"We can afford to pay more than we do. London will still take it from us at a profit," rejoined the merchant who had first spoken.

"Aye, sirs," urged the governor; "but do you not see that presently, if things go on as they do, the French may increase their price again slowly, a few sous at a time, until they are frankly overbidding you?"

"We will chance that," spoke up several men.

"Trade is trade," cried another. "It goes where the money is."

"Aye, we have no fear," clamored others.

"And let us suppose," resumed the governor, "that the French permit you to draw supplies of furs through them. I can conceive they might do so if it netted them the prices they desire. Does that mean that you will always be safe in expecting to have your wants so filled!"

"To be sure," answered three or four men at once.

"I differ with you," replied Master Burnet. "The fur-trade is not only a means to earn profits. 'Tis a most important stake in securing military success. The nation which controls the fur-trade, my masters, will have the interest of the larger numbers of savages. The nation which owns the support of the most Indian tribes will be the nation superior in extending its territories in time of peace and superior in battle in time of war."

"It ill becomes a plain merchant to take issue with your Excellency," remarked the hard-featured merchant. "And 'tis like to go against me if I do——"

"Speak with entire freedom, sir," interrupted Master Burnet.