UTRUM IIORUM MAVIS ACCIPE. 21 



when he is ruined, the poor race-horses are sure to 

 come in for all the odium. 



Let us suppose two sensible young men of fortune, 

 on commencing life, each selecting his favourite pursuit 

 - the one takes to fox-hunting, the other to keeping 

 race-horses. We will sav the general expense of a 

 pack of fox-hounds is 1400/. per annum which is I 

 should think (take England throughout) about a fair 

 average, and we will allow the other to lay aside 

 UQOl. a-year for his race-horse expenses. Now we 

 are quite sure the fox-hounds will bring no further 

 return than the amusement they afford, nor does the 

 owner expect it. The other spends the same sum in 

 the keep, travelling expenses, entries, and riders for 

 his horses ; if he never wins a race, he is only in the 

 same situation as the owner of the fox-hounds ; but 

 he must be a most unlucky wight indeed if this is the 

 case. In fact, he cannot but win some of his expenses 

 back: with moderate luck and moderate judgment he 

 may cover them all ; and if his judgment and good 

 luck are in the ascendant, he may make money. I 

 grant, as I have said before, that few do so ; but of 

 those who keep race-horses, there are numbers who 

 have no judgment at all, many who have but little, 

 and not one in fifty whose judgment is really good. 

 This is one reason why so few make their horses pay. 

 There are two things a man should well consider 

 before he ventures on the turf: the one is, has he 

 capital to stand a season or two of ill luck ? for be he 

 on the whole as lucky as he will, this will in its turn 

 happen. Thus, if his first year happens to be an 

 unlucky one, if he cannot stand this, and wait till his 

 turn comes round, he is swamped from want of 

 capital by no means an .ncommon thing. The 



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