Only those who understand racing know the amount of thought and care it requires to be successful, even with luck in their favour. To begin at the beginning, money is not made out of the stakes that are won, expenses generally throw the balance into the wrong side, therefore it is betting must do it, and we know Lord William did make a good deal of money over his racing, but it was thanks to his own cleverness. To be successful it must be studied as a business; there are many elements to be taken into consideration and reckoned with, it is really a vast study. Jockeys have to be chosen and retained. Trainers found who give satisfaction and understand their work. Races looked up to suit the horses in the stable, and horses bought to suit the big-plum races all are keen on winning, and after all these considerations how often things go awry. [Illustration: LORD RIPON, LADY RIPON AND STAFF _Left to right. Standing_: Lord Wm. Beresford and Ponto, Capt. Charles Harbord (Lord Suffield), Capt. C. Burn, Dr. Anderson, Capt. Muir, Capt. Leonard Gordon _Sitting_: Mr. Primrose, Lord Ripon, Lady Ripon, Capt. St. Quinten, Capt. the Hon. H. Legge _On ground_: Capt. Roddy Owen, Capt. Rochfort] It is not reassuring to know that the moment a man takes up racing his honour no longer remains in his own hands, for now he has to take his trainer, his jockey, his syce, and his understudies into consideration, not forgetting his horse. On the face of it, it seems as if only a very philosophical person could bear the strain. When things go wrong it is usually put down to either the jockey’s evil doing, or the owner’s sharp practice, while it by no means follows that either is to blame. So many things, and so many people have to be taken into consideration, the horse by no means the least; for horses like human beings have their good and bad days, their moods and tempers, but are unable to explain their feelings. Trainers are likewise not infallible, inclined at times to think some of their geese have grown into swans (in all good faith), forgetting other people have a swan or two. Owners are obliged of necessity to rely a good deal on their trainer’s judgment, but those who come off best are undoubtedly the men who keep an eye on their horses, having opinions of their own and able to carry their own tails. Against this there is the trainer who will not express an opinion, which is vexation to owners wishing to discuss their chances.