholarly editions of traders' journals, such as those of the Champlain Society.
See also G. Bryce, The Remarkable History of the Hudson's Bay Company (1900, repr. 1968); H. A. Innis, The Fur Trade in Canada (1930, repr. 1962); D. MacKay, The Honourable Company (1936, repr. 1970); J. S. Galbraith, The Hudson's Bay Company as an Imperial Factor, 1821-1869 (1957).
Wikipedia:
Hudson's Bay Company |
| Type | Private |
|---|---|
| Founded | May 2, 1670 |
| Headquarters | Toronto, Ontario, Canada |
| Key people | Richard Baker, Governor and CEO |
| Revenue | $7.0 billion CAD (▼ $59.7 million FY 2009) |
| Owner(s) | NRDC Equity Partners, via Hudson's Bay Trading Company |
| Employees | 70,000 |
| Divisions | The Bay Zellers Lord & Taylor Home Outfitters Fields |
| Website | www.hbc.com |
| Wikinews has related news: North America's oldest retailer sold to U.S. owners of Lord & Taylor |
The Hudson's Bay Company (French: Compagnie de la Baie d'Hudson), abbreviated HBC, is the oldest commercial corporation in North America and one of the oldest in the world. The company was incorporated by British royal charter in 1670 as The Governor and Company of Adventurers of England trading into Hudson's Bay; it is now domiciled in Canada and has adopted the more common shorter name as its legal moniker.[1]
It was once the de facto government in parts of North America before European-based colonies and nation states. It was at one time the largest landowner in the world, with Rupert's Land being a large part of North America. From its longtime headquarters at York Factory on Hudson Bay, it controlled the fur trade throughout much of British-controlled North America for several centuries, undertaking early exploration. Its traders and trappers forged early relationships with many groups of First Nations/Native Americans and its network of trading posts formed the nucleus for later official authority in many areas of Western Canada and the United States.
In the late 19th century, its vast territory became the largest component in the newly formed Dominion of Canada, in which the company was the largest private landowner. With the decline of the fur trade, the company evolved into a mercantile business selling vital goods to settlers in the Canadian West. Today the company is best known for its department stores throughout Canada. The Hudson's Bay Company Archives are located in Winnipeg, Manitoba, Canada.
The company is owned by Hudson's Bay Trading Company, the retail arm of American private equity firm NRDC Equity Partners, which also owns a high-end department store chain in the U.S., Lord & Taylor.
|
Contents
|
| This section needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (June 2009) |
In the 17th century, the French had a monopoly on the Canadian fur trade. However, two French traders, Pierre-Esprit Radisson and Médard des Groseilliers, learned from the Cree that the best fur country was north and west of Lake Superior and that there was a "frozen sea" still further north. Correctly guessing that this was Hudson Bay, they sought French backing for a plan to set up a trading post on the Bay, thus reducing the cost of moving furs overland. However, the recently appointed French Secretary of State, Jean-Baptiste Colbert, was trying to promote farming in the colony and was opposed to exploration and trapping.
Radisson and des Groseilliers then approached a group of businessmen in Boston, Massachusetts to help finance their explorations. The Bostonians agreed on the plan's merits, and brought the two to England to elicit financing. In 1668, the English commissioned two ships, the Nonsuch and the Eaglet to explore possible trade into Hudson Bay. The Nonsuch was commanded by Captain Zachariah Gillam and accompanied by des Groseilliers, while the Eaglet was commanded by Captain William Stannard and accompanied by Radisson. On June 5, 1668, both ships left port at Deptford, England, but the Eaglet was forced to turn back off the coast of Ireland. The Nonsuch continued on all the way to the southern portion of James Bay, where Fort Rupert was founded at the mouth of the Rupert River. Both the fort and the river were named after the sponsor of the expedition, Prince Rupert of Bavaria. After a successful trading expedition over the winter of 1668–9, the Nonsuch returned to England.
