"I expect his jockey will let him out after he gets into the straight," I said.

"If he isn't very careful," observed Miss Damer with perfect truth, "he will get shut out altogether."

The horses swept round the last corner and headed up the final stretch in a thundering bunch. Suddenly Miss Damer turned to me.

"This is fearfully dull for you," she said.

"Not at all," I assured her. "My horse has just started."

"Come in with me on Periander," pleaded my companion. "You can only lose five shillings."

I closed with her offer by a nod. Some partnerships can be accepted without negotiation or guarantee.

Suddenly the crowd gave a roar. The favourite had bored his way through the ruck at last. He shot ahead. The noise became deafening.

"There goes our half-sovereign!" shrieked Miss Damer despairingly in my ear.

"Wait a minute!" I bellowed. "Periander is n't done for yet."