The New Student's Reference Work/Hudson Bay Company
Hud'son Bay Company, a corporation formed in 1670 by Prince Rupert and 17 other noblemen for the purpose of importing furs and skins into Great Britain. The company was given the ownership of the entire region draining into Hudson Bay. In 1869, shortly after Canadian federation, the Company ceded all its rights to Britain, receiving $1,500,000 indemnity from the Dominion of Canada and reserving all its forts, 50,000 acres and one twentieth of all lands between Red River and the Rocky Mountains. See Bryce's Remarkable History of the Hudson Bay Company.