The Governor and Company of Adventurers of England trading into Hudson's Bay was incorporated on May 2, 1670, with a royal charter from King Charles II. The charter granted the company a monopoly over the Indian Trade, especially the fur trade, in the region watered by all rivers and streams flowing into Hudson Bay in northern Canada, an area known as Rupert's Land after Prince Rupert, the first director of the company and a first cousin of Charles. This region constitutes 1.5 million square miles (3.9 million km²) in the drainage basin of Hudson Bay, comprising over one third the area of modern-day Canada and stretching into the north central United States, but the specific boundaries were unknown at the time.
The company founded its first headquarters at Fort Nelson at the mouth of the Nelson River in present-day northeastern Manitoba. The location afforded convenient access to the fort from the vast interior waterway systems of the Saskatchewan and Red rivers. Other posts were quickly established around the southern edge of Hudson Bay in Manitoba and present-day Ontario and Quebec. Called "factories" (because the "factor," i.e. a person acting as a mercantile agent and frequently specializing in one or a small number of commodities, did business from there), these posts operated in the manner of the Dutch fur trading operations in New Netherland.
The Hudson's Bay Company's second inland trading post was established by Samuel Hearne in 1774 in Cumberland House, Saskatchewan.[2]
During the spring and summer, First Nations and Métis traders, did the vast majority of the actual trapping, then travelled by canoe and were received at the fort to sell their pelts. In exchange they typically received metal tools and hunting gear, often imported by the company from Germany, the centre of inexpensive manufacturing in that era. Many Métis were better known as voyageurs during this era.[citation needed]
The early coastal factory (trading post) model contrasted with the system of the French, who established an extensive system of inland posts and sent traders to live among the tribes of the region. After war broke out in Europe between France and England in the 1680s, the two nations regularly sent expeditions to raid and capture each other's fur trading posts. In March 1686, the French sent a raiding party under Chevalier des Troyes over 1300 km (800 miles) to capture the company's posts along James Bay. The French appointed Pierre Le Moyne d'Iberville, who had shown extreme heroism during the raids, as commander of the company's captured posts. In 1697, d'Iberville commanded a French naval raid on the company's headquarters at York Factory. On the way to the fort, he defeated three ships of the Royal Navy in the Battle of the Bay, the largest naval battle in the history of the North American Arctic. D'Iberville's depleted French force captured York Factory by a ruse in which they laid siege to fort while pretending to be a much larger army. York Factory changed hands several times in the next decade. It was finally ceded permanently to what was by then the Kingdom of Great Britain (following the union of Scotland and England in 1707) in the 1713 Treaty of Utrecht. After the treaty, the company rebuilt York Factory as a brick star fort at the mouth of the nearby Hayes River, its present location. In 1782, during the American Revolutionary War a French squadron under Jean-François de Galaup, comte de La Pérouse captured and demolished the fort.
In its trade with native peoples, the company adopted the widespread use of issuing wool blankets, called Hudson's Bay point blankets, in exchange for the beaver pelts trapped by aboriginal hunters.
A parallel may be drawn between HBC's control over Rupert's Land and the trade monopoly and government functions enjoyed by the Honourable East India Company over India during roughly the same period.
In 1821, the North West Company of Montreal and Hudson's Bay Company merged, with a combined territory that was extended by a licence to the North-Western Territory, which reached to the Arctic Ocean on the north and the Pacific Ocean on the west. Before the merger, the employees of the HBC, unlike the North West Company, did not participate in its profits. After the merger, with all of its operations under the management of Sir George Simpson from 1826 to 1860, the company had a corps of commissioned officers, 25 chief factors and 28 chief traders who shared in the profits of the company during the monopoly years. Its trade covered 7 770 000 km2 (3,000,000 square miles) and it had 1,500 contract employees.[3]:8–23 These officers, together referred to as the Commissioned Gentlemen, would be promoted first to the rank of Chief Trader. A Chief Trader would be in charge of an individual post and was entitled to one share of the profits of the company. Chief Factors sat in council with the Governors and were the heads of districts. They were entitled to two shares of the profits or the losses of the company. The average income of a Chief Trader was £360 and that of a Chief Factor was £720.[4]:690
Although the HBC maintained a monopoly on the fur trade during the early-mid 19th century, there was competition from James Sinclair and Andrew McDermot (Dermott), independent traders in the Red River Colony, who shipped furs by the Red River Trails to Norman Kittson[3]:60–72 a buyer in the United States.
