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Hudson's Bay Company

The Hudson’s Bay Company (HBC), chartered 2 May 1670, is the oldest incorporated joint-stock merchandising company in the English-speaking world. HBC was a fur trading business for most of its history, a past that is entwined with the colonization of British North America and the development of Canada. The company now owns and operates department stores in Canada, the United States, Belgium, the Netherlands and Germany. Originally headquartered in London, England, its head offices are located in Brampton, Ontario. HBC is owned by NRDC Equity Partners, an American private investment firm that purchased the company in 2008. HBC operates the following retailers: Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Saks OFF 5TH, Galeria Kaufhof, Sportarena and Galeria INNO. In 2017, HBC registered $14.3 billion in revenue and held assets valued at $12.2 billion. It is a public company listed on the Toronto Stock Exchange under the symbol HBC.

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Fur Trade in Canada

The fur trade was a vast commercial enterprise across the wild, forested expanse of what is now Canada. It was at its peak for nearly 250 years, from the early 17th to the mid-19th centuries. It was sustained primarily by the trapping of beavers to satisfy the European demand for felt hats. The intensely competitive trade opened the continent to exploration and settlement. It financed missionary work, established social, economic and colonial relationships between Europeans and Indigenous people, and played a formative role in the creation and development of Canada.

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Pro Pelle Cutem

Pro pelle cutem (a Latin phrase meaning “a pelt for a skin”) is the traditional motto of the Hudson’s Bay Company (HBC). It was adopted soon after the company received its charter in 1670 and has remained on the HBC coat of arms, apart from a brief period of rebranding between 2002 and 2013.

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Rupert's Land

Rupert’s Land was a vast territory of northern wilderness. It represented a third of what is now Canada. From 1670 to 1870, it was the exclusive commercial domain of the Hudson’s Bay Company (HBC) and the primary trapping grounds of the fur trade. The territory was named after Prince Rupert, the HBC’s first governor. Three years after Confederation, the Government of Canada acquired Rupert’s Land from the HBC for $1.5-million. It is the largest real estate transaction (by land area) in the country’s history. The purchase of Rupert’s Land transformed Canada geographically. It changed from a modest country in the northeast of the continent into an expansive one that reached across North America. Rupert’s Land was eventually divided among Quebec, Ontario, Manitoba, Saskatchewan, Alberta and the Northwest Territories.

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Canada and NAFTA

The North American Free Trade Agreement (NAFTA) is an economic free trade agreement between Canada, the United States and Mexico. Designed to eliminate all trade and investment barriers between the three countries, the free trade agreement came into force on 1 January 1994. In addition to being one of the most ambitious trade agreements in history, NAFTA also created the world’s largest free trade area. It brought together two wealthy, developed countries (Canada and the United States) with a less developed state (Mexico). The agreement built on the earlier Canada-US Free Trade Agreement (CUSFTA), which came into effect on 1 January 1989. After NAFTA was signed, trade and investment relations between the three countries expanded rapidly, but political co-operation remained weak. NAFTA continued to be controversial, particularly in the United States. In 2017, US President Donald Trump threatened to renegotiate or cancel the deal. After more than a year of negotiations, Canada and the US reached an agreement in principle on 1 October 2018. The renegotiated trilateral agreement was given a new title, the United States-Mexico-Canada Agreement (USMCA).

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Fraser River Gold Rush

In 1858, around 30,000 gold seekers flooded the banks of the Fraser River from Hope to just north of Lillooet in British Columbia’s first significant gold rush. Although it dissipated by the mid-1860s, the Fraser River Gold Rush had a significant impact on the area’s Indigenous peoples and resulted in the Fraser Canyon War. Fears that the massive influx of American miners would lead the United States to annex the non-sovereign British territory known as New Caledonia also resulted in the founding of British Columbia as a colony on 2 August 1858 (see The Fraser River Gold Rush and the Founding of British Columbia). By the mid-1860s, the Fraser Rush collapsed, and British Columbia sank into a recession.

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Reciprocity

Reciprocity was a free trade agreement between the United States and Canada. It mutually reduced import duties and protective tariffs on certain goods exchanged between the two countries. It was in effect from 1854 to 1866 and was controversial at times on both sides of the border. It was replaced in 1878 by the Conservative Party’s protectionist National Policy. It involved levying tariffs on imported goods to shield Canadian manufacturers from American competition. A narrower reciprocity agreement was introduced in 1935 and expanded in 1938. However, it was suspended in 1948 after both countries signed the General Agreement on Tariffs and Trade (GATT).

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Province of Canada (1841-67)

In 1841, Britain united the colonies of Upper and Lower Canada into the Province of Canada. This was in response to the violent rebellions of 1837–38. The Durham Report (1839) recommended the guidelines to create the new colony with the Act of Union. The Province of Canada was made up of Canada West (formerly Upper Canada) and Canada East (formerly Lower Canada). The two regions were governed jointly until the Province was dissolved to make way for Confederation in 1867. Canada West then became Ontario and Canada East became Quebec. The Province of Canada was a 26-year experiment in anglophone-francophone political cooperation. During this time, responsible government came to British North America and expanded trade and commerce brought wealth to the region. Leaders such as Sir John A. Macdonald, Sir George-Étienne Cartier and George Brown emerged and Confederation was born.