red members.

The Columbia department is bounded on the east by the Rocky Mountains,
and on the west by the Pacific Ocean. An ideal line divides it on the
south from the province of California, in lat. 41 deg. 30'; and it joins
the Russian boundary in lat. 55 deg.. This, although a very extensive
department, does not consist of many districts; New Caledonia is the
principal, situated among the Rocky Mountains, and having several of
its posts established along the banks of the Fraser River, which
disembogues itself into the Gulf of Georgia in nearly 49 deg. lat. and
122 deg. W. long. The next is Colville, on the Columbia River, along with
some isolated posts near the confluence of the same river. The
_forts_, or trading posts, along the north-west coast, have each their
respective commander. The shipping business is conducted by a person
appointed for that purpose, who is styled, _par excellence_, the head
of the "Naval department." The Company have a steamboat and several
sailing vessels, for the purpose chiefly of trading with the natives
along the coast. The primary object, however, is not so much the
trade, as to keep brother Jonathan in check, (whose propensity for
encroaching has of late been "pretty much" exhibited,) and to deter
him from forming any establishments on the coasts; there being a just
apprehension that if once a footing were obtained on the coast, an
equal eagerness might be manifested for extending their locations into
the interior. Strong parties of hunters are also constantly employed
along the southern frontier for the purpose of destroying the
fur-bearing animals in that quarter; the end in view being to secure
the interior from the encroachments of foreign interlopers. The depot
of this department is at Fort Vancouver, on the Columbia River.

The Hudson's Bay Company, as it at present exists, was incorporated in
the winter of 1820-21, a coalition having been then formed with the
North-West Company. Upon this taking place, an Act of Parliament was
obtained which gave them not only the possession of the territory they
had originally held by virtue of their royal charter, but also
investing them with the same rights and privileges conferred by that
charter in and over all the territories that had been settled by the
North-West Company for a term of twenty-one years.

The Governor, Deputy-Governor, and managing Committee, are, properly
speaking, the only capitalists. The stock is divided into one