in which we may assume that five horses, viz., Mr. Johnson's Sam, Mr. Williams' Jack, Mr. Payne's Lucy, Mr. Thomson's Ruby, and Mr. Smith's Brilliant, are declared to start, that there are 50 tickets at Rs. 10 each, and that Lucy won. From the total amount of the lottery, 5 per cent. is deducted for the benefit of the Race Fund.

Cawnpore Spring Meeting-1878.

LOTTERY ON THE DERBY-PRICE OF TICKETS Rs. 10.

This form usually occupies the first and part of the

second pages of the lottery paper.

The above form should be at the end of the list of tickets. It is generally at the bottom of the second page.

The above form is usually drawn out on the third

page of the lottery paper.

On the lottery paper, which I have given as an illustration, we see that the Nos. 12, 25, and 36 were taken by single individuals, and that there was a sweep of two tickets per man for Nos. 1 to 11 and for 13, 14, and 15, the break having occurred by Johnson having taken No. 12 on first going off; while the remaining tickets were taken conjointly.

By the C. T. C. Rules an owner is entitled to claim one-fourth of his horse's chance (taking that proportion of risk as well as gain) immediately on its being sold. The owner's share is the only one allowed to be recorded on a lottery paper, whatever part be taken, it being optional to the buyer to give more than one-fourth if he chooses, to the owner, in case the latter asks for it.

In the "Debits and Credits " we see that half of Sam is debited to Johnson, the owner of that horse.

By using the form of "Debits and Credits" we ensure correctness, which is proved, firstly, by the addition of the column under " Price of tickets" amounting to their gross value, and secondly, by the total sum under column "Bought" being exactly double that under "Drew," for the purchaser of a horse's chance pays double the amount he is sold for, first to the drawer, and then into the lottery. The final step in proving the accounts, is to see that the total winnings, plus the percentage, is equal to the total losings. When this system is employed, a form like the following should be used to show the total debits and credits on each day's racing. I here assume that there were, four lotteries held, and that twelve persons took part in them.

R

Nothing can be less liable to error than the system which I have described; while correctness is a most valuable quality, when a mass of accounts has to be got through in a short time, which is always the case at a race meeting. This system's only fault is that, at a settling, if persons are not acquainted with its working, reference to the different debits and credits of individuals cannot be so readily made, and explanation given, as by another system which I shall now describe and which was shown to me some time ago by the then Honorary Secretary at Meerut. The working of this latter system is so self-evident that I need only give the form for the accounts of each day's racing. Its only fault is that error cannot be readily checked. To save room, I give the form for only four lotteries, though of course it can be made out for any number.

In lottery accounts, the debits consist of price of tickets and purchase of horses; the credits, that of horses drawn, and lotteries or parts of lotteries won: by the following system (see next page) these items are arranged in the most simple manner for reference and computation: