In 1670, the Hudson's Bay Company (HBC) was formed from a royal charter, and was granted a commercial monopoly over Rupert's Land. Present day Northwest Territories laid northwest of Rupert's Land, known as the North-Western Territory. Although not formally part of Rupert's Land, the HBC made regular use of the region as a part of its trading area. The Treaty of Utrecht saw the British became the only European power with practical access to the North-Western Territory, with the French surrendering its claim to the Hudson Bay coast.