Try to find the spot where the photographer was standing.
I think Mr Phelan, or at least his pale hat, is visible bottom left here - https://www.flickr.com/photos/powerhouse_museum/2697492048/
And possibly here? It looks like there is a small kiosk - https://www.flickr.com/photos/[email protected]/28162923298/
The OP indicates that George Street North was anywhere AFTER King St. I had always thought it to be after Alfred St, CQ, or was this Lower George Street?