The following somewhat extraordinary extract from one of the sporting journals of the period indicated will fitly conclude this narration of a rather disagreeable episode of modern horse-racing: "Let it be noted that it is capable of proof that his lordship has not lost money on the turf; that, as a matter of fact, he has absolutely won from most of the bookmakers; that three of his heaviest creditors have assured me they have on the balance paid him large sums of money; and that one gentleman, who paid him last year £24,000, is now out of pocket by his transactions with him to the extent of £4,000, and cannot even get an offer of settlement. Let it be remembered also that this defaulter has from the commencement trifled with, laughed at, and now defies his creditors; that he owes them thousands of pounds, which they have little hope of ever recovering; and that he has every prospect of winning from them, which he will put into his pocket and probably keep there; and the racing world and the general public have some means of arriving at a true conclusion as to the honour of a nobleman, and the prospects, under present laws, of the national sport of England." RACING REFORM: SIR JOSEPH HAWLEY'S AND OTHER SCHEMES. I. Within the last twenty years many schemes of turf reform have been discussed, and it must be admitted that in the matter of the rules of racing several wholesale changes have already been made. Instead of entering upon particulars of what has been accomplished by the Jockey Club, or indulging in speculations as to what that august body is probably meditating in the way of farther racing reform, it may probably turn out that aid has come from an unexpected source, so far, at least, as one phase of reform is concerned. The growth of "gate-money meetings" points to the solution of one vexed question of turf economy, namely, an abatement of several petty meetings which were once a feature of the racing season. Gate-money meetings, it must be admitted, are proving wonderfully successful. The effect of establishing these centres of sport (gate-money meetings) will ultimately limit the seats of racing; indeed, it is now prophesied that, after a few years, racing will no longer, as in past times, be "the free sport of a free people." It is being said that the day is not far distant when Ascot, Goodwood, and Doncaster will remain--if they do remain--the only meetings in part open to the non-paying public. Newmarket may be said to be already moving in the direction of gate-money.