of 1810, between those gentlemen and Mr. Astor, establishing the firm of the Pacific Fur Company, as already noticed; to which firm five other partners, namely, Messrs. Hunt, Crooks, Miller, M'Lellan, and Clarke, were soon afterwards added.[1] The association was not a joint-stock concern; Mr. Astor alone furnished the capital, amounting to 200,000 dollars, divided into 100 shares of 2000 dollars each, with power to increase the capital to 500,000 dollars.
The association was formed for a period of twenty [8] years, but with this proviso, that it was to be dissolved if it proved either unprofitable or impracticable, after a trial of five years; during which trial, however, Mr. Astor, as stock-holder, was alone to bear all expenses and losses, the other partners giving only their time and labour. Of the above shares, Mr. Astor held fifty in his own hands; Mr. Hunt, as his representative and chief manager of the business, five; while the other partners, who were to carry on the trade with the Indians, were to have four each, in the event of the business succeeding. The remaining shares were reserved for the clerks, who joined the concern as adventurers, without any other remuneration than their chances of success at the end of the five years' trial. The only exceptions were Mr. Robert Stuart and myself, who were to have our promotion at the end of the third year. From the proportion of interest, or number of shares in the hands of the stockholder and his representative, it will appear evident that the other partners, however unanimous they might be, could never have gained a majority of votes in any case over those which might have been by proxy appointed to represent Astor.
At the head depôt, or general rendezvous, was to be
- ↑ Relative to Hunt, Crooks, McClellan, and Miller, see Bradbury's Travels, volume v of our series, notes 2, 3, 72; for Clarke, see Franchère, note 81.—Ed.
