The earlier one had a tram as a clue. This one doesn't have a tram, and
seems not to have a tramline.
I am presuming Yarra River, looking north from the south bank. The brick
building has to be a clue; I discarded Melbourne Boys High early.
To plant ideas, I am guessing upstream from where Swan St bridge is yet to
be built, and that grass became the site for the Olympic swimming pool.
The brick building has to be an MCG stadium, but I don't know them in that
era. It seems too close. Although there must be VR six running lines, the
elevation for the 1880s station mustn't have commenced until right of frame.
I am presuming another Henley on Yarra. The print was with a set which is
identifiably 1936-41, but perhaps the postwar pictures used the same camera,
and same commercial contact print maker? That could place this as 1946-49.
When the course was relocated further upstream, Richmond did not have low
banks and grass.

There is also the chance that it is Henley on Maribyrnong, held at Essendon,
but the banks were steeper and terraced.

Roderick B Smith
Rail News Victoria Editor