"No," MacRae disagreed. "I think it is to my interest to pay the fishermen top prices, so long as I make a profit on the deal. I don't want the earth—only a moderate share of it."

"Twenty per cent. on Folly Bay prices is too uncertain a basis." Robbin-Steele changed his tactics. "We can send our own carriers there to buy at far less cost."

MacRae smiled.

"You can send your carriers," he drawled, "but I doubt if you would get many fish. I don't think you quite grasp the Squitty situation."

"Yes, I think I do," Robbin-Steele returned. "Gower had things pretty much his own way until you cut in on his grounds. You have undoubtedly secured quite an advantage in a peculiar manner, and possibly you feel secure against competition. But your hold is not so strong as Gower's once was. Let me tell you, your hold on that business can be broken, my young friend."

"Undoubtedly," MacRae readily admitted. "But there is a world-wide demand for canned salmon, and I have not suffered for a market—even when influence was used last season to close the home market against me, on Folly Bay's behalf. And I am quite sure, from what I have seen and heard, that many of the big British Columbia packers like yourself are so afraid the labor situation will get out of hand that they would shut down their plants rather than pay fishermen what they could afford to pay if they would be content with a reasonable profit. So I am not at all afraid of you seducing the Squitty trollers with high prices."

"You are laboring under the common error about cannery profits," Robbin-Steele declared pointedly. "Considering the capital invested, the total of the pack, the risk and uncertainty of the business, our returns are not excessive."

MacRae smiled amusedly.

"That all depends on what you regard as excessive. But there is nothing to be gained by an argument on that subject. Canning salmon is a highly profitable business, but it would not be the gold mine it has been if canneries hadn't been fostered at the expense of the men who actually catch the fish, if the government hadn't bestowed upon cannery men the gift of a strangle hold on the salmon grounds, and license privileges that gave them absolute control. I haven't any quarrel with cannery men for making money. You only amuse me when you speak of doubtful returns. I wish I could have your cinch for a season or two."

"You shouldn't have any quarrel with us. You started with nothing and made twenty thousand dollars in a single season," Robbin-Steele reminded.