se one hundred thousand to
advantage. His first step is to secure a tract of land, and this he
does by getting a grant from the government allowing him to occupy an
area of ground several miles square at a rental of ten or twenty
shillings annually for each square mile. His next step is to secure
location, and to do this he travels a great deal through the interior,
visiting ground that has not been taken up, and exercising his judgment
as to the choice of ground. He must take care to find a place where
there is good grass and good water; he wants a certain amount of timber
on his land, but not too much, and the water holes must be at suitable
distances apart. Many a man has come to grief in the cattle business
owing to his bad selection of a location.

"A man who takes a large area of ground in this way is called a
'squatter.' You can put this down in your notebooks, young men, that a
squatter in Australia is just the reverse of the same individual in
America. In your country, the squatter is a man who lives upon a small
tract of land which he cultivates himself, while here he is a man, as I
said before, who takes a large area of ground for pastoral purposes. The
equivalent of the American squatter is here called a 'selector,' and
between the selectors and the squatters there is a perpetual warfare, as
the selector is allowed by law to select a location for a farm on any
government land, whether occupied by a squatter or not. The selectors
give the squatters a great deal of trouble, and many of us think that
the colonial governments have treated us very badly.

"Well, after getting our ground we proceed to stock it, and with fifty
thousand dollars we can buy about twenty-five hundred head of cattle.
Then we put up our buildings, employ our stockmen, and set to work. If
we have good luck we can pay our expenses, almost from the beginning, by
sending fat cattle to market. For the first five years we sell only fat
cattle; at the end of that time we have doubled our original stock, and
then we begin to sell ordinary cattle as well as fat ones. From that
time on, if no mishap befalls us, we can sell twelve or fifteen thousand
dollars' worth of cattle every year, including all kinds. At this rate
the profits are satisfactory, and in fifteen or twenty years, a man who
has started out with fifty thousand dollars can retire on eight or ten
times that amount."

Harry asked what were the drawbacks to the cattle business; that i