The bell rang, the course was cleared, the numbers put up; the horses cantered gaily past. At the sight of Rosemary, a shiny bay in beautiful condition, Billiter’s heart warmed; at the sight of Punchinello, a scraggy crock who had never won a race in his inglorious life, Billiter sniffed scornfully. If Old Joe Jenks was such a fool as to refuse a free gift of two pounds ten—they had agreed to halve the spoils—the folly thereof lay entirely on Old Joe Jenks’s head.

The start was made. For a long time the horses ran in a bunch. Then Rosemary crept ahead. Billiter’s moustache beneath the levelled field-glasses betrayed a happy smile. Rosemary increased her lead. At the turn into the straight, something happened. She swerved and lost her stride. Three others dashed by, among them the despised Punchinello. They passed the post in a flash, Punchinello first. Billiter murmured things at which the world, had it heard them, would have grown pale, and again sought the bar. Emerging thence he went in quest of his patron. He had not far to go. Quixtus sat on a wooden chair at the back of the grand stand reading a vellum covered Elzevir duodecimo edition of Saint Augustine’s Confessions. When Billiter approached he rose and thrust the volume into the tail pocket of his frock-coat.

“Was that a race?” he asked.

“Race. Of course it was. The race. Didn’t you see it?”

“Thank goodness, no,” said Quixtus. “Did any horse win?”

The sodden and simple wit of Billiter rose like a salmon at this gaudy fly of irony. He lost his temper.

“Your damned, spavined, bow-legged, mule-be-gotten crock of a Punchinello won.”

Quixtus regarded him mildly; but a transient gleam of light flickered in his china-blue eyes.

“Then, my dear Billiter,” said he, “I have won nine hundred pounds, which, in view of my opinion of the turf, based on experience, I think I shall hand over to the Society for the Propagation of the Gospel to be earmarked for the conversion of the Mahommedans in Mecca. As for you, Billiter, you have won two hundred and twenty-five pounds”—Billiter quivered with sub-aspirate anathema—“which ought to satisfy the momentary cupidity of any man. Let us go. The more I see of it the more am I convinced that the race-course is no place for me. It is too good.”

Billiter glanced at him with wrathful suspicion. Was he speaking in childish simplicity or in mordant sarcasm? The grave, unsmiling face, the expressionless blue eyes gave him no clue.