notion that he ought to protect his tenants.

"It's sometimes an advantage to have two traders in a place," he
remarked. "A certain amount of competition is healthy."

"I don't know if it would be an advantage to the estate, and imagine you
would not get a tenant to pay what Bell offers," Hayes replied. "Besides,
rival traders sometimes agree to keep up prices, and competition does not
always make things cheap."

"That's one of the ridiculous arguments people who want the Government to
manage everything sometimes use," said Osborn with a scornful gesture.

Hayes smiled, "It is very well known that I am not an advocate of State
ownership. All the same, unnecessary competition would be wasteful in the
dale. For example, if you have two tenants at the station, the farmers
who deal with the new man must use their carts, each coming separately
for the small load a horse can take up Redmire bank, while Bell's
trailer, after bringing down the slate, would go back empty. Then I hear
some talk about a fresh appeal to the council to make the loop road round
the hill."

For a moment or two Osborn did not answer. Redmire bank was an obstacle
to horse traffic, and the road surveyor had plans for easing the gradient
that would necessitate cutting down a wood where Osborn's pheasants found
shelter. He had refused permission, and the matter had been dropped; but,
if the farmers insisted, the council might be forced to use their powers.
He was obstinate, and did not mean to let them have the wood unless he
could get his price.

"You know my opinion about that?" he said.

"Yes," said Hayes; "I imagine it would be prudent not to have the matter
brought up. However, if Bell can send back his lurry full, the economy is
plain. It will enable him to sell his coal and seed at a moderate price
and pay a higher rent."

"That's so," Osborn agreed, and knitted his brows.

He doubted if Bell would give his customers the benefit of the cheaper
haulage, but the advantage of getting a higher rent was obvious. Osborn
knew he was being persuaded to do a shabby thing and hesitated. Money,
however, was needed and must be got.

"Very well," he said, "Mr. Bell can have the lease."

They talked about something else, and when Osborn went fishing after the
others left the wind had dropped, the sun was bright, and the trout would
not rise. He felt rather injured, because he had paid for his attention
to duty, when he joined his wife and daughter at