Part 3 (1/2)

”And what is your great idea?” Merriman asked when they had conversed for a few moments. ”If it's as good as your cigars, I'm on.”

Hilliard moved nervously, as if he found a difficulty in replying.

Merriman could see that he was excited, and his own interest quickened.

”It's about that tale of yours,” Hilliard said at length. ”I've been thinking it over.”

He paused as if in doubt. Merriman felt like Alice when she had heard the mock-turtle's story, but he waited in silence, and presently Hilliard went on.

”You told it with a certain amount of hesitation,” he said. ”You suggested you might be mistaken in thinking there was anything in it.

Now I'm going to make a SUGGESTION with even more hesitation, for it's ten times wilder than yours, and there is simply nothing to back it up.

But here goes all the same.”

His indecision had pa.s.sed now, and he went on fluently and with a certain excitement.

”Here you have a trade with something fishy about it. Perhaps you think that's putting it too strongly; if so, let us say there is something peculiar about it; something, at all events, to call one's attention to it, as being in some way out of the common. And when we do think about it, what's the first thing we discover?”

Hilliard looked inquiringly at his friend. The latter sat listening carefully, 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 s.h.i.+pped 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 s.h.i.+ps 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 a.s.s,” 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.