ly, but did not speak, and Hilliard answered his own question.

"Why, that it's an export trade from France to England--an export trade
only, mind you. As far as you learned, these people's boat runs the
pit-props to England, but carries nothing back. Isn't that so?"

"They didn't mention return cargoes," Merriman answered, "but
that doesn't mean there aren't any. I did not go into the thing
exhaustively."

"But what could there be? What possible thing could be shipped in bulk
from this country to the middle of a wood near Bordeaux? Something, mind
you, that you, there at the very place, didn't see. Can you think of
anything?"

"Not at the moment. But I don't see what that has to do with it."

"Quite possibly nothing, and yet it's an INTERESTING point."

"Don't see it."

"Well, look here. I've been making inquiries, and I find most of our
pit-props come from Norway and the Baltic. But the ships that bring them
don't go back empty. They carry coal. Now do you see?"

It was becoming evident that Hilliard was talking of something quite
definite, and Merriman's interest increased still further.

"I daresay I'm a frightful ass," he said, "but I'm blessed if I know
what you're driving at."

"Costs," Hilliard returned. "Look at it from the point of view of costs.
Timber in Norway is as plentiful and as cheap to cut as in the Landes,
indeed, possibly cheaper, for there is water there available for power.
But your freight will be much less if you can get a return cargo.
Therefore, a priori, it should be cheaper to bring props from Norway
than from France. Do you follow me so far?"

Merriman nodded.

"If it costs the same amount to cut the props at each place," Hilliard
resumed, "and the Norwegian freight is lower, the Norwegian props must
be cheaper in England. How then do your friends make it pay?"

"Methods more up to date perhaps. Things looked efficient, and that
manager seemed pretty wide-awake."

Hilliard shook his head.

"Perhaps, but I doubt it. I don't think you have much to teach the
Norwegians about the export of timber. Mind you, it may be all right,
but it seems to me a question if the Bordeaux people have a paying
trade."

Merriman was puzzled.

"But it must pay or they wouldn't go on with it. Mr. Coburn said it was
paying well enough."

Hilliard bent forward eagerly.

"Of course he would say so," he cried. "Don't you see that his saying
so is in itself suspicious? Why should he want to tel