254 BETTING AS IT IS. 
declaration, he rose to 33 to 1, at which price he stood some 
time, and then advanced to 20 to 1, when the commissioner 
said that most of the money was on. But when asked for 
his account, he replied that the returns from the country had 
not yet been received, and that he would send it in so soon as 
these came to hand. But the so-called returns were, as might 
have been expected, delayed, and before their arrival the 
horse had reached the short price of 7 to 1. Then he en- 
closed the account, saying: “ With great regret I have to 
inform you that my country agent has spoiled the whole 
thing. He has missed the long shots and has been compelled 
to take the shortest price, which only has since been obtain- 
able; and the unfortunate result is a considerable reduction 
of the average which now stands at 12 to 1.” This is not 
an unfair example of how commissions are worked ; and it 
might be added that the excuses are often less plausible 
than the one given in this instance. 
But let us sift this matter a little and see who won and 
who lost money by this transaction. Basing my opinion on 
the amount of betting on this race, I have little doubt that 
30 to 1 would have been nearer a fair price than the one 
returned ; indeed, I may say that 25 to I was the very least 
that the account should have averaged. The horse won, 
and what was the result? Instead of receiving the £25,000 
which we were fairly entitled to, we received only £12,000, 
or a little less than half. 
Startling as is this statement, it is approximately correct 
if it be not true to the letter. An act of suspicion could 
not pass unchallenged; but the agent had his reply cut 
and dried. “The commission as worked,” he said, “was a 
failure deeply to be deplored. I have myself been deceived ; 
but it has been an error of judgment on the part of the 
