My strong, and often
urged, advice was, that whoever the medium of purchase might be, Great
Britain should take to the bargain. I showed that at the price named
there could be no risk of loss; and I developed alternative methods of
dealing with the question:--That the fur trade could be separated from
the land and rights, and that a new joint stock company could be
organized to take over the trading posts, the fleet of ships, the stock
of goods, and the other assets, rights, and privileges affecting trade,
and that such a company would probably pay a rental--redeemable over a
term of years, were that needful to meet Mr. Gladstone's notions--of 3
or 3-1/2 per cent, on 800,000_l_., leaving only 700,000_l_.
as the value of a territory bigger than Russia in Europe. Such a
company would have to raise additional capital of its own to modernize
its business, to improve the means of intercourse between its posts,
and to cheapen and expedite the transport to and fro of its
merchandise. I carefully described the nature of these changes and all
that they involved. The Duke seemed to favour this idea. Then I pointed
out that, if desired, a land company could be organized in England,
Canada, and the United States, which, on a similar principle of rental
and redemption, might take over the lands--leaving a reserve of
probably a fourth of the whole as the, unpaid for, property of the
Government--at the price of 700,000_l_.
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