crowded, and
these occasions correspond, more or less, with the more important
meetings in England.

The course is of earth, and perfectly flat, so that the only thing which
interferes with the view is dust. The stands are magnificent and the
different grades of society are divided by railings, while at the back
of each may be seen the row of offices of the "Sport," which is the
betting system of the country.

This consists of tickets, which are sold at a fixed price, with the name
of one of the entries. After the race there is a great rush to the
offices, made by those who have bought the winner, to collect their
winnings, which are the total receipts, minus a small percentage,
divided by the number of those who bought the winner. In this way a very
hot favourite will pay very little more than the original purchase
money, while an outsider who wins will pay his backers perhaps ten, or
even twenty times their deposit. There is also private betting, of
course, but no public bookmakers.

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
fro