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hunters. Not long since, an otter skin equaled ten "beaver," twenty rabbit equaled one "beaver," one marten equaled two and a half "beaver"; and so on down, or up, the scale. ... This, from the Company's point of view. From that of the hunter, a "beaver" in trade (usually represented by a stamped leaden counter), was worth so much in merchandise--a large red handkerchief, or a hunting-knife, or a looking-glass. Two "beaver" would buy an ax, twenty a gun of a certain quality, and so on through the list of necessities. When a hunter brings in his bales of fur, he takes them to the warehouse, where they are assorted and appraised by the chief trader, after much haggling. When the value is determined, the trader pushes over the counter as many "beaver" (lead pellets), as the furs are worth. The hunter takes these to the store, and, after much travail and advice, exchanges them for winter supplies and gewgaws that strike his fancy. In this primitive way is wrought the gigantic trade that covers woman with fur, from queens with their ermine to the shop-girl with her scraggly muskrat or rabbit. As the talk went on around him, McTavish recognized the old story of the free-traders, men who hunted and trapped without any definite allegiance to one company or another, and disposed of their catch to the best advantage. As he had known all his life, the "barrens" about Hudson Bay remained the only country that had successfully kept the independents at bay. There had been other attempts at intrusion, many of them; but none so well organized or determined in spirit as this present one. The old, inbred loyalty to the Company told him that free-traders must be got out of the way. As far as he was concerned, he hoped action would come quickly--he did not wish too much time by himself to think. Finally, Timmins yawned, and suggested that they turn in. But McTavish was restless. He slipped on his snowshoes, declared he would be back shortly, and left the tent. The nervous reaction of all the excitement of the last day was in him, and he felt that he needed the physical battling and buffeting of the storm to calm the throbbing of his brain and settle him for the night. Drawing his _capote_ close around his face, he bent to the blast, and shuffled along. Suddenly, he felt the nearness of a presence, and raised his head, just in time to prevent going full into the wall of a log cabin. He recoiled with a muttered curse, for there wa
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