Throughout the 1820s and 1830s the company controlled nearly all trading operations in the Pacific Northwest, based out of the company headquarters at Fort Vancouver on the Columbia River. Although authority over the region was nominally shared by the United States and Britain through the Anglo-American Convention of 1818, company policy, enforced via Chief Factor John McLoughlin of the company's Columbia District, was to actively discourage U.S. settlement of the territory. The company's effective monopoly on trade virtually forbade any settlement in the region. It established Fort Boise in 1834 (in present-day southwestern Idaho) to compete with the American Fort Hall, 483 km (300 miles) to the east. In 1837 it purchased Fort Hall, also along the route of the Oregon Trail, where the outpost director displayed the abandoned wagons of discouraged settlers to those seeking to move west along the trail. The company's stranglehold on the region was broken by the first successful large wagon train to reach Oregon in 1843, led by Marcus Whitman. In the years that followed, thousands of emigrants poured into the Willamette Valley and in 1846 the United States acquired full authority of the most settled areas of the Oregon Country south of the 49th parallel. McLoughlin, who had once turned away would-be settlers as company director, now welcomed them from his general store at Oregon City and was later proclaimed the "Father of Oregon". The company retains no presence today in what is now the United States portion of the Pacific Northwest.
Also during the 1820s and 1830s, HBC trappers were deeply involved in the early exploration and development of Northern California. Company trapping brigades were sent south from Fort Vancouver, along what became known as the Siskiyou Trail into Northern California as far south as the San Francisco Bay Area. These trapping brigades sent into Northern California faced serious risks, and were often the first to explore what was one of the last regions of North America to remain unexplored by Europeans or Americans.
Between 1820 and 1870, HBC issued its own paper money. The notes, denominated in pounds sterling, were printed in London and issued at the York Factory, Fort Garry and the Red River colony.
One major event that lead to the demise of the HBC's monopoly in Rupert's Land was the Guillaume Sayer Trial in 1849. Sayer, a Métis trapper and trader, was accused of the illegal trading of furs and brought to trial by the Court of Assiniboia, which was heavily stacked with either HBC officials or HBC supporters. During the trial, a crowd of armed Métis men led by Louis Riel Sr. gathered outside the courtroom, ready to support their Métis brother peacefully or by force if necessary. Although found guilty of illegal trade by Judge Adam Thom, no fine or punishment was levied — many reports state it was due to the intimidating crowd gathered outside the courthouse. With the cry, "Le commerce est libre! Le commerce est libre!" ("Trade is free! Trade is free!"), the HBC could no longer use the courts to enforce their monopoly on the settlers of Red River.
Another factor was the findings of the Palliser Expedition of 1857 to 1860, led by Captain John Palliser. Although the initial report was unfavourable towards settlement, it sparked a debate which ended the myth being propagated by the Hudson's Bay Company that the Canadian West was unfit for agricultural settlement. In 1863, the International Financial Society became the majority shareholders of the HBC.
In 1870 the trade monopoly was abolished and trade in the region was opened to any entrepreneur. The company relinquished its ownership of Rupert's Land under the Rupert's Land Act 1868 enacted by the Parliament of the United Kingdom.
|
|
This article is written like a personal reflection or essay and may require cleanup. Please help improve it by rewriting it in an encyclopedic style. (February 2009) |
An HBC employee, Samuel Hearne (1745-1792) gives great insight into the role that Aboriginal women had in the fur trade. Through his journals we see the various aspects that Aboriginal women helped European fur traders, and therefore the HBC Company succeed. Any success that HBC employees had while in Rupert’s Land was not solely their doing, but resulted from the help of local First Nations, particularly the Aboriginal women. European men were typically used to a stereotypical view of women but Aboriginal women defied every stereotype.
