"For a hundred and fifty," said Calder Jones, "and she wasn't worth the odd fifty."

"He won seventy with her at Leamington," said Maxwell, "and I doubt whether he'd take his money now."

"Is Cinquebars coming down here this year?"

"I don't know," said Maxwell. "I hope not. He's the best fellow in the world, but he can't ride, and he don't care for hunting, and he makes more row than any fellow I ever met. I wish some fellow could tell me something about that fellow's brown horse."

"I'd never buy a horse of Vavasor's if I were you," said Grindley. "He never has anything that's all right all round."

"And who has?" said Maxwell, as he took into his plate a second mutton chop, which had just been brought up hot into the room especially for him. "That's the mistake men make about horses, and that's why there's so much cheating. I never ask for a warranty with a horse, and don't very often have a horse examined. Yet I do as well as others. You can't have perfect horses any more than you can perfect men, or perfect women. You put up with red hair, or bad teeth, or big feet,—or sometimes with the devil of a voice. But a man when he wants a horse won't put up with anything! Therefore those who've got horses to sell must lie. When I go into the market with three hundred pounds I expect a perfect animal. As I never do that now I never expect a perfect animal. I like 'em to see; I like 'em to have four legs; and I like 'em to have a little wind. I don't much mind anything else."

"By Jove you're about right," said Calder Jones. The reader will therefore readily see that Mr Maxwell the banker reigned as king in that club.

Vavasor had sent two horses on in charge of Bat Smithers, and followed on a pony about fourteen hands high, which he had ridden as a cover hack for the last four years. He did not start till near ten, but he