In forming an estimate of the value of the racing stock of the period, the price paid for the yearlings which change hands at the public sales must first of all be noted. In 1889, according to "Ruff," 851 of these baby horses were purchased at prices varying from 4,000 gs. to 8 gs. During the last twenty years large numbers of yearlings have changed hands at big prices, one, two, and three thousand guineas being often paid in the course of a sale for animals that purchasers fancy, colts or fillies, that look as if they would, when properly trained, "make race-horses," and probably in time reward their owners by winning a few of the great prizes of the turf. Other horses, mature animals, ready-made racers, that is to say, or those suited for breeding, occasionally fetch very high prices; but it is possible for illustrative purposes to strike an average as between those which sell for thousands and those which only bring tens. It should not be an over estimate to fix upon a sum of £300 each as being the value of the 10,000 animals of all ages, from colts to matrons of mature years, which would represent a total sum of £3,000,000, the interest on which, calculated at the rate of five per cent., would amount to £150,000 per annum. There then comes the question of the annual expenditure incurred in keeping up the various racing studs of the country. The board and lodging of a race-horse varies, according to the stable in which he is kept and the status of the trainer, from two pounds or two guineas a week to a half more than that. Of horses told off for breeding purposes, no note need be taken, as breeding is a business that is at least self-supporting, and sometimes, as in the case of Hermit, immensely profitable; nor shall foals be considered. It will be about correct to consider half of the 10,000 as being in racing trim, horses ranging from two years of age to six, and 5,000 at £156 per annum for board and lodging--including various extras, in some of the stables--represents a total sum of £780,000. In addition to the amount paid for board and lodging, the expenses attendant on the entering of a race-horse for the different events in which its owner may desire to see it run, are very heavy. These vary exceedingly. Some proprietors are in the habit of entering their animals in from half-a-dozen to twenty races, the forfeits in which for non-runners range from perhaps five to twenty-five pounds. It is not an easy matter to fix upon a figure that may be taken fairly as representative of these forfeits; but if ten pounds per horse be fixed upon for the whole 5,000, it will be much within, certainly not over the mark. A sum of £50,000 would thus be added to the account of outlays.