“This gives the world assurance of a horse indeed,” muttered Walter to himself as he contemplated this wonder. “Shew me his faults, Mr Chifney, for his excellences dazzle me.”

“Well, sir,” whispered the trainer, looking up towards a square hole in the ceiling, “it is not for me to depreciate 'the crack;' and there's a boy up yonder—for the horse is never left for a moment, night or day—who is getting too sharp to live, at least in my stables. But look at what he stands on.”

Most men who ride think it a disgrace not to know all about a horse. Every man who keeps a pony thinks himself qualified to “pick” out the winner from any number of thoroughbreds before “the start;” and when the race is over, protests that he had picked him out in his own mind, only something (not quite satisfactorily explained) made him distrust his own judgment, and back a loser.

It was a great temptation to Captain Walter Lisgard, of the 104th Light Dragoons, to shew himself horse-wise, but he put it from him manfully, or rather, with strength of mind far beyond that of most men of his class. “The pasterns seem to be long and strong enough,” answered he, “and the feet neither too large nor too small.”

“Just what my lord says,” observed the trainer in the same low tones; “nor can I make him see that there is any degree of contraction. But he is not your horse, so tell me; look now—is it not so?”

It was so, or at least it seemed to be so to the captain, as the trainer returned the faulty member to its proprietor, with the air of a banker declining a forged cheque.

“It is of small consequence to me,” said Walter; “but I shall be sorry if the winner does not come out of your stable. I took a thousand to twenty in October, which I can now hedge to great advantage.”

“If you take my advice, you will hold on,” said Mr Chifney confidentially. “Twenty pound is little to lose, and what I have shewn you by no means destroys his chance; moreover, The King will not be deposed in the betting. I shall be surprised if, in the paddock, they lay more than three to one.”

“You were going to tell me something, Mr Chifney, only you thought better of it,” said Captain Lisgard, laying his finger upon the other's coat-cuff as they emerged from the royal presence. “And yet you trusted me when I was but a boy at school, and I never abused your confidence.”

“What a fellow you are to read a chap!” returned the trainer admiringly. “Burst my buttons, but you are a cunning one, Master Walter! It is true that I was thinking of letting you into a little secret—though, after all, it mayn't be worth much. Let us come on to the tan-gallop for five minutes, for nowhere else can we get out of earshot of these boys.” With that, passing through a paddock, itself provided with a straw-ride, so that the race-horses need not set foot upon the frost-bound turf as they issued forth to exercise, Mr Chifney led the way to the upland, where a broad brown road of tan was permanently laid on the level down. Here the trainer paused, and speaking aloud for the first time, observed in a solemn tone: “Now, look you, true as fate, I would tell no other man but you. What I said about The King's feet was on the square: but that ain't all. There's a horse here as nobody ever heard of, and yet who's a real good un. He's the one that I said could give Blue Ruin ten pounds. You may get two hundred to one against him at this blessed moment, and he'll be at twenty to one before April Fool Day. It's the best thing we've had at Mirk yet, and—— Ah, the devil! here comes the man I was expecting; remember, we were talking about The King.”