From the sporting journals of the period a glimpse is obtained of the dealings of Lord Hastings with "the ring," and of the indignation of the magnates of the betting world because of his lordship's disinclination to hedge his "very fine bets." One journal, which professed to be well informed of the contents of his lordship's betting-book, said that the ring would have been well pleased to have given him a sum of £20,000 for his chances of winning the Derby with Lady Elizabeth, on the condition that he would devote the money so obtained to part payment of the arrears of his debts of honour--debts contracted on the turf after his liabilities on Hermit's Derby had been provided for. At the time of the negotiations referred to, the price of Lady Elizabeth in the betting market was 3 to 1, so that it is obvious enough that the ill-starred nobleman would have won a very large stake if the mare had won the Derby. His lordship, it should be stated, had made his bets on Lady Elizabeth through agents, whom the bookmakers, in the event of the horse being victorious, would have been bound to pay in full, whilst they had no guarantee that his lordship would devote the money so got to the payment of his debts, he being at the time due large sums to the men who had betted the long odds against the chance of his horse to his commissioners. This narrative of "the Lady Elizabeth Scandal" has not been penned in a dogmatic spirit. It could have easily, had the writer so desired, been highly coloured. It is perhaps not the worse for being somewhat bald. Sufficient materials have been provided, however, to admit of the reader forming his own judgment on the whole matter; and one feature of the case is evident, and it is from what appears on the surface, the horse (The Earl) should have been eliminated from his Derby engagement months instead of hours before the time appointed for the race.