"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