Then a loud cheer, by no means pleasant for the fallen man; and “for the fun of the thing,” as he said, Trevor began to back the grey mare known as White Lassie.

“How can you be so foolish?” said Pratt.

“So,” said Trevor, laughing; and he doubled his stakes with another.

“I believe we should be better off there on the knoll,” said Pratt, pointing to the spot where the barouche was standing hemmed in by the crowd.

And acting upon the suggestion, the two friends quitted the low, temporary stand, and managed to get a pretty good position on the little eminence, where they could see right down the valley with the horses running along its slope.

But Pratt saw more than this; he noted that they were within half a dozen yards of the barouche where the ladies were standing on the seats, with eyes sparkling and parted lips, whilst close at hand were Barney, of the omnibus, and a couple of his intimates, demonstrative in their comments upon the race.

Of the eleven horses that started, four had, in hunting parlance, come to grief; and now of the others only five seemed to be in the race.

“Twenty pounds fooled away, Dick,” said Pratt, in a whisper, as they now made out, the last of the five, the white cap and pale blue shirt of the rider of White Lassie.

“Be quiet, raven,” was the calm reply; “the race is not won yet. Look at that.”

That was the downfall of the leading horse at the next fence, the poor beast literally turning a somersault, and then getting up to stand shaking itself, as the other competitors got safely over; White Lassie, still last clearing the obstacle with ease.