The Press., 1894-02-22

did not Let, whllo all who backed their fancy for each race inevitably came to grief sooner or later. You must not ex- pect, he said. to win largely unless you wets a great owner of first class stud, like Lord Tregothnan or the Duke of Westminster, whose winnings in simple stakes would often amount to from e12, 900 to A;40, 900 year, but there was nothing to prevent a man, with small stud containing good horse or two, from winning in proportion ally small way. Thus he showed me how with stud, the training expenses of which would amount only to hun dreds, a thousand or two per annum, taking one year with another, might be realized without betting by one who thoroughly understood the capacities of his own horses and how to raco them. ''Give me-" said Nat, "l couple of nags as good as your marc and 91 900 capital, and d undertake to show you satisfactory balance sheet at tho end of three years without Looking single bet. Stakes are so good now that soli- tary win will often pay tho training bill of half a dozen horses and leave some thing in hand to go on with. .''
 "Why, then, do not more owners do it?" I naturally asked.
 Because they are duffers," Nat an- swered promptly, ''and because those who do know something about it are never content with reasonable profit on their money invested. Did you ever know a racing man satisfied with 10 or even 20 per cent on his outlay? Doesn't he invariably curse his luck if he gets less than cent per cent whenever he happens to win? Betting ruins rac- ing in more ways than one.
 All this was reassuring to me, but not even Natty's ingenious talk when he came down to Bournemouth could prevail with the mater. She said I was my own master and must doas pleased, but she should not help me with a pen ny, whatever difficulty l got into which indeed I neither expected nor desired her to do. Geraldine, on the other hand, was much impressed by Natty's knowledge, and after his visit looked on her furs as good as won.
 I, however, was by no means san guine. could hardly believe that Pur- kiss, in whom my uncle placed so much confidence, could have been such a duffer as Nat made him out, and could not divest myself of the idea that Brilliant would prove the better of the pair. l had now quite decided to run them, at any rate, for one racing season and see how Igot on. A strict investi- gation of my financial position told me I was justified in doing so much as this. The horses, roughly speaking, would cost mo G100 a year each to keep them in training, and other expenses of entry and jockeys fees, travelling and so on, might run to 9150 more. Against this, tho two mares with their foals fetched s360, so that was about all right for the first year. My mother wished me to put by this money for my marriage expenses, but I saw that, could turn it to account in the way Natty thought could, it would consid- erably expedite matters with the Chol- mondely- -Davenports. I knew the Rev. Cholmondely we'll enough to be assured that his real objection to turf specula- tions would be confined to such as were not successful.
 Ella was at this time staying with some friends at Bournemouth, and saw her every day. Pleasant days they were to us, spent in long rides over the breezy heather, varied by strolls through the 1 fragrant pines or along the calm shore at eventide. Ella was by no means averse to my trying my fortune on the turf in the way prescribed by Natty, but stipulated there should be no bet ting. She said her father was some what better disposed toward me since hearing of my having inherited legacy from my uncle, but agreed with me it 1 was better he should not at present be informed of the character of that leg acy, of which, so far, he was entirely ignorant.
 II believe, George. she said, fhe is so incensed at Sir Wilfrid's doings in ] that way that he would forbid me ever