the gains and losses of each branch are, I understand, kept separate. These lotteries are not of the plain, good old English stamp, in which there were, say, ten thousand tickets, and ten prizes of different value allotted to the holders of the ten first numbers drawn, while the remaining nine thousand nine hundred and ninety ticket-holders drew blanks. The system of speculation in vogue here is far more hazardous and complicated. To any one acquainted with the German gambling-places it is enough to say, that the Papal lottery-system is exactly like that of a _roulette_ table, with the one important exception, that the chances in the bank's favour, instead of being about thirty-seven to thirty-six, as they are at Baden or Hamburgh, are in the proportion of three to one. For the benefit of those to whom these words convey no definite meaning, I will endeavour to explain the system as simply as I can. In a Papal or Tuscan lottery there are ninety numbers, from one up to ninety, and of these numbers, five are drawn at each drawing. You may, therefore, stake your money on any one or two or three or four or five of the ninety numbers being drawn, which is termed playing at the "eletto," "ambo," "terno," "quaterno," and "tombola" respectively, or you may finally play "al estratto," that is, you may not only speculate on the particular numbers drawn, but on the order in which they may happen to be drawn. Practically, people rarely play upon any except the three first- named chances, and they will be sufficient for my explanation. Now a very simple arithmetical calculation will show you, that the chances against your naming one number out of the five drawn is eighteen to one; against your predicting two, four hundred to one; and against your hitting on three, nearly twelve thousand to one. Supposing, therefore, the game was played with ordinary fairness, and even as much as 25 per cent. were deducted for profit and working expenses off the winnings, you ought, if you staked a scudo, for instance, and won an "eletto," "ambo" or "terno," to win in round numbers 14, 300, and 9000 scudi respectively. If in reality you did win (a very great "if" indeed), you would not be paid in these instances more than 4, 25 and 3600 scudi. In fact, if ever there was invented in this world a game, of which the old saying, "Heads I win, and tails you lose" held true, it would be of the Papal Lottery. If the numbers you back do not happen to turn up, you lose the whole of your stake; if they do, you are docked of more than seventy-five per cent. of your winnings. For my part, I would sooner play at thimble-rig on Epsom Downs, or dominoes with Greek merchants, or at "three-cards" with a casual and communicative fellow-passenger of sporting cast: I should infallibly be legged, but I should hardly be plundered so ruthlessly or remorselessly. Still the Vatican, like all gentlemen who play with loaded dice or marked cards, may have a run of luck against it.