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 have been scarped away to make room for villas. Roads have been cut right into the solid rock, chasms have been bridged and gullies filled, terraces and gardens formed somewhat after the similitude of the hanging gardens of Babylon, so far as elevation is concerned; and yet every now and then you come on a bit of the old original bush, right in the heart of an environment of houses and gardens. So that, as you look around, upward and downward, and reflect that all this lavish display of architectural and horticultural adornment has been the work of only some twenty years, and that it has been achieved in face of natural difficulties which force themselves on the attention of the most cursory and unthinking observer, you begin to realize that the Dunedinites must have come of a good stock, and that they do well to be proud of their natural progress.

I do most sincerely hope that the present cloud of commercial depression may speedily lift, and that the wheels of trade may run merrily as of yore.