The travelling expenses of trainers and stable attendants when in charge of horses, and the fees paid to the boys who ride them, form an important item in the cost of a racing stud. Many horses in the course of a season will be taken to eight or ten meetings, some of which are situated a few hundred miles from the training quarters of the horses. The only mode by which an illustrative sum can be arrived at, is by adopting an average; some horses will cost over a hundred pounds a year for railway travelling and other expenses, including the fees paid to the jockeys who ride them in their races, and if a sum of £25 per annum be placed against each of the 5,000 horses assumed to be taking, at present, an active part in the sport of kings, in name of travelling and miscellaneous expenses, it gives a total of £125,000. A recapitulation of these figures gives the following result: Interest on capital sunk in race-horses £150,000 Cost of keeping horses 780,000 Amounts paid in entries and forfeits 50,000 Travelling and other expenses 125,000 ---------- Making a grand total of £1,105,000 It becomes apparent, then, that the sum of £1,105,000 ought to be obtained every year in stakes, to recoup gentlemen and others engaged in the pastime of horse-racing for the outlays they make. But no such sum has ever been realised, and, in consequence, gambling has to be resorted to to provide the difference; hence that extensive betting, which is the most remarkable feature of the turf. The preceding figures are given with the view of illustrating the proposition that horse-racing, except in rare cases, cannot be made to pay. It happens every season, that one or two owners are so fortunate as to win from £10,000 to £20,000 in stakes--they may even experience a run of good fortune during three or four consecutive years, and, after all, the game may not have paid them, or done more than make ends meet. No matter the good fortune that may attend individuals, it is, as has been demonstrated, an undoubted fact that the cost of racing in any one year is far beyond the total amount which can be won. The foregoing facts and figures must not be taken for more than they are worth, they are simply offered as being more or less illustrative of the L. S. D. of horse-racing, and the simplest methods of illustration have been resorted to. Columns of figures on the subject might have been given for the inspection of the reader; but probably the mode adopted will give a better idea of the L. S. D. of the turf (betting excepted), and the facts briefly stated may make a more lasting impression than a more formal statement would do.