Royal Ascot 



<•- 



just above the site they had occupied on the opposite side. 

 The balcony formed a spacious stand for the Master of 

 the Buckhounds ; beneath were weighing and dressing 

 rooms, and an office for the judge ; and the roof accommo- 

 dated trainers and jockeys, and others who had business 

 in this department. A proper judge's box was erected 

 in front. 



To carry out the building of the Grand Stand a com- 

 pany was formed with a capital of ^10,000, divided into 

 ^100 shares, and the constitution of the company provided 

 for the application of the profits realised in the following 

 manner : — A dividend of 5 per cent, to be paid annually 

 to the shareholders ; a sum of ^500 was then to be 

 devoted to the redemption of five of the shares, selected 

 by ballot, out of the total number. If any money was left 

 after this had been done, it was ordered that two-thirds 

 should go to enhance the value of the prize fund, and the 

 remaining third should be divided amongst the shareholders 

 as a bonus. 



It will be seen that this tontine plan of dealing with 

 the shares practically made the stand the property of the 

 fund in about twenty years, and in the meanwhile proved 

 a splendid investment to those of the shareholders who 

 were lucky enough to retain their shares. Strange as it 

 may seem, some considerable difficulty was experienced in 

 getting together the requisite capital. In the end, however, 

 it was subscribed, and the first year's profit represented 

 £700, while a bonus of 2^ per cent, was given in addition 

 to the guaranteed 5 per cent. As, year by year, the 

 number of shareholders became smaller, so the dividends 

 became larger in proportion as the Course prospered, so 



78 



