£t A General History of the Fur Trade* 



clerkship. Shares were transferable only to the concern at 

 large, as no person could be admitted as a partner who had 

 not served his time to the trade. The dormant partner in- 

 deed might dispose of his interest to any one he chose, but 

 if the transaction were not acknowledged by his associates, 

 the purchaser could only be considered as his agent or at- 

 torney. Every share had a vote, and two-thirds formed a 

 majority. This regular and equitable mode of providing 

 for the clerks of the company, excited a spirit of emulation 

 in the discharge of their various duties, and, in fact, made 

 every agent a principal, who perceived his own prosperity 

 to be immediately connected with that of his employers. 

 Indeed, without such a spirit, such a trade could not have 1 

 become s© extended and advantageous, as it has been and 

 now is. 



In 1788, the gross amount of the adventure for the year 

 did not exceed forty thousand pounds,* but by the exertion, 

 enterprise, and industry of the proprietors, it was brought 

 in eleven years to triple that amount and upwards; yielding 

 proportionate profits, and surpassing, in short, any thing 

 known in America. 



Such, therefore, being the prosperous state of the com- 

 pany, it very naturally tempted ^others to interfere with the 

 concern in a manner by no means beneficial to the company, 

 and commonly ruinous to the undertakers. 



In 1798 the concern underwent a new form, the shares 

 were increased to forty-six, new partners being admitted, 

 and others retiring. This period was the termination of 

 the company, which was not renewed by all the parties con- 

 cerned in it, the majority continuing to act upon the old 

 stock, and under the old firm ; the others beginning a new 

 one ; and it now remains to be decided, whether two par- 

 ties, under the same regulations and by the same exertions, 

 though unequal in number, can continue to carry on the 

 business to a successful issue. The contrary opinion has 

 been held, which, if verified, will make it the interest of 

 the parties again to coalesce - 7 for neither is deficient in capi- 

 tal to support their obstinacy in a losing trade, as it is not to 

 be supposed that either will yield ©n any other terms than 

 perpetual participation. 



* This might be properly called the stock of the company, as it included, 

 with the expenditure of the year, the amount of the property unexpended, 

 which had been appropriated for the adventure of that year, and was car- 

 ried on to the account of the following adventure. 



