"And I can't but think that the times we had
Were the best times after all,
As I turn aside with a lonely glass
And drink to the bar-room wall."

I think that the line "And I can't but think that the times we were the best times after all" was Lawson making a U turn, he may have argued with his mates and extolled the benefit of sticking it out in OZ, maybe he was way ahead of his time, the next line was the glass that was lonely not him and saying cheers to the bar room wall is where the bitterness lies, it is a tacit acknowledgement that he was right to stay and the others were wrong and the final lines " So i'll try my luck for a cheque.......etc" is him being pissed off with a) the lack of oz to develop culturally (due possibly to the "talent" shipping out) and b) Angry at the fact that he has to reluctantly join the exodus to recapture his past stimulation, his literary mates and possibly his fortune. There is also a strong possibility that he sees the wealth and respect of people in Oz skewed towards the pioneers of agriculture and mining and cultural expertise pushed well to the rear in public recognition whereas in Europe it was centre stage. discuss!

Well that is how I read it, I think Charley pointed it out but it is there, I think all we (Charley and I )have done is make the song, rather allude to it, drive that sentiment home.