Among the developments that affected the fur trade during this period were innovations in transportation and communication; increased government involvement in business, conservation, and native economic welfare; and the effects of two severe depressions (1873-95 and 1929-38) and two world wars.

The Hudson's Bay Company, confronting the first of these changes as early as 1871, embarked on a diversification program that was intended to capitalize on new economic opportunities in land development, retailing, and resource ventures. Meanwhile it continued to participate in its traditional sphere of operations. But the company's directors had difficulty keeping pace with the rapid changes that were taking place in the fur trade, and the company began to lose ground.

Ray's study is the first to make extensive use of the Hudson's Bay Company archives dealing with the period between 1870 and 1945. These and other documents reveal a great deal about the decline of the company, and thus about a key element in the history of the modern Canadian fur trade.