THE ECONOMICS OF THE STATION 231 



years. Here is an example of the terms on which the 

 transaction was effected. In the Salt-Bush country, 

 200 miles from Melbourne, an immigrant family, con- 

 sisting of husband and wife, with two sons, bought a 

 station wdth 10,000 sheep for £10,000. A sum of £3,000 

 was paid down in cash ; the rest was held on mortgage 

 for four years at an interest of 10 per cent. Tanks were 

 placed, and dams built. Within four years the mortgage 

 was paid off ; more vacant country was procured ; and 

 as many as 25,000 sheep, by purchase or increase, then 

 owned. That was an exceptional case, it will be said ; 

 and, as we shall see, things did not go as smoothly with 

 the majority of runholders. 



What was really sold was the stock, whether sheep or 

 cattle, on the station. At most, the permissive " right 

 of station," or " right of grass," was sold. The right of 

 brand, the stock-horses, station-stores, implements, 

 homestead and station-buildings and furniture were 

 given in. Mi-. Brodribb gives a specimen of the terms 

 on which the transference was effected, which, he says, 

 remained constant for forty years. One-third of the 

 purchase-money was paid in cash. The balance was 

 paid in instalments, at intervals of one, two, or three 

 years, by bills payable at a bank, and bearing interest 

 at 10 per cent. And the settler held a mortgage on the 

 property until the last bill was paid. The station was 

 then transferred to the purchaser, provided the trans- 

 action had received the sanction of the Government.* 



The thing sold is variously expressed. Brodribb hab- 

 itually writes of " stations " being sold. Boldrewood- 

 Browne speaks of the " right of run," sometimes of the 

 *' grass right of run," and again of the " right of station." 

 Another Victorian pioneer says that he purchased the 

 live stock of certain station-holders, "with the right to 

 their station." Years later he purchased more stock, 

 " with the right to " the extensive stations of the 

 parties. Another sold " my right to the . . . run." f 



* Brodribb, Recollections, p. 19 

 t Victorian Pioneers, pp. 157-9i 



