Voyageurs
Europeans mainly traded alongside the coast of North America with Native Americans. The early fur trade with Native Americans, which developed alongside the coasts of North America, was not limited to the beaver. Beavers were not particularly valued and people preferred "fancy fur" or "fur that is used with or on the pelt. The fur trade was viewed as secondary to fishing during this era.
The earliest North American fur trading did not include long distance transportation of the furs after they were obtained by trade with the First Nations; it started with trading near settlements or along the coast or waterways accessible by ship. Soon, coureurs des bois achieved business advantages by travelling deeper into the wilderness and trading there. By 1681, the King of France decided to control the traders by publishing an edict that banned fur and pelt trading in New France.
Cape Wolstenholme
In 1909, the Hudson's Bay Company established a trading post called Wolstenholme in Erik Cove (), a small bay just east of the cape. Its first factor was Ralph Parsons who was to develop the Arctic fox fur trade by establishing new relationships with the Inuit, who already hunted the fox. No Inuit visited or traded at the post for 2 years but eventually it turned profitable and operated until 1947. Remnants of the post can still be found here.