I have the honor to transmit herewith, a copy of a letter
               recently addressed by His Excellency 
James Douglas the Governor
               of 
British Columbia to the Secretary of this Company, from which
               it appears that 
M Douglas has addressed a letter to your
               Grace by which he tenders to the Government the power of purchasing
               his retired interest in the 
Hudson's Bay Company for a specific sum.
               
               It has occurred to the Board of Directors of this Company
               that Her Majesty's Government may consider it 
contrary
contrary to their
               usual practice to become the purchasers of the interests of a
               private individual in any Commercial undertaking and that
               therefore 
Governor Douglas's proposition would probably not
               be received with favour. Under this impression, and with a view of
               relieving Her Majesty's Government of an embarrassing question
               and testifying how highly the Company appreciate the long and
               faithful services of 
Governor Douglas and at the same time, of
               enabling him to retain the dignity which Her Majesty's Government
               had conferred upon him, the Board have determined to make a
               special exception in this case, and in the event of Her
               Majesty's Government declining the 
proposition
proposition, to become
               themselves the purchasers of 
Governor Douglas's retired
               interest at the price which he himself has put upon it.
               
               They have accordingly lost no time in communicating to
               
Governor Douglas this determination, and they trust that its
               effect will be to remove all further difficulties with respect
               to the definitive acceptance by 
M Douglas of the high
               office to which he has been nominated.