“A thousand pounds, and a few trifles over—small bills, you know. Then, too, thirty of the boys finish their time next week, and their balances will average ten pounds each. But what is the need of bothering your head with it? Really, you know—”

“What is Berande worth?—right now?”

“Whatever Morgan and Raff are willing to pay for it.” A glance at her hurt expression decided him. “Hughie and I have sunk eight thousand pounds in it, and our time. It is a good property, and worth more than that. But it has three years to run before its returns begin to come in. That is why Hughie and I engaged in trading and recruiting. The Jessie and our stations came very near to paying the running expenses of Berande.”

“And Morgan and Raff offered you what?”

“A thousand pounds clear, after paying all bills.”

“The thieves!” she cried.

“No, they’re good business men, that is all. As they told me, a thing is worth no more than one is willing to pay or to receive.”

“And how much do you need to carry on Berande for three years?” Joan hurried on.

“Two hundred boys at six pounds a year means thirty-six hundred pounds—that’s the main item.”

“My, how cheap labour does mount up! Thirty-six hundred pounds, eighteen thousand dollars, just for a lot of cannibals! Yet the place is good security. You could go down to Sydney and raise the money.”