My June 4 column for Loonie Politics examined the impending demise of Hudson’s Bay Company, the oldest and largest continuously operating company in North America. (It officially changed its name to Rupert Legacy on Aug. 12.) I wrote at the time that a few things still needed to be sorted out, including a “forthcoming auction of more than 4,400 art pieces and artifacts…run by Heffel Gallery.”

One of those items had real historical significance: HBC’s royal charter.

King Charles II established the founding royal charter on May 2, 1670. The powers that the newly incorporated company received over Rupert’s Land were wide, varied and unprecedented. “We do make ordain, constitute, establish, confirm, and declare, by these Presents, and that by the same Name of Governor and Company of Adventurers of England, trading into Hudson’s Bay,” the royal charter stated, “they shall have perpetual Succession, and that they and their Successors, by the name of the Governor and Company of Adventurers of England, trading into Hudson’s Bay, be, and at all Times hereafter shall be, personable and capable in Law to have, purchase, receive, possess, enjoy and retain, Lands, Rents, Privileges, Liberties, Jurisdictions, Franchises, and Hereditaments, of what Kind, Nature or Quality soever they be, to them and their Successors; and also to give, grant, demise, alien, assign and dispose Lands, Tenements and Hereditaments, and to do and execute all and singular other Things by the same Name that to them shall or may appertain to do.”

Some individuals, including academics and students of history, had expressed their concerns about an auction involving the royal charter. Why? There’s obviously no guarantee the highest bid would come from a Canadian source. If an international bid came out on top, there’s also no guarantee this important document would remain in the Great White North.

The royal charter’s future in Canada appeared to be on a more solid footing as of late, however.

Wittington Investments Ltd. announced on July 30 that it had agreed to purchase the royal charter for $12.5 million and donate it to the Canadian Museum of History in Gatineau, Quebec. Lifestyles Magazine noted that Wittington, the holding company of the Weston family, would also pay an additional $1 million “to support educational initiatives, Indigenous consultation, traveling exhibitions, and public programming designed to encourage national dialogue and historical reflection.”

Here’s what Galen Weston, Jr., chairman of George Weston Limited, said in a statement. “At a time when Canada is navigating profound challenges and seeking renewed unity, it is more important than ever that we hold fast to the symbols and stories that define us as a nation. The royal charter is an important artifact within Canada’s complex history. Our goal is to ensure it is preserved with care, shared with integrity, and made accessible to all Canadians, especially those whose histories are deeply intertwined with its legacy.”

Wittington’s $13.5 million investment would ensure the royal charter became, as Lifestyles Magazine nicely put it, “part of Canada’s public trust – preserved and interpreted not merely as a symbol of commercial empire, but as a document that shaped the course of Canadian history in ways still deeply felt today.”

Alas, not everyone seems to agree with this arrangement.

The Globe and Mail’s editorial board suggested on Aug. 12 that “what should have been an open auction process – and what would have been a chance to generate both cash for creditors and awareness about this country’s history – has instead descended into an unseemly backroom deal.” While the editorial writers acknowledged Wittington’s offer was “substantially” higher than a 2022 appraisal, they wondered “how much higher might the purchase price have risen if other bidders had been allowed to compete?” They also felt it’s “reasonable to conclude that Wittington did not want to see the price rise in a public auction,” which was unfair to the creditors.

“More broadly, the closed-door dealing to sell the charter undermines what could be a stellar moment to make a statement about modern Canada. Much – too much – of the early chapters of Canada’s history were the result of decisions made behind closed doors without reference to anyone else,” the Globe argued. “A court might end up ordering an auction. A far better path would be for the Westons to withdraw their offer and to announce that they look forward to vigorous bidding in a sale this fall. Canada would be the better for it.”

The Globe’s support for a competitive auction to get the best possible price for the royal charter makes perfect sense. It’s the type of free market-oriented thinking and winner-take-all market ideology that used to regularly define this newspaper, although far less so in recent decades.

The question is whether most Canadians want to go that route. One of our country’s wealthiest and most successful families stepped up to purchase the royal charter. Wittington helped ensure the document would never leave our shores. Generations of Canadians, both young and old, would be able to view the document at the Canadian Museum of History and learn more about HBC and its role in the fur trade that helped construct the reputation of our young nation. Most importantly, there would be no need for an auction involving the royal charter.

What will happen? Time will tell. If I had to guess, national pride will likely trump a competitive auction environment.

Michael Taube, a longtime newspaper columnist and political commentator, was a speechwriter for former Canadian prime minister Stephen Harper.