Alexander M'Kay, had accompanied Sir Alexander Mackenzie in both of his expeditions to the northwest coast of America in 1789 and 1793. The other two were Duncan M'Dougal and Donald M'Kenzie. To these were subsequently added Mr. Wilson Price Hunt, of New Jersey. As this gentleman was a native born citizen of the United States, a person of great probity and worth, he was selected by Mr. Astor to be his chief agent, and to represent him in the contemplated establishment.
On the 23d of June, 1810, articles of agreement were entered into between Mr. Astor and those four gentlemen, acting for themselves and for the several persons who had already agreed to become, or should thereafter become, associated under the firm of "The Pacific Fur Company."
According to these articles, Mr. Astor was to be at the head of the company, and to manage its affairs in New York. He was to furnish vessels, goods, provisions, arms, ammunition, and all other requisites for the enterprise at first cost and charges, provided that they did not, at any time, involve an advance of more than four hundred thousand dollars.
The stock of the company was to be divided into a hundred equal shares, with the profits accruing thereon. Fifty shares were to be at the disposition of Mr. Astor, and the other fifty to be divided among the partners and their associates.
Mr. Astor was to have the privilege of introducing other persons into the connection as partners, two of whom, at least, should be conversant with the Indian trade, and none of them entitled to more than three shares.
A general meeting of the company was to be held annually at Columbia River, for the investigation and regulation of its affairs; at which absent members might be represented, and might vote by proxy under certain specified conditions.
The association, if successful, was to continue for twenty years; but the parties had full power to abandon and dissolve it within the first five years, should it be found unprofitable. For this term Mr. Astor covenanted to bear all the loss that might be incurred; after which it was to be borne by all the partners, in proportion to their respective shares.
The parties of the second part were to execute faithfully such duties as might be assigned to them by a majority of the company on the northwest coast, and to repair to such place or places as the majority might direct.
An agent, appointed for the term of five years, was to reside at the principal establishment on the northwest coast, and
