Newmarket is the capital of the turf in England. It is known as "head-quarters," and is the nominal seat of the turf legislature, which is represented by the Jockey Club. There are thirty-one different racecourses at Newmarket, ranging from a little over a furlong, to the Beacon course of four miles, while, during the year, seven meetings take place at which about two hundred and fifty races are decided. Newmarket, as well as being head-quarters of the turf, so far as sport is concerned, is also a resort of many trainers: several stables of importance being located at that place. The Jockey Club being eminently conservative, none beyond the stewards and its principal servants know anything about its financial position; but it is supposed to be growing wealthy. The numerous racecourses at Newmarket form a puzzle to the uninitiated, and, conservative as the Jockey Club is known to be, the time is not far distant when it will require to remodel its racing ground; race grounds might be named, which, although less classic, are more convenient. Before racing can be entered upon, the horses must, as a matter of course, be in a fitting state of preparation to run for them. Trainers to prepare those animals for their work, as also jockeys to ride them in their various contests, is a matter of necessity. Race-horses are very expensive to keep; but it is questionable if more than twenty-five per cent. of the animals in training ever earn for their owners much more than a clear £1,000 per annum. Horses which prove successful in the Two Thousand or One Thousand Guineas Stakes, the Oaks, the Derby, the St. Leger, and the more important handicaps, earn large amounts for those to whom they belong. These, however, are exceptional horses; generally speaking, they are _the_ horses of their year. Owners of one or two animals who lay themselves out to win an occasional big handicap, occasionally bag a large sum of money, chiefly in bets, however. Investing money in blood stock for racing purposes is much like purchasing a lottery ticket. It is the breeders, we suspect, who make most money out of "blood stock." There are, at least, a dozen famous breeding studs in England, kept up at great expense, and introducing to the turf, year by year, many highly bred horses, the greater number of which are sold by auction; two breeders of renown, out of their profits, were enabled to found races of value which are annually decided at Newmarket.