There is no more romantic episode in English history, or in the haphazard building of the Empire, than the story of the "Company of Adventurers of England Trading into Hudson's Bay." To look for the North-west passage while they made profits out of furs, to obtain a charter of sovereignty over the lands which contained all the waters flowing into that bay, and yet to leave those lands unexplored for many, many years- this is a typically British proceeding. They sought the western equivalents of "ivory and apes and peacocks," and they found an empire as a by-product. They created a great tradition, a tradition which is your own to-day, of discipline and endurance round a commercial ideal. They treated the Indians as a source of profit, yet they treated them with justice and with kindliness. They kept one eye on dividends and another on exploration. What race besides our own could be so casual, so far-sighted, so inconsistent and so successful?