is habit of making violent increases in
stake; it is almost gambling. Much better put on only L2 with a
safe bookmaker, such as Mr. Bob Mowbray, of Conduit Street, whose
advertisement appears elsewhere in our columns.

To proceed, our backer finds to his relief that Giddy Gertie is a
non-starter and retires to the refreshment bar for a bracer. The 2.30
race being run off he returns to the Ring for the serious business of
the day. After examining Transformation in the paddock and listening
to the comments of the knowing ones--"Too thick in the barrel," "Too
long in the pastern," "Too moth-eaten in the coat"--he will exercise
caution and, instead of "putting his shirt" on Transformation and
plunging to the extent of, say, L5, will put up not more than L3 10s.
and await the result with calmness. When Transformation is returned
unplaced (or, as "O. T." and "Disgusted" would say, "also ran") our
backer is not abashed. Taking full advantage of his credit he places
his twenty thousand on Likely Case, together perhaps with the odd
thousand or so in his pocket, being careful, however, to ascertain
that his return ticket is still safely in his possession.

Our backer is shrewd enough to understand that this is a case for the
maximum stake. Strong in his faith in my principle he sees Likely Case
win with little surprise.

Returning to Town that evening he records his day's dealings in this
manner:

Lost. Won.
_L s. d. L s. d._
Breathing Time 1 0 0 --
Taddenham 1 10 0 --
Aminta I. 2 0 0 --
Giddy Gertie -- --
Transformation 3 10 0 --
Likely Case -- 1,000 0 0
Expenses: Return
ticket, entrances,
three double
b. & s., etc. 2 0 4 --
--------- -----------
10 0 4 1,000 0 0
10 0 4
------------
Balance L989 19 8

I may mention that the official s.p. of 20 to 1 on Likely Case is
distinctly cramped. On the course it was possible to obtain more
generous terms and lay only 19 to 1 on.

Thus one sportsman by careful observance of my principle has stacked
up a goodly array of chips towards his winter's keep. All this goes to
show that if a man will bet sanely and avoid "going for the glov