From The Company: The Rise and Fall of the Hudson’s Bay Empire, by Stephen Bown (Doubleday Canada, 2020), Kindle pp. 2-3:
King Charles II had granted his cronies a grandiose charter and monopoly absurd in its scope and geographical misunderstanding—absolute mercantile authority in English law over a territory that encompassed the entire watershed of Hudson Bay, some four million square kilometres of land, over 40 per cent of the later territory of Canada, including all of northern Ontario and Quebec, all of Manitoba, southern Saskatchewan and southern Alberta and a good portion of the states of North Dakota and Minnesota. The region held nearly half the world’s supply of fresh water in a vast lowland of swamps, ponds and lakes, and was home to at least ten million beavers, then extremely valuable for their pelts. The Company was not a colonizing enterprise—nothing in its charter had do with missionaries or conquest—but nor was it a purely business enterprise. While commercial transactions for profit were its primary objective for the first century and a half of its existence, it also had other responsibilities, such as searching for the fabled route to Cathay, “by meanes whereof there may probably arise very great advantage to us and our Kingdome.”
The interior of North America in the 1670s was bewildering and unknown, and it was decades before the Company began to appreciate the political and cultural complexity of its trading monopoly. Word of the Company’s arrival spread quickly, and people began canoeing the rivers to its forts or factories along the Hudson Bay coastline each year. The [Algonquian] Cree who dwelt closest to the Company outposts along the bay, and eventually the [Siouan] Assiniboine and [Athabaskan] Chipewyan, became the brokers of the trade, operating their own jealously guarded monopolies and using the Company as a wholesale distributor, while passing on goods to Indigenous peoples farther inland.
After generations of mutually beneficial trade, knowledge and technology had been shared both ways, and many Company employees, including people of mixed genetic and cultural heritage, had learned the secrets of inland travel and survival. When faced with competition from traders of the North West Company coming west from Montreal in the 1780s, the Company moved inland and competition intensified. For most of its life the Company competed most vigorously for the right to thrive without competition.