FOURTH PERIOD : VICTORIA 209 



of America, in Australia, in Austria- Hungary, in 

 Belgium, at the Cape of Good Hope, in Natal 

 and in South Africa, in Denmark, in France, in 

 Germany (on a large scale in both countries), in 

 Holland, in India, in Italy, in Japan, in Java, in 

 Mexico, in Poland, in Portugal, in Russia, in 

 Spain, and in Sweden ; to which may be added, 

 from the evidence of preceding volumes, China, 

 Egypt, Jamaica, Mauritius, New Zealand, and 

 Roumania, which, let us hope, have only recuU 

 pour mieux sauter. 



This, of course, looks cheerful for breeders 

 of blood-stock and for the turf, inasmuch as 

 horse-racing follows blood-stock-breeding as a 

 corollary a proposition. There is, however, 

 another side to the question. It has been 

 calculated that during the years 1881-92 the 

 winnings of 266 race-horses, which had cost up- 

 wards of ^460,000 between them as yearlings, 

 amounted to not more than ^160,000 in stakes. 

 This is not an encouragement to pay between 

 1,000 and 2,000 guineas for a yearling, in the 

 hope of winning some of the huge sums of money 

 offered as prizes by the majority of those ' gate- 

 money meetings ' which (with the exception of 



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