But I don't. It
is quite absurd to suggest the Coburns are engaged in anything illegal,
and if you grant that your whole case falls to the ground."

Hilliard saw that for the moment at all events he could get no more. He
therefore dropped the subject and they conversed on other topics until
it was time to go ashore.

Lunch with their new acquaintances passed pleasantly, and after it the
two friends went with Mr. Coburn to see over the works. Hilliard
thought it better to explain that they had seen something of them on the
previous day, but notwithstanding this assurance Mr. Coburn insisted
on their going over the whole place again. He showed them everything
in detail, and when the inspection was complete both men felt more than
ever convinced that the business was genuine, and that nothing was being
carried on other than the ostensible trade. Mr. Coburn, also, gave them
his views on the enterprise, and these seemed so eminently reasonable
and natural that Hilliard's suspicions once more became dulled, and he
began to wonder if their host's peculiar manner could not have been due
to some cause other than that he had imagined.

"There is not so much money in the pit-props as I had hoped," Mr. Coburn
explained. "When we started here the Baltic trade, which was, of course,
the big trade before the war, had not revived. Now we find the Baltic
competition growing keener, and our margin of profit is dwindling.
We are handicapped also by having only a one-way traffic. Most of the
Baltic firms exporting pit-props have an import trade in coal as well.
This gives them double freights and pulls down their overhead costs. But
it wouldn't pay us to follow their example. If we ran coal it could only
be to Bordeaux, and that would take up more of our boat's time than it
would be worth."

Hilliard nodded and Mr. Coburn went on:

"On the other hand, we are doing better in what I may call 'sideshows.'
We're getting quite a good price for our fire-wood, and selling more
and more of it. Three large firms in Bordeaux have put in wood-burning
fireboxes and nothing else, and two others are thinking of following
suit. Then I am considering two developments; in fact, I have decided on
the first. We are going to put in an air compressor in our engine-room,
and use pneumatic tools in the forest for felling and lopping. I
estimate that will save us six men. Then I think there would be a market
for pine paving blocks for streets. I haven't gone