'You had better get on The Unknown, Jim,' said Pete, 'and let Dick, here, ride Benbow. I'll give you a lead for the first half of the distance, then Dick can pick you up and take you on to the end. That should tell us pretty well what the horse can do, I think.'

I changed places with the man, and for the first time realised what a compact horse The Unknown was. The course was then pointed out to me, and the groom went on to his place to wait for us. The sun was just in the act of rising, and already the magpies were making day musical in the trees above us. A heavy dew lay upon the grass, and the air was as cool and fresh as the most luxurious could desire.

'Now,' said Pete, gathering up his reins preparatory to business, 'when you're ready we'll start.'

'I'm quite ready,' I said, taking my horse in hand.

With that we walked back a yard or two, and turned round. No sooner had we done so than Pete cried, 'Go!' As the word left his lips the two horses sprang forward and away we went. The wind whistled and shrieked past our ears—the trees and shrubs came into view and fell behind us like objects seen from the windows of an express train—but I was only conscious of the glory of the gallop and the exquisite action of the beast beneath me. By the time we had picked up Benbow, Pete's horse was done. Then I took the other horse on, and at the appointed tree had beaten him easily, with a couple of lengths to spare. After that I gradually eased him down and returned to the others, his head in the air, his ears pricked, and his feet dancing upon the earth as if he were shod with satin instead of steel.

'What do you think of him now that you've tried him?' said Pete, as I came back to where he and his companion were standing waiting for me.

'I think he's as good as he's handsome,' I replied enthusiastically, 'and if he doesn't make the company he is to meet next week sing small—well—I don't know anything about horses.'

'Let us hope he will. Now, Dick, change saddles and then take him home, and be sure you look after him properly.'

The animal and his rider having disappeared round the hill, we mounted our horses again and made our way back to the river. As we went Pete gave me an outline of the scheme he had arranged for backing his horse. I had understood all along that he intended to make it a profitable speculation, but I had no idea it was as big as he gave me to understand it was.

At last the day before the races arrived. For nearly a week before the township had been assuming a festive garb. The three hotels, for the one grog shanty I have mentioned as existing at the time of the Governor's visit so many years before, had now been relegated to a back street, and three palatial drinking-houses, with broad verandahs, bars, and elegant billiard and dining-rooms, had grown up along the main street, were crammed with visitors. Numbers of horsey-looking men had arrived by coach from the nearest railway terminus, a hundred miles distant, and the various stables of the township were filled to overflowing. The race week was an event of great importance in our calendar, and, though the more sober-minded of the population professed to strongly disapprove of it, the storekeepers and hotelkeepers found it meant such an increase of business, that for this reason they encouraged its continuance. The racecourse itself was situated across the creek, and almost directly opposite the McLeod's selection. It consisted of a plain of considerable size, upon which the club had made a nice track with a neat grand stand, weighing-shed saddling-paddock, and ten pretty stiff jumps.