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 instances came under my observation, in which a little combination as regards certain commodities with which the market was insufficiently stocked, might have raised prices very materially and given the merchant a legitimate profit on his scanty stocks. But no! Each was afraid of the other forestalling him, or springing a surprise on him; and, indeed, in some cases, a smart man might have bought goods in Dunedin, and shipping them to Melbourne or Sydney have realized a respectable profit on his transaction. Every merchant I spoke to on this subject deplored the existence of such a spirit, and yet such I suppose are the exigencies of trade, and the keenness of the competition, that no one could afford to take his stand, and hold for a rise. In other words, it seems to me that there is barely sufficient trade in Dunedin to keep all the traders going. The cry of dull trade was no bugbear in Dunedin.

The West Coast connection has always been an important and valuable one for Dunedin. The mining communities on the West Coast prefer to get their supplies from Otago; but they dearly like also to "spoil the Egyptians," in the shape of Dunedin men, whenever they get a chance. The Dunedinites, it would seem, have rather arrogated to themselves the reputation of being preternaturally knowing, and maintain rather a supercilious attitude as regards the intellectual, commercial, or other acumen of outsiders. So it becomes a study with the West Coast speculator "how to do Dunedin," i.e. it is considered no