So soon as Mr. Bagot undertook the management of its affairs, so soon as the two contending bodies agreed to cease operations, so soon, too, did the affairs of the Victorian Turf enter into a period of wonderful prosperity and vigorous growth. Indeed, with the exception of short intervals, now and again, during which the whole prosperity of the country, or of the world, has been depressed, the story of the Turf, not only of Victoria, but of Australia, has been one of continuous growth and advance, and that upon the most solid lines. The Melbourne Cup itself, one of the most famous races contested in the world to-day, is a barometer of the financial welfare and general prosperity of the community at large. It was a very small affair for the first few years after it had been launched upon the sea of time. The race was run under the auspices of the Victoria Turf Club, the Derby and Oaks under the aegis of the Victoria Jockey Club. The stake for the great Cup was of the value of two hundred pounds, and it was won, for the first couple of years after its inception, in 1861, by Mr. E. De Mestre’s Archer. This was a fine horse by William Tell (imported), a bay son of Touchstone from Miss Bowe, by Catton from Tranby’s dam, by Orville. There seems to be some doubt about Archer’s dam, but Mr. Wanklyn states that she descended through Bonnie Lass (by Bachelor (imp.)), to Cutty Sark, whilst the first and second volumes of the Stud Book give his dam as Maid of the Oaks, by Vagabond from Mr. Charles Smith’s mare by Zohrab. In 1869 the stake was increased to £300. In 1876 the value had mounted to £500, a sum which had already been far surpassed by the Tasmanians as a prize for their championship at Launceston. This was already worth one thousand. The thousand limit in the Cup was reached in ’83 for the first time, Martini Henry being the winner for the Hon. Mr. James White. After this prize-money ascended in leaps. In ’86 there was £2,000 of added money; it jumped to £2,500 in the following year; £3,000 in ’88; £5,000 in ’89; and £10,000 in 1890. It was the summit, the “suprema dies,” the grand climax of all things. This year compressed all the bests on record imaginable into its calendar. There was a record sum of money added to the race, a record field (thirty-nine starters), a record weight was carried by the winner (ten stone five), and the time for the race (3 minutes 28¼ seconds) was another best ever seen up to that time. That has since, however, been far surpassed, Artilleryman, in 1919, having smashed up a great collection of good horses in most decisive fashion by very many lengths in 3.24½. And the winner of 1890 was undoubtedly a record horse—the brave, consistent, staying, immortal Carbine.