They sipped their sherries and waited until Roger had deposited the file and left. Stratford opened it and delicately turned the pages. ‘Initial loan amount of three hundred pounds. Offered up a property five miles north of a place called Bunyong Creek as collateral, as well as a few horses. Money was to be used to establish a herd of cattle, breeding bulls and cows from the sale yards in Geelong. Also for supplies and building materials to improve the said property.’ He turned to another sheet of paper. ‘Payments made are all regular and on time. Coinciding with the sale of cattle at various yards around Melbourne and Geelong. The principal has been knocked down by a third already. An amount of two hundred and five pounds, four shillings and sixpence outstanding, not taking into account interest, of course.’ He looked up at Pelham. ‘Would that all the bank’s debtors were like this fellow O’Rourke.’

Pelham placed his glass on a side table. ‘Alas, dear Richard, he is no more. All that is left behind are two young boys. I doubt they will be able to meet the repayments.’

‘Then the bank will have no option but to foreclose and seize the property.’

‘Yes, one more property to add to the bank’s portfolio,’ Pelham said. ‘This one is so far back in the ranges it will be of little interest to any serious investor. New settlers won’t want to pay over two hundred pounds for a partly-established property. Not when the governor is making land available for next to nothing.’

‘I can see why you made the trip down here, Henry. Thank you for advising me of the situation.’

‘I came to do more than advise you, Richard. I came to null the bank’s loss.’

Stratford looked at him across the desk, his eyes narrowed. ‘But how?’

Pelham smiled. ‘The property borders my own and may be of some use to me. There is a spring there of sorts, a source of permanent water. If I can develop it, it may negate the need for me to keep herding my cattle down to the river each summer.’

‘You want to buy this property after we foreclose? Is that it, Henry?’

Pelham waved a hand dismissively. ‘Foreclosure is such a drawn-out and tedious process, Richard. I am proposing to buy out the debt owed by this O’Rourke fellow. The eldest boy is nineteen. The law dictates that I must offer him the chance to pay out his father’s debt. If he fails, then I shall seize the property as my own. He gets his chance to carry on with the family property. If he succeeds, I get my money back. If he fails, I get a permanent water source in the mountains. Either way, the bank negates its loss.’

Stratford stood and moved towards the door. ‘I shall have Roger draw up the necessary documents while we partake of another sherry.’