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"The Governor and Company of Adventurers of England Trading into Hudson's Bay", later known as the Hudson's Bay Company, was founded in May 1670 with a royal charter from Charles II. The charter allowed the company a monopoly over trade, particularly in furs, in the region watered by all rivers and streams flowing into Hudson Bay [now in Canada]. The area was named Rupert's Land after Prince Rupert of the Rhine who had provided financial backing for the initial explorations which found Hudson Bay. Prince Rupert became the first director of the Company.
Headquarters were established at Fort Nelson on the Nelson River, while other posts were constructed around the edge of the Bay, including Fort Albany in 1670. Fort Albany was captured by the French in 1686 but reclaimed by the English in 1693.