The horses are of very good quality, though not up to the standard of the classic races in Europe. A number of youngsters are imported yearly from England and the United States, and among them usually some good selling-plate winners, and one or two that have been placed in first-class flat races. The country also produces some excellent horses, and they are improving every year; the stud farms are already well known in Europe as some of the best in the world. Of these, the most important, perhaps, is the "Ojo de Agua," so-called from its famous spring, which waters all the stables as well as dwelling quarters. It is the home of the famous Cyllene, whose offspring we expect to see winning races in the near future; Polar Star, scarcely less known, and Ituzaingo, a native of this country, are his present companions; while the remains of Gay Hermit, Stiletto, Pietermaritzburg, and Kendal, all of whom are well known among turf circles at home, rest beneath its soil. There are several other equally famous stud farms, such as the "San Jacinto," the present home of Val d'Or, who won the Eclipse Stakes from Cicero, the Derby winner of that year; at another, Diamond Jubilee, whose list of victories is long, resided for the latter part of his life.

Nor are the jockeys unworthy of their mounts, and some very fine riding may be witnessed both at Palermo and Hurlingham.

In contrast to these races, run on a well-ordered course, and watched from luxurious stands, are the native "cancha" meetings, held, probably, at some country public-house, and run on a "cancha," consisting of a soft piece of road, or along a fence where there are no holes. The races consist of matches arranged between two ponies, over short distances. The start is made only by agreement of both the jockeys, and thus many hours are wasted in their manoeuvres to get the advantage of one another at the start. If the judges have money on the loser, the race is often given a dead heat, and has to be run again. The pony of most endurance has usually the best chance of winning, though the race itself is short, as his rival may be tired out by repeated false starts. Large sums of money often change hands at these meetings, as the native is a born gambler, and understands this primitive method of racing better than the more complicated systems of the regular course. Owing to this, and to the competitors' efforts to cheat one another, not infrequently knives are drawn during the heated discussion which follows the race.

The ponies are, for the most part, taken straight off the camp, though in some cases they have been fed on maize and trained. They are ridden either bareback or with the native "recado," and catch-weights: as may be gathered from the method, it is usually "owners up."

Between these two extreme classes of racing in this country are the English camp race-meetings, which are held by all the larger polo clubs once or twice a year. Being of rare occurrence, and as some, if not all, of the faces are open to members of other clubs, these are among the chief social gatherings in camp life: in many cases there is a small polo tournament attached, as it is the best opportunity for those who come from a distance, and could not come twice. Therefore it usually means a two or three days' holiday, and often a dance, or some entertainment in the evenings. Old friends exchange reminiscences, and new acquaintances are formed; while the ladies also make the best of the opportunity to put on their smartest frocks and hats.

The races themselves, too, are the source of considerable talk and excitement: both horses and jockeys are well known by sight or reputation to the chief part of the company, and any "dark horse" or new arrival, is inspected with care and anxiety by his rivals.

The class of horse entered varies between the three-quarter bred and the "criollo" with no pretence to breeding at all, who often carries off the short polo pony sprints. Occasionally there may be a thoroughbred entered who has been found wanting at Palermo or Hurlingham, but these are few and not always successful, as the longest races do not often exceed about a mile and a-half. As the weights correspond to steeplechase weights at home the jockeys are practically always amateurs, and a large percentage of "owners up" is always found. Young mayor-domos who have never ridden at a meeting before often find themselves ranged alongside of Grand National riders at the start, and some amusing incidents have occurred, though there is some very good amateur riding to be seen as well.

The betting is on a smaller scale generally than at the native meeting, and is often conducted by someone setting up as a public bookmaker; at other times a "sport" is formed after the fashion of Palermo. Also the auction of all entries before the start of the races in the American way is a great favourite; the total receipts for each race are divided proportionately between those who bought the winner and "placed" horses.

There is opportunity for a little horse-dealing too, and many good polo ponies to send home or play in the tournaments have been picked up in this way. The shorter races for ponies under polo height give an opportunity to the polo player, and the mayor-domo who cannot train his ponies for longer distances, to try the mettle of their mounts against outside and purer blood.

Nowadays most of the entries are trained to some extent, though not many go to regular training establishments. To have a reasonable chance of running well in the longer races, however, it is necessary to have your mounts in stable exercised regularly and fed on corn. It is only quite lately, however, that even so much training has been adopted at all generally. In the old pioneer days of English estancias, when these clubs were formed, they raced ponies taken straight off grass and kept fit by riding the regular rounds of camp and stock.