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Canada's Founding Charter Sells for Millions
3 Dec
Summary
- King Charles II granted a 1670 charter to the Hudson's Bay Company.
- The charter provided legal basis for company rule and land sales.
- Wealthy families purchased the historic charter at auction.
A 1670 charter granted by King Charles II, which empowered the Hudson's Bay Company to establish colonies and govern in parts of what is now Canada, has been sold. This foundational document allowed the company to operate as both a corporation and a government, negotiating treaties with Indigenous peoples and later serving as the legal basis for selling vast territories to Canada in 1869, disregarding Indigenous consent.
The historic charter, after residing in Windsor Castle and London headquarters, was moved for safekeeping during World War Two and eventually found a home in Toronto by the 1970s. While many company records went to Manitoba in the 1990s, the charter remained with the firm.
Following the company's bankruptcy and liquidation of its stores last summer, public pressure mounted to keep the valuable corporate asset in the public domain. Wealthy families and corporations, including DKRT Family Corp and Wittington Investments, Ltd, successfully bid on and purchased the charter at auction.
