“It means the complete dislocation of our forest organisation,” he went on.  “Here, I’ll tell you something.  We’ve done a very great thing in the past.  And it’s been easy.  Years ago we decided by concentration of all our forest work on a limited area we could cut costs to the lowest.  That way we could jump in on the market cheaper than all the rest.  Our forest limits were the finest in Canada.  We had standing stuff practically inexhaustible, and of a size almost unheard of.  What was the result?  Why, one by one we’ve absorbed competitors at our own price till the Skandinavia stands head and shoulders above the world’s groundwood industry.  That’s all right.  That’s fine,” he went on, after a pause.  “But like most easy trails, you’re liable to keep on ’em longer than is good for you.  We haven’t had to worry a thing up to now.  You see, we’d stifled competition, and we’d paid a steady thirty per cent dividend.  Which left our Board in an unholy state of dope.  I’ve tried to wake ’em.  Oh, yes.  I tried when that guy started up his outfit on Labrador.  The Sachigo outfit.  Then he seemed to fade away, and I couldn’t rouse ’em again.”  He shook his head—­“Nothing doing.  Well, for something like fifteen years those guys of Sachigo have been doing and working; and now, to-day, they’ve jumped into the market with both feet.  I haven’t the full measure of things yet.  But the play’s a big thing.  They’re out for the game we’ve been playing.  Say, they’re combining every old mill we’ve left over.  All the derelicts and moth-bounds.  Their hands are out grabbing all over the country.  Well, that wouldn’t scare me worth a cent, only they’ve never let up in fifteen years, and there’s talk about big British finance getting behind ’em.”

The man broke off.  His serious eyes remained steadily regarding the girl’s interested face.

“You reckon this change is easy,” he went on again.  “I guess it would be easy if these folk hadn’t jumped into the market.  That makes all the difference.  While we’re changing they’re busy.  Their stuff’s coming down in thousands of tons.  And it’s better groundwood than ours.  If we change over we’re going to leave the market short and these folk will get big contracts.  You’re right.  We’ve been working the Shagaunty too long.  But it’s been by three or four seasons.  Not one.  The time’s coming, if it hasn’t already come, when we’ve got to fight these folks and smash ’em; or get right out of business.”

Something of the girl’s joy had passed in face of the man’s statement.

“There’s been talk of these Sachigo folk in the trade,” she said thoughtfully, “but I didn’t know it was as big as you say.  Of course—­”