What must be kept well in mind in connection with racing finance, is the great fact that the money expended is not hid away in a napkin, but is circulated. Stables and stores have to be built or extended, hay and corn has to be provided for the horses, the lads who groom them and ride them at exercise have to be paid, so have the fees of the jockeys who ride them; travelling expenses of horses, trainers, and jockeys help to swell railway receipts, and to augment the dividends of not a few who look with horror on the turf and the ways of life of those connected with it. It has been calculated, for instance, that no less than £120,000 will be expended on the Derby Day by visitors to London and Epsom in travelling and personal expenses (_i.e._, eating and drinking), and there are at least 250 days in every year on which large sums are spent in the same direction. Travelling, hotel expenses, and entrance to race grounds soon take the corners off a ten-pound note, and there are thousands at that kind of work nearly all the year round. It has also been "calculated" that, in all probability, ten thousand persons are employed in various capacities in direct connection with racing, in stables, on stud farms, etc.; and if men and boys be set down as earning over-head, including board and lodging, £1 a week all the year round, the sum so expended will exceed half a million sterling. III. The following brief _résumé_ of the yearling sales of 1889-90 will give readers a good illustration of the prices referred to in the preceding pages: Recent sales almost indicate a return of the sensational prices which were the rule a good many years ago, when baby blood stock seemed to many buyers worth "thousands upon thousands"; very fair averages have at all events been obtained, and in one or two individual cases, big prices were the order of the day. The number of yearlings of both sexes which changed hands throughout the season of 1889, ending about the middle of October, was 662, the produce of 189 different sires. The average reached was, as near as possible, 300 gs., the total sum realised, by public sales in that year being 195,358 gs. The figures which follow will afford a means of comparing the average prices obtained for yearlings sold during the seven years ending with 1890 1884 544 Yearlings Average of 268 gs. 1885 524 " " 257 " 1886 521 " " 215 " 1887 639 " " 200 " 1888 592 " " 151 " 1889 662 " " 300 " 1890 454 " " 362 " _The_ price of 1889, it may be mentioned before going further, was 4,000 gs., paid by Colonel North for a colt by St. Simon, out of Garonne. Four colts by St. Simon changed hands at the very excellent average of 2,150 gs., but the distinction of yielding the highest average belongs to Isonomy, five colts of that celebrated sire fetching the splendid total of 11,880 gs.