The women were physically strong which proved valuable when HBC company employees travelled long distances. As Samuel Hearne said in his journal, women could haul as much as two (English) men could and they could not travel very far without them. The Aboriginal women would carry supplies as well as large game that was hunted. They would carry the animal back to the camp where they would make the meat edible and the fur or hide usable. This was very useful to HBC employees because it freed their time to do other tasks to benefit them economically. They were able to save a large sum of money by bringing the Aboriginal women with them on their journeys because they would have had to pay two employees to do the work that Aboriginal women did. A measure of success for any company is its profit, and the HBC profited more from having Aboriginal women with them.
The women were responsible for making and mending the clothing. The process of making leather clothing was long and strenuous but the Aboriginal women were able to make and mend clothing much faster than HBC employees. The most useful article of clothing they made was moccasins because without them the European traders would have had no high footwear and they would not have been able to continue working. If they had to have ships bring shoes from Europe it would have taken much more time and more money. The Aboriginal women helped the HBC succeed by providing them with shoes that were ideal for the environmental region in a timely and cost effective manner.
Aboriginal women were companions for the HBC employees and were often married, sometimes formally and sometimes informally. These marriages came to be known as à la façon du pays, or after the custom of the country. The Aboriginal women later became known as country wives. These country wives had a large part in the fur trade. The women also were provided economic ties to the Aboriginal community. When an Aboriginal woman married a European man she brought her relationships with her. This brought potential clients and friends that could help the HBC employees. Because the Europeans had no ties in the communities, this natural alliance that came with marriage brought in much more revenue for the HBC.
Aboriginal women were also able to resolve many disputes between the Aboriginal communities and Europeans. Aboriginal women acted as mediators between two very different groups, their European husbands and their Aboriginal families. Aboriginal women were aware of traditions and customs that their new husbands were unfamiliar with which proved very valuable in resolving disputes. Had the women not been able to resolve disputes between HBC employees and Aboriginal communities, the HBC would have lost economic ties and potential revenue.
Aboriginal women brought success to the Hudson’s Bay Company. They provided labour, which saved the company money and freed their men up for other tasks. They made and mended clothing providing possibly the most important article of clothing at the time, moccasins. They provided the European employees with economic ties to the community that brought added revenue and they also provided information about Aboriginal traditions and customs that helped resolve disputes between the two groups. The Aboriginal women were an important part of the Hudson’s Bay Company.
One aspect of the company's operations was the Hudson's Bay Company Stores, trading posts that were established across northern Canada. Today, this is the only part of the company operation remaining, in the form of department stores under the name The Bay. The first department store opened in Winnipeg, Manitoba in 1881 (this building is considered the flagship store). Others soon followed. Many Hudson's Bay Company stores were, until quite recently, the only stores in remote towns. More recently, the stores in major downtown locations have been transformed into boutiques.
In 1970, on the 300th birthday of the company, head office functions were transferred from London to Winnipeg, Manitoba, Canada. As the company expanded into the east, head office functions were moved to Toronto, Ontario, Canada.
Today there are four retail divisions: The Bay, Zellers, Home Outfitters, and Fields, after Designer Depot was sold for lagging sales performance. Northern Stores are no longer operated by HBC, but by a corporation organized in 1987 under the name The North West Company. Simpson's department stores which were acquired by Hudson's Bay Company in 1979 were converted to The Bay stores in 1991. In the 1970s and 1980s, HBC operated a chain of catalogue stores under the name Shop-Rite. In these stores, little merchandise was displayed openly: customers made their selections from catalogues, and staff would retrieve the merchandise from storerooms. This form of retailing, now largely disappeared, was referred to as "catalogue showroom".
The legacy of the HBC has been maintained in part by the detailed record-keeping and archiving of material by the Company. Before 1974, the records of the HBC were kept in the London office headquarters. The HBC opened an Archives department to researchers in 1931. In 1974, the Hudson's Bay Company Archives were transferred from London to their Canadian headquarters in Winnipeg and granted public access to the collection the following year. In 1991 the archival records of the company were donated to the Manitoba Archives in Winnipeg, Manitoba.
