Step 1: Magnetic field on axial line.
The magnetic field due to a short bar magnet on its axial line is given by
\[
B_{\text{axial}} = \frac{2\mu_0 m}{4\pi r^3}
\]
This value is maximum for a given distance \( r \).
Step 2: Magnetic field on equatorial line.
On the equatorial line, the magnetic field is
\[
B_{\text{equatorial}} = \frac{\mu_0 m}{4\pi r^3}
\]
which is half of the axial field.
Step 3: Movement along circular path.
As we move from the axial line towards the equatorial line along a circular path of fixed radius \( r \), the magnetic field continuously decreases from its axial value to its equatorial value.
Step 4: Conclusion.
Therefore, the magnetic field goes on decreasing.