In the moment of triumph I had almost forgotten my apprehensions as to our bookmaker. Selina however had not, for, as we caught sight of his elegant grey-clad figure on our return, she could not resist exclaiming, "See how wrong your suspicions were." The crowd, set loose after the tension of the race, impeded our progress, so that by the time we reached him he was alone. Apparently he had paid off all the other winners, and we were the last claimants to arrive. "Ah, I was waiting for you," he said in his easy well-bred fashion. "You will think it very strange, perhaps, but for the moment I am unable to pay you. Most absurd. My losses have been rather more than I calculated, and I have unfortunately disbursed all my available cash. You need be under no apprehension, however; if you will kindly give me your address you shall have a cheque by the first post to-morrow." I tried to recall what one did to welshers. I seemed to remember that one raised a hue-and-cry, that one tarred and feathered them, and rode them on a rail to a pond. I am, however, constitutionally timid about making my voice heard in public, and I was as short of tar and feathers as he was of ready cash. I had therefore no alternative but to draw out my pocket-case and present him with a card. "Ah, thanks," he said, and with a neat little silver pencil he scribbled on the back a hieroglyph of some sort, doubtless to jog his memory. Then he wished me good-day with many apologies and, politely taking off his hat to Selina, sauntered leisurely in the direction of the railway-station. I confess that this _contretemps_ somewhat dashed my spirits. Nor was my chagrin lessened by observing, during the remainder of the afternoon, my corpulent friend, notwithstanding the closeness of his eyes to each other, paying off regularly, at the end of each race, a host of customers with the greatest good grace, enlivened by coarse jocularities. I followed the rest of the sport with little zest, and my cup of enjoyment was not filled to overflowing when, possessing first-class return tickets, we had to stand, Selina as well as myself, in a crowded third-class smoker. Selina however preserved both her spirits and her confidence. Bookmakers, she had heard, were, as a class, most honourable. Their losses could not be recovered by law, but they regarded them as debts of honour. There were exceptions, of course, but the gentleman in grey was not one of them. Something told her so. I should see that she was right. At breakfast next morning we scanned our post for a letter in an unfamiliar handwriting. There was none. "It was really rather early to expect one," said Selina. On the following morning, however, amongst others there lay a letter in a strange writing, addressed moreover in precisely the same style as the description of me on my visiting card. "What did I tell you?" said Selina. "Well?" she asked, as I tore open the envelope and read the letter.