50 A MIRROR OF THE TURF. 



but curiously enough, according to the constitu- 

 tion of the company, this dividend fell to be paid 

 before the wages of the stand servants ! When 

 the dividend, the check-takers and other servants 

 had been paid, a sum of ^500 was then to be 

 allotted for the redemption of five of the shares, 

 selected by ballot out of the total number. Of 

 the money which might be left after that had 

 been done, two-thirds was ordained to be applied 

 to the enrichment of the race fund, and one-third 

 to be divided among the shares, by way of a 

 bonus, so that, in the course of twenty years, the 

 stand would become altogether the property of 

 the racing fund. This, as it may be called, 

 Tontine plan of dealing with the shares of the 

 Ascot Grand Stand proved, in a sense, a little gold 

 mine for the shareholders who were so fortunate 

 as not to be balloted out of the concern, which, 

 from the first, was exceedingly remunerative. 



In the very first year, the substantial benefit 

 accrued of ^700, whilst a bonus of eight and a 

 half per cent, was paid to the shareholders. As 

 in each year the number of participating shares 

 became reduced, the dividend, of course, was 

 correspondingly increased in amount, the final 

 dividend on the last five shares having been the 

 handsome one of £i7S' ^^ should be stated 

 here, that whilst all the profits of the stand and 

 paddock were absorbed by the company for 

 division in the mode which has been stated, 

 the Master of the Buckhounds drew money from 

 those *' betting " on the course, for booths, also for 

 stands for carriages. The sum taken in the first 

 two or three years was moderate enough, but 

 from ^300 taken in the first year, it had increased 



