Take, for instance, the Gulf Line ef steamers, I trading between Sydney and England. 'I liese I ships are the Gulf of Akaba 1,258 tons, Gulf of | Aroand 1,700 tons, Gulf of Corcivado 1,432 | tons, and so forth—sixteen of tliem. all told — | the largest the Gulf of Taranto 2,128 tons, I the smallest the Gulf of Suez 991 tons. I These vessels, of no greater burthen than sioamers belonging to our own Union Company, l are established trailers between Sydney and London, and seemingly their owners are quite satisfied with the results. Were vessels of this olass'employed to do Otago's carrying, there would be no need to vex the Harbor Board, and, this body being called on to do nothing more than maintain the depth now in sight, dues could be lowered at once and our harbor would be freed from the invidious compatisons which growlers delight in making on every pretext. In this connection we may remark that there is every reason to Bupposo that woro an invitation given by our merchants the Gulf Lino would pretty soon come to tho rescue. Then, again, there is the Meesrs BuoknftU Bros. 1 line of vessels, consisting of the Afrikander 1,793 tons, Basuto 1,764 tons, Blomfontein 1,76* tons, Buluwayo 2.319 tonß, Fort Salisbury 2.787 tons, Johannesburg 2,819 tons, Kaffir 1,774 tons, Manica 1,779 tons, Mashona 1, 81 tons, Pondo 1,764 tons. Trans vaal 1,781 tons, and the Zulu 1,78 V tons. Thcso steamers run cargo from England to the Cape, then go in ballast to Sydney, and load at that port, at Melbourne, and at Adelaide for the homeward trip. There is more than a-little difference between these tonnages anil those of New Zealand's direct steamers. The latter are twica as big as even the smaller ones that come to Otago, the Matatua being 3,320 tons. What, then, becomes of the argument that big vessels are indispensable to cheapness ? Do tho smaller ones above referred to run at a loss ? Hardly, one would think, seeing that their trading has passed the experimental stage, and they keep going. Well, then, are they charging higher' rates of freight than tho carrying is worth ? Here, again, a negative may be assumed from the bare facts, and absolutely proved by a few figures which we propose to supply. 