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Rh Still, I've drawn a prize or two among them, at one time or another."

"Ah yes, so I've heard. But now as to the outer defences I was speaking of. Let us find out who is trying to interfere with your horse. Do you mind letting me into the secrets of the stable commissions?"

"Oh no. We're talking in confidence, of course. I've backed the colt pretty heavily all round, but not too much anywhere. There's a good slice with Barker—you know Barker, of course; Mullins has a thousand down for him, and that was at five to one, before Herald went amiss. Then there's Ford and Lascelles—both good men, and Naylor—he's the smallest man of them all, and there's only a hundred or two with him, though he's been laying the horse pretty freely everywhere, at least until Herald went wrong. And there's Pedder. But there must have been a deal of money laid to outside backers, and there's no telling who may contemplate a ramp."

"Just so. Now as to your nephew. What of your suspicions in that direction?"

"Perhaps I'm a little hasty as to that," Mr. Telfer answered, a little ashamed of what he