10 
contributed about £2,000 to the total cost; 
and there is not, so far as can be known, a 
single one of the remaining thirty with any 
prospect of making a race-horse 
“Tt is the same with the yearlings 
which fetched high prices in all the pre- 
ceding seasons, no matter how far back 
the search is carried 
“Thus, in 1895, twenty-two yearlings 
were sold for 46,200 guineas, and they 
won three races worth 41,080 last season, 
and one worth £100 this; while the 
twenty-two sold for 34,850 guineas as 
yearlings in 1894 have not, though their 
racing career is in nearly every case over, 
earned one half of what they originally 
cost, their only winning representative this 
season having been Knight of the Thistle, 
who secured three races worth about 
4 3,000 
“Tf the calculation is carried back as 
far as 1883, when these high prices became 
frequent, the general result will be found 
to be the same ” 
LARGE NUMBERS OF THOROUGHBRED HORSES 
PRODUCED 
The number of race-horses bred is very 
large; it is out of all proportion to the 
number which win even insignificant races. 
Last year—1gog—there were over 3,000 
horses of all ages in training 
