IX COST OF BREEDING IOI 
will thus, at the outside, have cost his owner £31 : 4s. 
to bring him to a saleable age and condition—a cost 
that leaves a fair margin of profit if he sells at 440 
or £45, and an excellent return if he is good enough 
to sell to the railway companies, carriers, and others, 
who frequently give 460 to 480, or even more, for 
their strong horses. If the horse belongs to the 
other lighter classes he may, when all is added, have 
cost his owner on an average £12 a year, though I 
should put it at 410 myself. Taking the higher 
figure, however, he will have cost his owner, at four 
years old, £48 to bring into marketable condition ; 
and such young horses, if they have been bred and 
reared with care, will average badly if they are not 
worth £65 or 470 apiece; while over a course of 
years some are sure to bring prices well enough 
over three figures to ensure the breeder against any 
losses, misfortunes, and disappointments. It is 
extremely difficult to draw up a general statement 
of profit and loss applicable to horse-breeding, but 
the following estimates may assist the breeder to 
form his own calculations :— 
[TaBLes, 
