terprise--were not, he now saw, really suspicious at
all. Mr. Coburn's remark met the first of these points, and showed that
he was perfectly alive to the handicap of a oneway traffic. The matter
had not been material when the industry was started, but now, owing
to the recovery of the Baltic trade after the war, it was becoming
important, and the manager evidently realized that it might easily grow
sufficiently to kill the pit-prop trade altogether. And the locality
question was even simpler. The syndicate had chosen the pine forests of
the Landes for their operations because they wanted timber close to the
sea. On the top of these considerations came the lack of secrecy about
the ship. It could only mean that there really was nothing aboard to
conceal.

On reaching the wharf all four crossed the gangway to the deck of the
Girondin. At close quarters she seemed quite a big boat. In the bows was
a small forecastle, containing quarters for the crew of five men as well
as the oil tanks and certain stores. Then amidships was a long expanse
of holds, while aft were the officers' cabins and tiny mess-room,
galley, navigating bridge, and last, but not least, the engine-room with
its set of Diesel engines. She seemed throughout a well-appointed
boat, no money having apparently been spared to make her efficient and
comfortable.

"She carries between six and seven thousand props every trip," Mr.
Coburn told them, "that is, without any deck cargo. I dare say in summer
we could put ten thousand on her if we tried, but she is rather shallow
in the draught for it, and we don't care to run any risks. Hallo,
captain! Back again?" he broke off, as a man in a blue pilot cloth coat
and a peaked cap emerged from below.

The newcomer was powerfully built and would have been tall, but for
rather rounded shoulders and a stoop. He was clean shaven, with a
heavy jaw and thin lips which were compressed into a narrow line. His
expression was vindictive as well as somewhat crafty, and he looked a
man who would not be turned from his purpose by nice points of morality
or conscience.

Though Hilliard instinctively noted these details, they did not
particularly excite his interest. But his interest was nevertheless
keenly aroused. For he saw the man, as his gaze fell on himself and
Merriman, give a sudden start, and then flash a quick, questioning
glance at Mr. Coburn. The action was momentary, but it was enough to
bring back with a rush all Hi