"C'EST MAGNIFIQUE! MAIS—"

Mr. Bull (Paymaster). "WELL, WHAT DO YOU THINK OF IT?"

Mr. Punch (Umpire-in Chief). "FINE RIDER—FINE HORSE! BUT—AS A CAVALRY SOLDIER—HAS TO LEARN HIS BUSINESS!"

["How then about the British Cavalry of September, 1890? A spectator who has taken part in modern regular war, and has watched the manoeuvres, said one day to me when I accosted him, in an apologetic tone, 'I have hitherto done your Army injustice, I will not do so again; I had no idea how well your officers and your troopers ride,—they are very fine horsemen.' There he stopped; I waited for more, but he had ended; his silence was a crushing criticism, unintentionally too severe, but very true.... I assert, therefore, that at this moment, our Cavalry is inefficient, and not prepared for war."—The Times Military Correspondent.]

Air—"Tally-Ho!" (from the Balliol Song-Book.)

"Of all the recreations with which mortal man is blest"