"The figure is reasonable," said Ulick, "but I abominate the colour. That is the only reason I do not feel inclined to buy him."

"Then you will not have him?" asked the owner.

"No, thanks, and I am very much obliged to you for showing him me and placing him on offer," said Ulick.

The owner laughed, and said, "I am not surprised; I want to sell him because he is such a confoundedly bad colour."

"Have you quite made up your mind?" asked Fred May.

"Yes," replied Ulick.

"Then I'll take him at that figure," said Fred, much to their surprise. "I don't care twopence about his colour, there's the make and shape of a great horse there, and, grey or no grey, he'll win races."

"When will you take delivery?" asked the seller.

"He can return home with the horses I have at Epsom. They are at Tom Lucas's boxes. I'll send a lad round for him this evening," said May.

The bargain was completed; and Fred May invited Ulick to accompany him to the house where he was staying for the races.