not seem able to shake off the rule of their stunted tyrants. When the gentleman who paid income-tax on nine thousand a year brought the action which secured him the contemptuous verdict, the official handicapper to the Jockey Club declared on oath that the jockey's character was "as bad as bad can be." The starter and a score of other witnesses followed in the same groove, and yet this man was freely employed. Why? We may perhaps explain by inference presently. With this cynically corrupt corps of jockeys and their hangers-on, it may easily be seen that the plutocrats who manipulate the Turf wires have an admirable time of it, while the great gaping mob of zanies who go to races, and zanies who stay at home, are readily bled by the fellows who have the money and the "information" and the power. The rule of the Turf is easily formulated:--"Get the better of your neighbour. Play the game outwardly according to fair rules. Pay like a man if your calculations prove faulty, but take care that they shall be as seldom faulty as possible. Never mind what you pay for information if it gives you a point the better of other men. Keep your agents honest if you can, but, if they happen to be dishonest under pressure of circumstances, take care at any rate that you are not found out." In short, the Ring is mainly made up of men who pay with scrupulous honesty when they lose, but who take uncommonly good care to reduce the chances of losing to a minimum. Are they in the wrong? It depends. I shall not, at the present moment, go into details; I prefer to pause and ask what can be expected to result from the wolfish scheme of Turf morality which I have indicated. I do not compare it with the rules which guide our host of commercial middlemen, because, if I did, I should say that the betting men have rather the best of the comparison: I keep to the Turf, and I want to know what broad consequences must emanate from a body which organizes plans for plunder and veils them under the forms of honesty. An old hand--the Odysseus of racing--once said to me: "No man on earth would ever be allowed to take a hundred thousand pounds out of the Ring: they wouldn't allow it, they wouldn't That young fool must drop all he's got." We were speaking about a youthful madman who was just then being plucked to the last feather, and I knew that the old turfite was right. The Ring is a close body, and I have only known about four men who ever managed to beat the confederacy in the long run. There is one astute, taciturn, inscrutable organizer whom the bookmakers dread a little, because he happens to use their own methods; he will scheme for a year or two if necessary until he succeeds in placing a horse advantageously, and he usually brings off his _coup_ just at the time when the Ring least like it. "They don't yell like that when one of mine rolls home," he once said, while the bookmakers were clamouring with delight over the