Pioneer came sailing along past the stands and turned out an easy winner by three lengths, at which there was much jubilation among the three friends.
"I shall put my winnings on Barellan," said Bill.
"So shall I," said Jim.
"I'll keep mine in my pocket," said Glen.
"You've got a big stake going. By Jove, it will be a go if you win first prize in the sweep; you'll be a cut above us poor beggars then," Bill remarked.
"It won't make the slightest difference that way," replied Glen smiling.
"I know that, old man. I was only chaffing," laughed Bill. "I suppose if anyone accepts Gerard's challenge you'll ride, even if Barellan wins?"
"Certainly. I promised him," Glen answered.
"Let us go into the paddock, and have a look at some of the Cup horses," said Jim, and they walked along the lawn in that direction.