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have been raised to an amount prohibitive to everyone of mocierate 

 means. 



It is these mercantile magnates who should now run these prices down. 

 If they don't do so, the gentry and aristocracy cannot carry on at the 

 game, and before long the commercials themselves must succumb. 



It is folly to think, beciuse racing is more popular than ever it was, 

 that as a business it is in a healthy state. It is not in a healthy state, 

 but very much on the contrary. 



The multitudes who pay at the gates support only the promoters of 

 the meeting. None of the money goes to the men who find the horses 

 and jorovide the spo7% and what they get for winning is subscribed by 

 themselves. Owners are left to provide the piper and to pay him, 

 while the executives call the tune and the public dance thereto. 



In former days our owners could afford to maintain that position, 

 and manfully they did so, Utopian though it may have been on their 

 part. Now, however, with incomes reduced by half, and expenses 

 increased by double, they can no longer perform the part of comedian . 



These are facts indisputable ; if, therefore, some great change be not 

 brought about, the collapse of honest racing is inevitable. 



Taking for a guide those who have their colours registered, we may 

 estimate the number of men racing in England and Ireland at about 

 1,100. Looking over that list which is before me, I find a number 

 lamentably large who are not worth a thousand pounds above their 

 debts, while a great many are stone broke. There is, however, a large 

 proportion who can well afford to race if the expenses be kept 

 within a reasonable limit, but who cannot do so as things stand at 

 present. We then have left those who, despi-e bad times and hard 

 luck, can pay the piper, be the expenses what they may. 



These men are well known, and by dissecting their names from the 

 long list, it will be seen the number is so small that racing could not 

 possibly be carried on bythem alone. Even if it could, and g eat as 

 b3 the riches of these men, and no matter how deeply may be planted 

 in their souls the love of racing, is it reasonable to suppose they 

 will, for any length of time, continue to fight a losing game 1 Will 

 they always consider the game is worth the candle? But granted 

 they will, will those who succeed them do so ? 



Now, suppose any of these aristocratic or commercial millionaires take 

 it into their heads to chuck up racing, what is to become of the sport ? 



At present we cannot afford to lose one of them. I myself know 

 two of these colossal pillars of the Turf who are meditating retirement, 

 and that before long. There is nothing to prevent, but on the contrary, 

 a great deal at present to promote, the retirement of others ; and, in 

 time, of the whole lot ! What then ? 



Sorry I am to put these details in print, but for the good of the sport 

 I love so well, and in the hope of preserving it, I feel bound to do so. 

 They are facts which all who are behind the scenes know only 

 00 well, but they fear to give utterance thereto. 



