262 TRAINING AND RACING. 



Formerly the ledger system was in general use for 

 keeping lottery accounts. It consisted of entering each 

 person's name, who took part in the lotteries, in a ledger, 

 giving one page to his debits, and the other to his credits. 

 It is far too tedious, for by it accounts cannot be made up 

 in sufficient time to allow of a settling immediately after 

 a meeting is over : while every Honorary Secretary 

 knows, if this be not done, how extremely difficult it is 

 to subsequently square accounts satisfactorily. Among 

 the residents of a station this remark does not apply, 

 but at a large meeting, where the bulk of the plungers 

 are here to-day and gone to-morrow, it is most essential 

 that everything should be settled as quickly as possible, 

 for absentees find it hard to believe that they have won 

 so little, or lost so much. 



The lottery odds against a horse will be : Price of 

 tickets + price of all the horses discount double 

 price of the one particular horse, to that double price. 



Thus in the case we have already given, the odds 

 against Jack are 500 + 460 - 48 - 180 to 180, viz., 

 732 to 180, or about 4 to 1. 



Suppose, by a private arrangement the buyer of Lucy, 

 who won the race, had given away one-fourth of her, 

 then the quarter winnings would be thus calculated : 



Actual value of lottery ... ... ... 912 



Lucy's doubled price ... ... ... 140 



4)772 



One-fourth share of winnings ... ... 193 



Double lotteries Are generally resorted to, when, 

 from a . paucity of horses in two races, speculation on 



