May 2, 1670 – King Charles II of England grants a permanent charter to the Hudson’s Bay Company, made up of the group of French explorers who opened the lucrative North American fur trade to London merchants. The charter conferred on them not only a trading monopoly but also effective control over the vast region surrounding North America’s Hudson Bay.
Although contested by other English traders and the French in the region, the Hudson’s Bay Company was highly successful in exploiting what would become eastern Canada. During the 18th century, the company gained an advantage over the French in the area but was also strongly criticized in Britain for its repeated failures to find a northwest passage out of Hudson Bay.
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