FO UR TH PERIOD : VIC TORI A 2 6 9 



competing- race-course companies, and the con- 

 sequent gigantic Stakes or Plates (exhibiting a 

 tendency to dwindle, however, as we have seen), 

 may enable a few owners of race-horses to win 

 prodigious sums in sheer stakes, without betting ; 

 but that makes the chances of the rest more hope- 

 less, and it is obvious that horse-racing, as a sport, 

 can only be practised by ' kings ' and others who 

 can afford to pay for their hobby and look for no 

 return, and, as a profitable business, only by 

 persons who combine horse-breeding with horse- 

 racing, and are content with a few successes at 

 the ' post ' to enhance the value of what they offer 

 for sale in the ' paddock.' As for betting, who- 

 ever looks to that to recoup him for his expenses 

 or to keep him in clover, might just as well, so 

 far as true sport is concerned, deal with the dice- 

 box or the roulette -table as with race -horses. 

 At the same time he helps to the best of his 

 ability to perpetuate the evils of * nobbling,' and 

 ' touting,' and ' welshing,' and ' ticket-snatching,' 

 and ' runners,' and ' all-right-men,' and other 

 abominations which the very ' bookie,' as long as 

 he is successfu., abhors, and to which may be 

 added the/ons et origo mali, the ' bookie ' himself. 



