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 surmise" that the smallest bet gives to the bettor that make the real delight of betting. When the office-boy wins and gets ten shillings for the risk of his two-and-six, his delight is not by any means pure love of gain, it is distinguished by a very marked line from the constantly repeated joys of the grocer, who is always buying delicious tea at ninepence and selling it at one-and-six. Here you have commercialism in its simplest form; but our office-boy, though he likes the money well enough, stands on a much higher plane. For the moment he is the man who has succeeded in solving the enigma of the Sphinx, in discovering the unknown continent, in reading the cypher, in guessing at the song the Sirens sang, in unveiling the hidden treasure that the buccaneers buried on the lonely shore; he has ventured successfully into the dim region of surmises. And when he loses, there are always consolations; the Indies have not been discovered on this voyage, certainly, but there have been wonders on the way, he has enjoyed many hours of delicious expectation. The proof that he likes the sport, even when he loses, is that he invariably takes the first opportunity of venturing again in the