II.
Having recited the duties of the chief officials connected with the business department of horse-racing, it becomes necessary to proceed a stage further and explain the constitution of one or two of our principal race meetings, of which only those immediately interested in the sport know very much. The constitution of several of these events is, however, somewhat obscure, inasmuch as the details are not known to the public. At Newmarket it is the Jockey Club which profits or loses by the racing which takes place on the classic heath. At Royal Ascot the handicappers are only the servants of higher powers; at Goodwood the moneys derived from the annual meeting, whatever they may amount to, are placed to the credit of the noble Duke on whose estate the races are run. The revenue from the race meeting annually held in Goodwood Park is reputed to be large, and as in a comparative sense little addition is made to the stakes, the profits are probably considerable. About Epsom and its grand stand, information of an interesting kind has been frequently published. At Doncaster, the various meetings are in the hands of the corporation, the profits derived going to benefit the town. Gate-money meetings are promoted by joint-stock companies, and several of them have become profitable institutions. It has been computed that on some race days at Manchester, as many as eighty thousand persons have paid for admission to the ground in sums varying from sixpence to a guinea.
New sources of revenue are frequently devised. Tattersall rings, not known of old, yield a handsome sum, and are supposed to be used only by the crème de la crème of the sporting fraternity; charges are also made for admission to the saddling paddock; at every turn, indeed, there is something to pay, either legitimately, or by way of backsheesh. The various refreshment stations, in the shape of rooms and tents, and often multiplied "bars," likewise yield a considerable revenue.
Newmarket is the capital of the turf in England. It is known as "head-quarters," and is the nominal seat of the turf legislature, which is represented by the Jockey Club. There are thirty-one different racecourses at Newmarket, ranging from a little over a furlong, to the Beacon course of four miles, while, during the year, seven meetings take place at which about two hundred and fifty races are decided. Newmarket, as well as being head-quarters of the turf, so far as sport is concerned, is also a resort of many trainers: several stables of importance being located at that place. The Jockey Club being eminently conservative, none beyond the stewards and its principal servants know anything about its financial position; but it is supposed to be growing wealthy. The numerous racecourses at Newmarket form a puzzle to the uninitiated, and, conservative as the Jockey Club is known to be, the time is not far distant when it will require to remodel its racing ground; race grounds might be named, which, although less classic, are more convenient.
Before racing can be entered upon, the horses must, as a matter of course, be in a fitting state of preparation to run for them. Trainers to prepare those animals for their work, as also jockeys to ride them in their various contests, is a matter of necessity. Race-horses are very expensive to keep; but it is questionable if more than twenty-five per cent. of the animals in training ever earn for their owners much more than a clear £1,000 per annum. Horses which prove successful in the Two Thousand or One Thousand Guineas Stakes, the Oaks, the Derby, the St. Leger, and the more important handicaps, earn large amounts for those to whom they belong. These, however, are exceptional horses; generally speaking, they are the horses of their year. Owners of one or two animals who lay themselves out to win an occasional big handicap, occasionally bag a large sum of money, chiefly in bets, however.
Investing money in blood stock for racing purposes is much like purchasing a lottery ticket. It is the breeders, we suspect, who make most money out of "blood stock." There are, at least, a dozen famous breeding studs in England, kept up at great expense, and introducing to the turf, year by year, many highly bred horses, the greater number of which are sold by auction; two breeders of renown, out of their profits, were enabled to found races of value which are annually decided at Newmarket.
The "business" of racing includes the breaking-in and training of the horses, and on the skill with which this is accomplished, depends much of the success or non-success which attends the animals during their racing career. Some trainers are particularly fortunate with yearlings entrusted to their care, and are able to bring them to various race meetings trained to perfection. Others, again, less able in their profession, or less fortunate in the ability or stamina of the animals entrusted to their care, do not make so good a show with their horses, and are consequently not looked upon with the same favour by the racing community. It is seldom difficult, however, to win a race with a good horse (or even a bad one) properly prepared for the struggle. Many capable judges of horse-flesh think that horses are occasionally "overtrained," and that, in consequence, when the hour of contest arrives, they are compelled to succumb to some more robust rival. Some trainers have acquired fame in their business from their ability to train a horse to win the Derby; others devote their time and attention to the preparation of horses for long or short distance races, whilst a third class look chiefly to steeple-chasing, and delight to train horses to jump.