“Well, look here. I’ve been making inquiries, and I find most of our pit-props come from Norway and the Baltic. But the ships that bring them don’t go back empty. They carry coal. Now do you see?”
It was becoming evident that Hilliard was talking of something quite definite, and Merriman’s interest increased still further.
“I daresay I’m a frightful ass,” he said, “but I’m blessed if I know what you’re driving at.”
“Costs,” Hilliard returned. “Look at it from the point of view of costs. Timber in Norway is as plentiful and as cheap to cut as in the Landes, indeed, possibly cheaper, for there is water there available for power. But your freight will be much less if you can get a return cargo. Therefore, a priori, it should be cheaper to bring props from Norway than from France. Do you follow me so far?”
Merriman nodded.
“If it costs the same amount to cut the props at each place,” Hilliard resumed, “and the Norwegian freight is lower, the Norwegian props must be cheaper in England. How then do your friends make it pay?”
“Methods more up to date perhaps. Things looked efficient, and that manager seemed pretty wide-awake.”
Hilliard shook his head.
“Perhaps, but I doubt it. I don’t think you have much to teach the Norwegians about the export of timber. Mind you, it may be all right, but it seems to me a question if the Bordeaux people have a paying trade.”
Merriman was puzzled.