hat he could not do much better still if only his
opponent were more formidable. In a race like this, however, he knows
that anything may happen. His usual rivals have all got a start of
him; if he is to defend his good name, he must beat all his previous
records and bring his utmost power into play. And so every man in the
race is put on his mettle. We consider the handicap a very useful race
indeed!'

'Perhaps so,' I said, feeling that I was beaten, but feebly attempting
to cover my retreat; 'but how do you compute the exact starts and
handicaps which the different men are to take?'

'Ah,' he said, 'now you've touched the vital question.' I was
gratified at his recognition of the good order of my retirement. 'You
see,' he went on, 'we have to look up the men's previous performances
and work out the differences in their records with mathematical
exactness. But there is something more than that. We have to know the
men. You can't adjust the handicaps by rule of three. Anybody who has
seen Jones run must have noticed that he's a bit downhearted. He has
been beaten every time, and he goes into a race now expecting to be
beaten, and is therefore beaten before he starts. He needs
encouragement, and we have to consider that fact in arranging his
handicap. Then there's Smith. He's too cocksure. He has never had
any difficulty in beating men of his own class. He needs putting on
his mettle. So we increase his handicap accordingly. It takes a lot
of working out, and a lot of thinking about, I tell you. But here they
come!'

There was no mistake this time. A batch of runners came into sight all
at once, the officials took their places, and the crowd clustered
excitedly round. As we waited, the remarks to which I had just
listened took powerful hold upon my mind. The handicaps of life may
have been more carefully calculated and more beneficently designed than
we have sometimes been inclined to suppose.

III

It was a fine finish. As the first batch of men drew nearer I was
pleased to notice that Brown, the fellow in light blue, who had started
last, was among them. Gradually he drew out from the rest, and, with a
magnificent spurt, asserted his superiority and won the race. A few
minutes later I took the tram citywards. Just as it was starting,
Brown also entered the car. I could not resist the opportunity of
congratulating him.

'It must have taken the heart out of you,' I said, 'to see all t