Certain captious correspondents like "O. T." and "Disgusted" have pointed out that my selections during this period show a loss of L104 9s. 11-1/2d. on a _flat stake_ of L1. All I can say is that people who bet increasing stakes are increasing, while people who bet flat stakes are---- Well, that disposes of "Disgusted" and "O. T." My readers know that my system is to have the minimum stake on the losers and the maximum stake on the winners. We shall never attain that abstract perfection, but we should keep this ideal before us. I believe in idealism; it pays. Take yesterday's selections, for instance. Here they are, with results tabulated:-- 1.00 Breathing Time _Unplaced._ 1.30 Taddenham _Unplaced._ 2.00 Aminta I. _Unplaced._ 2.30 Giddy Gertie _Non-starter._ 3.00 Transformation _Unplaced._ 3.30 Likely Case _Won--20 to 1 on._ That I consider a highly successful day's racing, provided your stakes were proportionally placed; and here again I must insist on my principle of maximum and minimum stakes. Let us suppose, as naturally most of my readers did, that a backer went to the course with a bookmaker's credit of twenty thousand pounds and a thousand or so spare cash in his pocket. Being a shrewd man he would place L1 on Breathing Time to win. (I daresay even "O. T." and "Disgusted" did me the honour of following me so far.) On Taddenham, true to my principles, our backer would raise his stake to L1 10s. Aminta I. would carry L2, or L2 10s. if he were punting. But I cannot too strongly discourage this habit of making violent increases in stake; it is almost gambling. Much better put on only L2 with a safe bookmaker, such as Mr. Bob Mowbray, of Conduit Street, whose advertisement appears elsewhere in our columns. To proceed, our backer finds to his relief that Giddy Gertie is a non-starter and retires to the refreshment bar for a bracer. The 2.30 race being run off he returns to the Ring for the serious business of the day. After examining Transformation in the paddock and listening to the comments of the knowing ones--"Too thick in the barrel," "Too long in the pastern," "Too moth-eaten in the coat"--he will exercise caution and, instead of "putting his shirt" on Transformation and plunging to the extent of, say, L5, will put up not more than L3 10s. and await the result with calmness. When Transformation is returned unplaced (or, as "O. T." and "Disgusted" would say, "also ran") our backer is not abashed. Taking full advantage of his credit he places his twenty thousand on Likely Case, together perhaps with the odd thousand or so in his pocket, being careful, however, to ascertain that his return ticket is still safely in his possession. Our backer is shrewd enough to understand that this is a case for the maximum stake. Strong in his faith in my principle he sees Likely Case win with little surprise.