THE LIFE OF A SPORTSMAN 329. 



pith of the discussion ? Why, that racing was very 

 amusing to those who merely witnessed it, but, to those- 

 who engaged in its mysteries, the most uncertain, generally 

 unsatisfactory, and expensive pursuit that a gentleman, 

 can possibly enter into. The only exception to this opinion 

 was Fairfax (a hundred thousand pounds the worse now,. 

 by-the-bye, in expectation, by his father's proceedings otv 

 the turf, as already mentioned' in these pages), Avho declared 

 that he thought every man who possessed money, and ai 

 good head for calculation, must make money by racing. 

 " Then the breeding of race-horses," added he, " what an 

 interesting pursuit is that ! " 



" Interesting, indeed," said Sir John Inkleton ; "but I 

 believe the calculation is a hundred and fifty per cent, 

 loss on all thorough-bred stock, as far as their own, 

 intrinsic value is concerned. What they may do wheit 

 in training is another point, unconnected with the breed- 

 ing of them ; but I believe the calculation is not more 

 than one winner in twenty that come to the post, after 

 all charges are paid. I attended a sale of racing colts 

 a short time back. The two-year colts and fillies averaged 

 ninety-three pounds ; the yearlings fifty-seven. Not one' 

 of the lot was bred and reared for these several sums. 

 And now, Frank," resumed Sir John, "you know you were 

 once nicely diddled by a trainer ; are you certain all has 

 been right throughout with Mr. Lilly and Nameless ? " 



" I have no reason to think otherwise," replied Frank. 



" But why did he tell you to wait on your horses in the 

 Welter race," continued the Baronet, " when you found 

 out, by experience of your horse in only one race, that 

 stoutness, and not speed, was the best, and that, had 

 you made running, and not waited, you would have won, 

 and cleverly too." 



" He must be a fool," observed our hero. 



" Xo fool," resumed Sir John ; " his remarks to you 

 on the second day, when he had backed your horse heavily 

 to win, disproves that charge." 



" Then he is a rogue," said Eaby. 



" I do not go that length," said Sir John ; " but it has 

 an awkward appearance, and a burnt child always dreads 

 the fire." 



"Well," resumed our hero, "whether fool or rogue, 

 concerns me but little. Before this time to-morrow his 

 bill will be discharged, Nameless will be on the road to- 



