Note 122 — Chapter XXXIV · 1846-1863.
Reading edition
"I am glad to tell you that since I received your letter of Saturday last, the Hudson's Bay Company has replied to my communication; and has promised to grant land to a Company formed under such auspices as those with whom I placed them in communication. The question now is, what breadth of land they will give, for of course they propose to include the whole length of the line through their territory. A copy of the reply shall be sent to Mr. Baring, and I hope you and he will be able to bring this concession to some practical issue.
"I was quite aware of the willingness of the Company to sell their whole rights for some such sum as £1,500,000. I ascertained the fact two months ago and alluded to it in the House of Lords in my reply to a motion by Lord Donoughmore. I cannot, however, view the proposal in so favourable a light as you do. There would be no immediate or direct return to show for this large outlay, for of course the trade monopoly must cease, and the sale of the land would for some time bring in little or nothing—certainly not enough to pay for the government of the country.
"I do not think Canada can, or if she can, ought to take any large share in such a payment. Some of her politicians would no doubt support the proposal with views of their own—but it would be a serious, and for some time unrenumerative addition to their very embarassing debt. I certainly should not like to sell any portion of the territory to the United States—exchange (if the territory were once acquired) would be a different thing—but that would not help towards the liquidation of the purchase money."—Letter of the Duke of Newcastle, 14th August, 1862.