The generous monarch gave the Company "the whole trade of all those seas, streights, and bays, rivers, lakes, creeks, and sounds, in whatsoever latitude they shall be, that lie within the entrance of the streights commonly called Hudson's Streights, together with all the lands, countries, and territories upon the coasts and confines of the seas, streights, bays, lakes, rivers, creeks, and sounds aforesaid, which are not now actually possessed by any of our subjects, or by the subjects of any other Christian prince or State."
The wonderful water system by which this great claim was extended over so vast a portion of the American continent has been often described. The streams running from near the shore of Lake Superior find their way by Rainy Lake, Lake of the Woods, and Lake Winnipeg, then by the River Nelson, to Hudson Bay. Into Lake Winnipeg, which acts as a collecting basin for the interior, also run the Red River and mighty Saskatchewan, the latter in some ways rivalling the Mississippi, and springing from the very heart of the Rocky Mountains. The territory thus drained was all legitimately covered by the language of the Charter. The tenacious hold of its vast domain enabled the Company to secure in later years leases of territory lying beyond it on the Arctic and Pacific slopes. In the grant thus given perhaps the most troublesome feature was the exclusion, even from the territory granted, of the portion "possessed by the subjects of any other Christian prince or State." We shall see afterwards that within less than twenty years claims were made by the French of a portion of the country on the south side of the Bay; and also a most strenuous contention was put forth at a later date for the French explorers, as having first entered in the territory lying in the basin of the Red and Saskatchewan Rivers. This claim, indeed, was advanced less than fifty years ago by Canada as the possessor of the rights once maintained by French Canada.
The grant in general included the trade of the country, but is made more specific in one of the articles of the Charter, in that "the fisheries within Hudson's Streights, the minerals, including gold, silver, gems, and precious stones, shall be possessed by the Company." It is interesting to note that the country thus vaguely described is recognized as one of the English "Plantations or Colonies in America," and is called, in compliment to the popular Prince, "Rupert's Land."