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 tell