panics reached an agreement for union. The North-West Company transferred all its property to the older company, and its partners became members of the latter. An Act was passed by the British parliament in 1821 by which all the rights and privileges of the two old companies were conferred upon the new company, which continued to be known as the Hudson's Bay Company. All territory east and west of the Rocky Mountains not included in the old charter was now conferred upon the new company, together with an exclusive right to trade therein for twenty-one years. In 1838 this exclusive trade license was continued for a further period of twenty-one years, i.e., to 1859.
International Boundaries.—Toward the Pacific, New Caledonia was claimed by three great powers—Great Britain, the United States and Russia. By the London Convention of 1818, the boundary line between the United States and British territory was fixed along the forty-ninth parallel of north latitude from the Lake of the Woods to the Rocky Mountains. Beyond that range the line was not then settled, but it was agreed that the Pacific coast region should be "free and open" to the subjects of both powers for a period of ten years, a term which was afterwards extended indefinitely. All this was to he without prejudice to the claims of either party to any part of the region. For years the negotiations went on, finally resulting in the Oregon Treaty of 1846, by which the line along the forty-ninth parallel was continued to the Pacific.
In 1825 Great Britain and Russia settled the line of demarcation between their respective territories on the Pacific coast of North America. Shortly described, the line was to commence at the southern point of Prince of Wales Island ; thence along Portland Channel to a point on the mainland (the fifty-sixth parallel of north latitude) ; thence along the summits of the mountain range, which here runs close to the coast, to the intersection of the fifty-sixth parallel with the one hundred and forty-first degree of west longitude ; thence along this latter to the Arctic Ocean. Where the mountain range should be found to be more than ten miles from the sea, the line was to follow the curves of the coast. In 1867 the United States purchased Alaska, as the Russian territory was named, from the Russian government. Out of her claims under this purchase have arisen the Behring Sea dispute