The last race was an interesting event. It was a steeplechase for gentleman riders only, and friends of the riders were standing up, with field-glasses to their eyes, watching with absorbed attention the horses, which were still a great distance off on the other side of the course. Jane was standing by Peter. Kitty Sherard was quite near; she was not looking through field-glasses as the others were doing, but stood leaning lightly on the balcony of the stand with her two hands clasped on the wooden rail in front of her.

'Can you see who is leading?' said Jane, and received no answer to her question, and then she saw that Miss Sherard was not looking at the racecourse at all. Her face was white, and her hands, which were clasped on the wooden rail before her, had a strained look about them, and showed patches of white where the slender fingers were tightly pressed on the delicate skin.

The last race involved some big fences, it is true; but then Kitty of all people in the world was the last to be afraid of a stiff course. It was not like her to keep her eyes turned away from the horses until some one quite close to her said, 'Well, they 're over the water-jump anyway,' when she suddenly raised her field-glasses, with hands that were trembling a little, and kept her eyes fixed on the race. It was going to be a close finish, most people thought, and as the horses came round the farther corner you could, as the saying goes, have spread a tablecloth over them. Toffy's horse closely hugged the rails and was kept well in hand; while, of the two in front of him, one was showing signs of the pace and the other had not much running left in him. These two soon tailed off, when the favourite (dark green and yellow hoops) came through the other horses and rode neck to neck with Toffy's. It became a race between these two, and it was evident that the finish was going to be a close one.

'Toffy's not fit to ride,' said the voice of a young man who would have liked Toffy to win the race, although he knew better than to back him. 'He is as mad as ten hatters to have ridden to-day.'

'His weight is right enough,' said another manly voice, with a laugh; 'it's extraordinary how a man of his height can ride so light. Christopherson 's a regular bag of bones.'

'I wish to goodness they wouldn't talk!' said Kitty suddenly under her breath.

The two horses came on neck to neck to the last fence but one.

'By gad, he knows how to ride!' went on the masculine voice, 'but Spinach-and-Eggs is on the better horse of the two.'

The ground was in splendid going condition and the two horses raced over it. They could see Christopherson's face now, and Toffy was smiling slightly, while the other man's teeth were firmly set. Their two stirrups clanged together as their horses rose to the rails and galloped on to the last fence.

And there, of course, Toffy's horse fell. It was not his fault; there was a bit of soft ground just where he landed, his horse blundered and fell, and the favourite rode past the winning-post, an easy winner.