THE COLONIAL HORSE 173 



In August 1890 the Victoria Racing Club passed a resolu- 

 tion ' that steps be taken to have the totalisator legalised, sub- 

 ject to its administration under the bye-laws of the club.' Thus 

 there is every probability that ere long the totalisator will be 

 added to the attractions of Flemington. If so, it is difficult to 

 predict to what amount the added money in the hands of the 

 club for distribution may reach. The innovation was opposed 

 by but one member a judge in the Bankruptcy Court and it 

 was humorously suggested that his opposition could only be 

 dictated by a fear of diminished business in his court. 



Briefly the operation is as follows : An investor desirous of 

 calculating his chances has but to stand in front of the machine 

 and observe the bold number in the gable at the top, whence 

 he will learn the total number of sovereigns in the till. He 

 next looks at the number of sovereigns recorded over the 

 number of the horse which he wishes to back, and if he is a 

 fairly rapid arithmetician he can tell what the odds at that 

 moment are ; though, of course, subsequent investments may 

 totally change the proportions ; or as we say, the price may 

 shorten, or may improve. We will suppose, for example, that 

 there are 1,097 sovereigns in the till, and 390 are on the 

 favourite, Carbine. It is easily calculated that, deducting the 

 10 per cent, (two shillings) of which the ' Bank ' mulcts each 

 sovereign that comes into the till, there remains 9877. 6s. out of 

 the 1,0977. invested to be divided among the owners of the 

 390 winning tickets ; that is to say, each one will receive what 

 is called a 'dividend ' of 2/. los. 6d. (the Bank does not take 

 any account of fractions of a sixpence), being his invested 

 sovereign and i/. los. 6d. winnings. The odds against Carbine, 

 therefore, were a shade over six to four, which may be taken 

 to be the true position in which he stood in public estimation 

 compared with his competitors. It is possible under this 

 system to back the winner and yet lose money ! As, for 

 example, if there are 1,000 sovereigns in the till, 950 of which 

 are on the winner, it is obvious that, after the 10 per cent. (zoo/, 

 has been deducted as the Bank's commission there will only 



