MODERN ENCLOSED COURSES 175 



cerned they stand in the same position as the modern 

 racing company does with regard to its own particular 

 meetings, with the important difference that the Jockey 

 Club is not working for a dividend, but solely in the interests 

 of racing. Epsom is now worked by a syndicate (or com- 

 pany), under the control of the Stewards of the Jockey Club. 

 Ascot can boast of Royal ownership, the management of 

 everything, including the funds, being in the hands of 

 trustees and the Master of Her Majesty's Buckhounds. 

 Goodwood is the private venture of the Duke of Richmond, 

 and the York and Doncaster meetings are both managed 

 by the Corporations of those towns. The modern enclosure 

 is, however, invariably worked by a company, or syndicate, 

 and some of them have earned very large dividends for 

 their lucky shareholders. Some few years ago the Jockey 

 Club stepped in and passed a rule that no higher dividend 

 than ten per cent, should be paid by new racing companies, 

 and this, with a very flourishing concern, has had the effect 

 of raising the value of the stakes. It may be asked by 

 what power the lawgivers of the Turf were enabled to make 

 such a regulation, and the answer is found in the condition 

 that " all racecourses must be licensed, and all meetings 

 sanctioned, by the Stewards of the Jockey Club." It is 

 therefore within the powers of the club to refuse a licence. 

 Sandown Park, established in 1875, was the first modern 

 enclosure laid out with a view to racing only. Some enter- 

 prising spirits secured the park, built stands, obtained a 

 licence, and set about holding race meetings. This venture 

 was a purely sporting one, the object of its promoters being 

 to provide good racing near London, and not to make a 

 huge profit. Indeed, I believe that a 7 per cent, dividend 

 has never been exceeded by the Sandown Company ; and 

 it should be noted that they have never attempted to cater 

 for the bank holiday mob, nor reduced the charge of 

 half a crown that is levied for admission to the park, as 

 evidence that money-making has never been their first 

 object. To obtain plenty of money to spend on their 

 programme, and also on the comfort of their visitors, no 

 doubt they attempted, and it is most satisfactory to know 



