He no longer follows the long array of his stately herd and bleating flocks, his loaded drays and bearded stockmen, through the free wilderness; no longer regulates and watches their perilous course through the intricate ford of a deep river, or stands upon some solitary hill to reconnoitre the trackless country and select the line along which the motley assemblage is to pass.
He is now an idle unoccupied gentleman, the inhabitant of a boarding-house, with no object in the world before him; but ere long the plans of fresh achievements and speculations are sketched out.

You see a muster of bearded weather-beaten men, carrying short-handled whips.

The Overlander enters the group, a short consultation takes place, and in a day or two more himself and his followers are under weigh for some district where he can purchase stock cheapest and make a good start for another market.
MAGNITUDE OF THEIR OPERATIONS.
The magnitude of the operations of the Overlanders would scarcely be credited; a whole fortune is risked, and in the wilderness: its safety depends upon good guidance; yet far from being intimidated by the thought the adventurers are only stimulated to a greater degree of activity.

The stock of an Overlander is the capital which he has invested in a single speculation; and to give an idea of the amount of this I will show, at a moderate estimate, the value of a herd, the property of an Overlander who arrived in Adelaide in the month of March 1840 from the district of Illawarra, New South Wales.
HORNED CATTLE.
260 Cows, many broken in.
230 Bullocks, 3 1/2 years old and upwards.
190 Steers, 2 1/2 years old and upwards.
39 Steers, 1 1/2 years old and upwards.
70 Heifers, two to three years old.
32 Heifers, one to two years old.
9 Bulls.
5 Calves.
20 Working Bullocks, two shafters.
855 Total head of Horned Cattle.
HORSES.
22 Mares, all in foal, 3 to 5 years old.
5 do., 5 to 8 years old.
7 Fillies, do., 2 to 3 years old.
3 do., rising 3 years, not in foal.
5 do., rising 2 years, not in foal.
10 Saddle and Draught Horses.
5 Colts, rising 4 years old.
1 Colt, rising 3 years old.
1 Colt, rising 2 years old.
1 Blood Stallion.
1 Draught entire Horse.
1 Entire Pony.
62 Total number of Horses.
900 Fat Wethers.
AMOUNT OF STOCK VENTURES.
Now, striking a low average, the value in pounds of this herd of cattle, horses, and sheep, in South Australia, was: Horned Stock 8,550.
Horses 3,720.
Wethers 1,575.
Total: 13,845 pounds.
But between this and an ordinary mercantile risk no parallel can be drawn.

A merchant insures his cargo so that his total loss can but be a small portion of the whole.