The Canada Company which was created by John Galt, was established in late 1824, and incorporated by the British Parliament on July 27, 1825. The purpose of the Company was to obtain land in Upper Canada and to promote the sale of such land to prospective settlers. In 1826 the Company purchased 2.5 million acres (1 million hectares) from the government for $295 000. Approximately half of the land lay within the Huron Tract and the rest of the land consisted of scattered crown reserves. The company was dissolved on December 18, 1953.
1976