Elizabeth Street from what would become flinders Lane running across the foreground in C.1844.
The sketch was made 1880s, and indicates a wooden bridge over the Yarra which is undocumented, if it ever existed. So it's unclear how accurate a reminiscence this may be.
In just 40 years' time, one of the world's tallest buildings would be standing on the right of image, and watching over one of the fastest growing metropolises on earth, and the land bust would be about to bring it all to a screeching halt