The constitution of the new stand company provided for the application of the profits realised in the following fashion: To begin with a dividend of five per cent. to be paid to the shareholders, but curiously enough, according to the constitution of the company, this dividend fell to be paid before the wages of the stand servants! When the dividend, the check-takers and other servants had been paid, a sum of £500 was then to be allotted for the redemption of five of the shares, selected by ballot out of the total number. Of the money which might be left after that had been done, two-thirds was ordained to be applied to the enrichment of the race fund, and one-third to be divided among the shares, by way of a bonus, so that, in the course of twenty years, the stand would become altogether the property of the racing fund. This, as it may be called, Tontine plan of dealing with the shares of the Ascot Grand Stand proved, in a sense, a little gold mine for the shareholders who were so fortunate as not to be balloted out of the concern, which, from the first, was exceedingly remunerative. In the very first year, the substantial benefit accrued of £700, whilst a bonus of eight and a half per cent. was paid to the shareholders. As in each year the number of participating shares became reduced, the dividend, of course, was correspondingly increased in amount, the final dividend on the last five shares having been the handsome one of £175. It should be stated here, that whilst all the profits of the stand and paddock were absorbed by the company for division in the mode which has been stated, the Master of the Buckhounds drew money from those "betting" on the course, for booths, also for stands for carriages. The sum taken in the first two or three years was moderate enough, but from £300 taken in the first year, it had increased in the third racing season to £1,500, and the money received from these sources of income is annually increasing. About £15,000 were expended a few years ago in improving and adding to the accommodation provided by the grand stand, every department of which is now regulated by the Master of the Buckhounds; and as the renewed lease obtained from the Crown has still over forty years to run, it is probable that additional improvements will be entered upon. The Ascot Meeting is the next great event in the turf world to the Epsom Summer Carnival. How rich and varied the stakes are which are now run on the Royal heath, has been indicated. The various courses are in fine condition; and the attendance at the meeting, which lasts for four days, and with which no racing fixture is allowed to clash, is, in fine weather, enormous; and, although it appears to be impossible to eliminate the welshing element, Ascot is kept tolerably free as yet, notwithstanding its proximity to London, from the rowdy element.