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148 VANE OF THE TIMBERLANDS a very rough trail, but the physical effort had not afforded a sufficient outlet for his pent-up energies. He had afterward lounged about the city for nearly a week, and he found this becoming monotonous.

Nairn presently referred to one of the papers in his hand.

"Horsfield has been bringing up that smelter project again, and there's something to be said in favor of his views," he remarked. "We're paying a good deal for reduction."

"We couldn't keep a smelter going, at present," Vane objected.

"There are two or three low-grade mineral properties in the neighborhood of the Clermont that have had very little development work done on them. They can't pay freight on their raw product, but I'm thinking that we'd encourage their owners to open up the mines, and we'd get their business, if we had a smelter handy."

"It wouldn't amount to much," Vane replied. "Besides, there's another objection—we haven't the money to put up a thoroughly efficient plant."

"Horsfield's ready to find part of it and to do the work."

"I know he is." Vane frowned. "It strikes me he's suspiciously anxious. The arrangement he has in view would give him a pretty strong hold upon the company; and there are ways in which he could squeeze us."

"It's possible. But, looking at it as a purely personal matter, there are inducements he could offer ye. Horsfield's a man who has the handling of other