'That up-country fellow knows how to ride,' said someone at the back of Jim Dennis's party.

'He does indeed. It was a fine move on his part to squeeze through; there was some risk in it. Won't Ashton be mad! He fancies he is the only man can do such things,' replied the gentleman with him.

Jim Dennis was in high spirits and so were his friends.

'He must be as cool as iced water,' said Dr Tom, 'to slip through like that. What a run I am having for my money.'

'And you look like winning it,' said Mr Dauntsey.

The yellow jacket was fast drawing nearer the orange, and a couple of lengths behind Grey Bird came the favourite, and Target, followed by Hova, Baby, Warfare and Walwa, the remainder going well.

Past the top bend they went, and there was a great race for the home turn.

Willie 'hugged' the rails with Grey Bird, and he felt his mount was going better than he had ever done. The horse seemed to feel the excitement of his surroundings and the exultation of being at the head, or nearly so, of a Sydney Cup field.

Grey Bird was not a 'shirker' at any time, but he was surpassing himself on this occasion.

Jack Ashton was very wrath when he saw the grey shoot past him on the rails, and he was now making up for the ground he had lost.