Racing is the Queen's favorite sport. When she was returning from her world tour in 1953-4, one of the first messages the royal yacht _Britannia_ transmitted as it neared British shores was an inquiry on the result of a race held the day before. For Elizabeth, racing is more than a sport; it is an enthusiasm. She knows blood lines and past performances, and her acute judgment of form sometimes conflicts with her personal attachment for one of the royal stable's entries. She likes to watch show jumping and polo, although at polo games she is continually worried about the Duke of Edinburgh, an enthusiastic player. But horse racing: the magic moment when the barrier goes up, the bright silks on the back stretch, the lovely sight of the field rounding the last turn into the stretch--that's her sport. As it is also the sport of millions of her subjects, the sneers of the puritans have little effect. She is a young woman of determination, having inherited some of her grandfather's temper and his forthright outlook on events. In moments of family crisis she is likely to take what the British call "a strong line." During the row over the romance of Princess Margaret and Peter Townsend, it was reported that the first communication from Buckingham Palace on the situation had been written by the Queen. I find this credible. The announcement certainly had all the faults of a communiqué drafted in anger. Finally, Elizabeth is religious, very conscious of the importance of her role in British society, and, as she grows older, somewhat censorious of the gay young things enjoying a freedom she never knew. The monarchy is costly. The Queen is a very wealthy woman in her own right, but, in addition, she receives £60,000 (about $168,000) a year from the Civil List. This is granted to the sovereign by Parliament on the recommendation of a Select Committee. The Civil List not only "pays" the Queen but pays her expenses, which are high. For instance, the salaries of the royal household, secretaries, equerries, servants, and the like, total £185,000 or $418,000 a year, and the running expenses come to £121,800 or $341,040. Payments charged to the Consolidated Fund maintain the other members of the family. The Duke of Edinburgh's annuity is £40,000 or $112,000 a year, and the Queen Mother's is £70,000 or $196,000. These payments are only one of many sources of income. The House of Windsor is very rich, although its fortune is modest compared with the holdings of the House of Ford or the House of Rockefeller.