In 1987, HBC sold off its Canadian fur auction business to Hudson's Bay Fur Sales Canada (this company is now known as North American Fur Auctions). In 1991, the Bay agreed to stop selling fur in response to complaints from people opposed to killing animals for this purpose. However, in 1997, the Bay reopened its fur salons to meet the demand of consumers desiring to buy fur. Animal rights groups such as Freedom for Animals have been campaigning to get the Bay to once again stop selling fur.
In 1994, the HBC donated the Company records to the Province of Manitoba. The appraised value of the records was nearly $60 million. A foundation, funded through the tax savings resulting from the donation, was established to support the operations of the HBCA as a division of the Archives of Manitoba, along with other activities and programs. There are more than two kilometres of documents as well as hundreds of microfilm reels now stored in a special climate-controlled vault in the Manitoba Archives Building.
In December 2003, Maple Leaf Heritage Investments, a Nova Scotia-based company that was created to acquire shares of Hudson's Bay Company, announced that it was considering making an offer to acquire all or some of the common shares of Hudson's Bay Company. Maple Leaf Heritage Investments is a subsidiary of B-Bay Inc., whose CEO and chairman is American businesswoman, Anita Zucker, widow of Jerry Zucker, the head of The InterTech Group Inc., a conglomerate that is the second-largest private firm in the state of South Carolina. Zucker had previously been the head of the Polymer Group that acquired another Canadian institution, the Dominion Textile Company.
On January 26, 2006, HBC's board unanimously agreed to a bid of $15.25 CAD/share from Jerry Zucker, whose original bid was $14.75 CAD/share, ended a prolonged fight between HBC and Zucker, a South Carolina billionaire financier and longtime HBC minority shareholder. In a March 9, 2006 press release, HBC announced that Jerry Zucker would replace George Heller as the new Governor and CEO, to become the first US citizen to lead the company. Zucker's wife, Anita Zucker, was immediately named HBC Governor and HBC Deputy-Governor Rob Johnston named CEO, after the death of her husband from brain cancer (April 14, 2008, CBC Newsworld).
In 2007, the Hudson's Bay Company Archives became part of the United Nations Memory of the World project, under UNESCO. The records covered HBC history from the founding of the company in 1670. The records contained business transactions, medical records, personal journals of officials, inventories, company reports, etc.
On March 2, 2005, the company was announced as the new clothing outfitter for the Canadian Olympic team. The $100 million deal means that The Bay will provide clothing for the 2006, 2008, 2010, and 2012 games. The previous Canadian Olympic wear supplier Roots Canada Ltd. ended its involvement with Canada's Olympic teams in 2004. The company is under criticism for the way that the uniforms look and where they are made. Roots made sure that the clothes were made in Canada using Canadian material, where HBC is producing the clothes in Canada and China.[5]
Today's modern HBC has diversified into joint ventures and other types of business products. HBC has credit card, mortgage, and personal insurance branches. These other products and services are joint partnerships with other corporations, similar to what President's Choice Financial brands are to Loblaw Companies Limited. HBC also has other HBC Rewards corporate partners such as: Imperial Oil/Esso, M&M Meat Shops, Chapters/Indigo Books, Kelsey's/Montana's Restaurants, Thrifty Car Rental, Cineplex Entertainment Theatres, etc. HBC Rewards points can be redeemed in house or into corporate partners' gift cards and certificates. Points can also be converted to Air Miles.
HBC is involved in community and charity activities. The HBC Rewards Community Program help fund raise for community causes. HBC Foundation is a charity agency involved in social issues and service. HBC formerly sponsored the annual HBC Run for Canada, a series of public-participation runs and walks held across the country on Canada Day to raise funds for Canadian athletes. The company, however, discontinued this event as of 2009. [1]
The U.S. firm NRDC Equity Partners, LLC, parent company of American department store chains Lord & Taylor and Fortunoff, announced its purchase of the company on July 16, 2008.[6]
CBC Newsworld did a news story on February 4, 2009, that stated HBC will layoff about 1000 workers to save expenses in the current world economic recession crisis of 2008-2009.
