8. Scan the text. The First Russian Joint-stock Commercial Enterprise in America

The Russian-American Company was Russia's first joint-stock commercial enterprise, and came under the direct authority of the Ministry of Commerce of Imperial Russia.

The 20-year charter granted the company monopoly over trade in Russian America, which included the Aleutian Islands, Alaska, and the territory down to 55° North latitude. Under the charter, one-third of all profits were to go to the emperor.

A further edict by the Tzar in 1821, asserted its domain to 43° North latitude but this was quickly challenged by the UK and the USA and was revised to 51° north. The end point in this question was posed after the signing of Russian-US (1824) and Russian-British (1825) agreements on the delimitation of boundaries between the three powers. Those agreements established 54°40' north as the southward limit of Russian interests.

The first permanent settlement was established in 1804 at Novo-Arkhangelsk (today's Sitka, Alaska) by Alexander Baranov, who governed the region between 1790 and 1818. He also organized a thriving maritime trade. In 1812 the company also established Fort Ross in Sonoma County, California, to the north of San Francisco, which became the southernmost outpost of the Russian-American Company, though on Spanish and then later Mexican territory.

The name "Ross" is generally considered to be a shortened version of "Rossiya," the Russia of Tzarist days.

The remains of Fort Ross were partially reconstructed and now there works an open-air museum. Rotchen House is the last remaining original building of Russian colonizers.

Later the company constructed forts in what is today Alaska, Hawaii, and California. The company supported trade relations with China, California, Chile, tried to establish communications with Japan and Mexico. The basic subjects of export were furs, whales, walrus tusks, etc.

Difficulties of the trade relations with Russia through Siberia caused the round-the-world expeditions of Krusenstern and Lisyansky in 1803-1806, which except for transportation of cargoes were engaged in scientific researches to find other routes of export.

The work of the RAC was very successful. The benefits of the Russian-American trade were so significant, that the value of one share grew from 1,000 rubles in 1799 to 3727 rubles in 1800. Not only merchants, but also representatives of aristocracy and even members of the imperial house took part in the affairs of the company. In 1800 the Main Board of the company was transferred to Petersburg. The entity in charge was established in Irkutsk.

In 1818 the Russian government took control of the Russian-American Company from the merchants who held the charter.

But from the 1820s the profits from the fur trade began declining. The explorer and Naval Officer Ferdinand Petrovich von Wrangel, who was the administrator of the Russian government in Russian America, became the first president of the company during the government period. During his ruling the affairs of the Company changed for the worse and it was the beginning of the end in the history of the RAC.

In 1867, the Alaska Purchase Company transferred control of Alaska to the United States and the commercial interests of the Russian American Company were sold to Hutchinson, Kohl & Company of San Francisco, California, who then renamed their company to the Alaska Commercial Company. The company stopped its commercial activities in 1881.