The modern English view of gambling is a sadly confused one, the card-table and the race-course being bitterly denounced, whilst speculation in stocks and shares is considered an entirely legitimate method of attempting to make money. As a matter of fact, in a great number of instances, this amounts to no more or less than backing a stock to either rise or fall in value. Outside brokers exist, it is even said, who do not always actually buy or sell any shares at all, but simply, as it were, allow their clients to bet with them on a selected stock rising or falling in price. These are to all purpose and effect mere bookmakers, though, for some unknown reason, their calling is not regarded with the same odium which British austerity is generally ready to affix to members of the Ring. For those who are not versed in the intricacies of City matters speculation almost invariably results in loss, the odds being about 99 to 1 against the ordinary individual proving successful. Speculation on the Stock Exchange, gambling generally, and betting on the Turf are exactly similar from the point of view of the moralist; there is no difference between all three. During the recent debates upon the Budget a member stated in the House of Commons that ninety per cent of the business of the London Stock Exchange was of a gambling description, and represented only purchases made with a view to a rise in prices. He wished to see such transactions taxed. The Chancellor of the Exchequer replied that were this done it might stop such transactions altogether. Another member--Mr. Markham--supported such a tax, adding that he did not wish to appear in a false light, and would admit that he gambled himself, and, like most fools, always lost money--a remark which excited considerable merriment. Unimpeachable information about stocks and shares has ruined many a man--nothing indeed is more fatal, as a rule, than so-called good tips about the rise and fall of stocks, which, when originating from an inspired quarter, are so much sought after by speculators. There have, of course, been instances where tips have made people a fortune. A few years ago an author, who, though fairly successful, had made no particular stir in the literary world, and whose books did not seem likely to have had a very enormous sale, suddenly purchased a nice estate in which was included a luxurious country house, where he began to entertain. An old friend of his on a visit frankly expressed himself surprised at this sudden accession of prosperity, and alone one wet day with his host in the smoking-room bluntly asked: "However did you make so much money, surely not by your books?" "No," was the reply, "by speculating in the City." "An experience as rare as it was pleasant--I suppose you were given some good tips." "Yes, not taking them was the secret of my success!"