Summary
In 1863 the International Financial Society bought controlling interest in the HBC. This signaled a shift in the company's outlook since most of the new shareholders were interested in real-estate speculation and economic development in the West, rather than the fur trade. This sale, in addition to the discovery of gold deposits near Fort Edmonton, greatly undermined the fur trade during the early 1860s.
Implications
The selling of the Hudson Bay Company sealed the fate of the Canadian fur trade and marked the beginning of a shift towards and agrarian economy. A year later, in 1864, the Canadian government announced their plans that the Plains would be capable of sustaining a large agrarian population. Although the gold deposits found near Fort Edmonton were less productive than anticipated, the number of gold seekers doubled the European population on the Plains which further undermined the fur trade.
Date
1863-00-00
Theme(s)