Under the charter forming the Hudson's Bay Company, the company was required to give two elk skins and two black beaver pelts to the English King, then Charles II, or his heirs, whenever they visit an area that was formerly Rupert's Land. The ceremony was first conducted with the Prince of Wales (the future Edward VIII) in 1927, then with King George VI in 1939, and last with his daughter, Queen Elizabeth II in 1959 and 1970. On the last such visit, the pelts were given in the form of two live beavers, which the Queen donated to the Winnipeg Zoo in Assiniboine Park.[7] However, when the Company permanently moved its headquarters to Canada, the Charter was amended to remove the rent obligation.[8] Each of the four "rent ceremonies" took place in or around Winnipeg.
It is, however, a persistent urban legend that the company would lose its charter if it did not give the monarch the rent any time they visit Western Canada, and so, it is alleged, there are furs and blankets stored at a Bay store in each city, with the manager prepared to rush to the airport and present them to the monarch should their plane touch down, even to refuel.
Current members of the board of directors of the Hudson's Bay Company are:[1]
From 1670 to 1970. the HBC Governors were British and based in London, England. After 1970, HBC was a Canadian headquartered company with a Canadian as Governor. Since 2006, the HBC has been led by an American and is now American owned.
|
|
This section does not cite any references or sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (June 2008) |
The Hudson's Bay Company is a parent company to many different retail and online stores, including:
From 2004 until 2008, HBC also owned and operated a small chain of off-price stores called Designer Depot. Similar to the Winners and Home Sense retail format, Designer Depot did not meet sales expectations, and its nine stores were sold.[9]
In 2008, after Zucker's death, the company was sold to NRDC Equity Partners, the private equity firm of Purchase, New York-based National Realty & Development Corporation. In the United States, NRDC Equity Partners previously acquired Lord & Taylor, the oldest department store chain in the U.S., as well as the upscale jewelry and home furnishings retailer Fortunoff, which closed in spring 2009. The Canadian and U.S. holdings are parts of a newly-formed limited partnership, Hudson's Bay Trading Company, as of the fall of 2008.
| Years | Company | Fate |
|---|---|---|
| 1551–1917 | Muscovy Company | taken over by Soviet Union |
| 1602–1800 | Dutch East India Company | went bankrupt |
| 1621–1791 | Dutch West India Company | bought by Dutch government |
| 1672-1752 | Royal African Company | replaced by African Company of Merchants |
| 1600–1858 | Honourable East India Company | dissolved |
| 1711–1850s | The South Sea Company | abolished |
| 1808–1842 | American Fur Company | folded |
| 1779–1821 | North West Company | merged with HBC |
| 1799-1867 | Russian American Company | folded with sale of Russian America to the U.S. |
|
|
| Wikimedia Commons has media related to: Hudson's Bay Company |
|
|||||||||||
|
||||||||||||||||||||
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
| Corporations | |
| Fur Companies | |
| Fur Trade and Trapping |
| Who owns the Hudson's Bay Company? Read answer... | |
| Who were the founders of the hudson's bay company? Read answer... | |
| Who started the Hudson Bay Company? Read answer... |
| What was the Hudsons Bay Company about? | |
| How is Hudson Bay Company significant? | |
| Where is the Hudson Bay Company headquarters? |
Copyrights:
![]() | Britannica Concise Encyclopedia. Britannica Concise Encyclopedia. © 1994-2009 Encyclopædia Britannica, Inc. All rights reserved. Read more | |
![]() | British History. A Dictionary of British History. Copyright © 2001, 2004 by Oxford University Press. All rights reserved. Read more | |
![]() | Photography Encyclopedia. The Oxford Companion to the Photograph. Copyright © 2005 by Oxford University Press. All rights reserved. Read more | |
![]() | US History Encyclopedia. © 2006 through a partnership of Answers Corporation. All rights reserved. Read more | |
![]() | Columbia Encyclopedia. The Columbia Electronic Encyclopedia, Sixth Edition Copyright © 2003, Columbia University Press. Licensed from Columbia University Press. All rights reserved. www.cc.columbia.edu/cu/cup/. Read more | |
![]() | Wikipedia. This article is licensed under the Creative Commons Attribution/Share-Alike License. It uses material from the Wikipedia article "Hudson's Bay Company". Read more |
Mentioned in