LOTTERIES. 257 



On the lottery paper, which I have given as an illus- 

 tration, we see that the Nos. 12, 25, and 36 were taken 

 by single individuals, and that there was a sweep of two 

 tickets per man for Nos. 1 to 11 and for 13, 14, and 15, 

 the break having occurred by Johnson having taken 

 No. 12 on first going off; while the remaining tickets 

 were taken conjointly. 



By the C. T. C. Rules an owner is entitled to claim 

 one-fourth of his horse's chance (taking that proportion 

 of risk as well as gain) immediately on its being sold. 

 The owner's share is the only one allowed to be recorded 

 on a lottery paper, whatever part be taken, it being 

 optional to the buyer to give more than cue-fourth 

 if he chooses, to the owner, in case the latter asks 

 for it. 



In the " Debits and Credits " we see that half of Sam 

 is debited to Johnson, the owner of that horse. 



By using the form of " Debits and Credits " we ensure 

 correctness, which' is proved, firstly, by the addition of 

 the column under " Price of tickets " amounting to their 

 gross value, and secondly, by the total sum under 

 column "Bought" being exactly double that under 

 "Drew," for the purchaser of a horse's chance pays 

 double the amount he is sold for, first to the drawer, and 

 then into the lottery. The final step in proving the 

 accounts, is to see that the total winnings, plus the per- 

 centage, is equal to the total losings. When this system 

 is employed, a form like the following should be used to 

 show the total debits and credits on each day's racing. 

 I here assume that there were , four lotteries held, and 

 that twelve persons took part in them. 



R 



