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three Chiefs take the same position: If the new settlers continue to encroach on their lands then the attacks will escalate. Once again, Mangan will make no false promises. He points out that the creation of a formal Dakota Territory will mean that treaties can be made without involving the Government, but on the other hand, more settlers will be attracted. The Chiefs threaten an all out war. Mangan promises to do what he can but urges restraint in the meantime. He jokes that their time is best spent fighting between themselves. When Mangan gets back to Fort Emmet he finds written orders from the Governor for strong reprisals in response to the recent massacre. Mangan tears them up.

37:Montreal. January 1861

The HBC court case starts and after hearing the opening arguments, is immediately adjourned for four months. Jean-Paul learns from a contact in the press that the Judge has asked for guidance from the British Government. Watkins has travelled to the city to meet with Sinclair. The HBC Governor explains that the death of Sir George has created a void at board level that he, Sinclair, hopes to fill. All of the shareholding directors (Sinclair only owns a nominal shareholding) are old men. He feels that most of them will sell their shares if they feel the price is fair. It was only Sir George that had been preventing a takeover. The Board would accept a price based only on HBC’s trading profits, taking into account the limited franchise. If Sinclair and Watson can buy for that price, then they can unlock the hidden value of the trading stations that are to be used for telegraph links and ultimately railroad stations. Watkins points out that with a Civil War now appearing inevitable in America, and with the British economy in trouble, it would not be as easy to fund a takeover as it had been three years ago. He is confident that he could fill any banking gap with private investment, but stresses that it will take time.

38:New York. February 1861

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