could foist their schemes on the public, and of the large profits which were derived by certain newspaper proprietors from them. He had the honesty to acknowledge that we had refused to take any further announcements with respect to 'discretionary investments,' and that we had persistently cautioned our readers to have nothing to do with them.

. . . As for tipsters, who merely offer to give information for a shilling's worth of stamps, what immorality can there be in that which is not to be found in the 'selections' of the daily newspapers? Even the Times, in a roundabout 'respectable' way, now and then indicates horses which, in the opinion of its sporting writer, will win certain races, and there is hardly a daily paper in town or country which has not its regular 'prophet,' who from day to day lifts up his voice or his pen and offers inducements to the public to bet. Can any one of such journals say to us, 'I am holier than thou, because I sell my prophecies for a penny, and thou insertest the advertisements of men who want a dozen stamps for theirs'? But the whole policy of objecting to certain classes of advertisements is absurd. If the proprietor of a newspaper were to inquire, even superficially, into the bona fides of all the announcements he makes every day, his journal could not be conducted. If he were even to confine his attention to the examination of the prospectuses of joint-stock companies-and this will appeal to Mr Anderson-he would be in the Bankruptcy Court in six months. Suppose the directors of any one of hundreds of bubble concerns which every year carry away the public with 'bogus' announcements were to appear before the manager of the Times with their prospectuses, what would they think if he said, 'Gentlemen, before I insert this you must prove to me that it is not a gross swindle;' and how would they proceed to do so?"

We admit to a weakness for reading the sporting papers, and can therefore vouch for the truth of what the Sportsman says about its own action. It would have been well, how

ever, if other papers had been as careful, for we happen to know that all the contemporaries of the journal from which we have quoted did not come out with quite such clean hands. Some not only continued to insert the advertisements, despite numerous complaints, but actually doubled the usual tariff price to the thieves. This seems to have been a pretty general proceeding when the discretionary movement was at its height, all papers which continued to insert the specious swindles after the exposures had begun being very careful to be well paid for their trouble. As in these days the plain truth is often the most desperate of libels, we must refrain from particularising; but we should think that no one in his sober senses will dispute the evident fact that such newspaper proprietors as took double pay from men because they knew they were assisting them in robbery, were morally far and away more guilty than the robbers themselves. If any apology is needed for our going so far into the betting subject, it will be found in the almost total ignorance, as well as the blind prejudice, which is every day manifested about the difference between the commission agents and their greatest enemies, the advertising welchers.

The raid which drove the bookmakers from London to the principal towns in Scotland seems almost to have been organised by the authorities in the interest of the scamps of the betting world. It certainly was considerably to the latter's advantage. In the hurry and turmoil which eventuated from the hegira, it was hard for people who were not experts to tell the good men from the bad; and as, the more unfounded a man's pretensions, the greater were his promises, letters containing remittances almost swarmed into the offices least worthy of confidence. One good, however, resulted from this. The conversion of sinners we have the best authority for regarding as a blessing, and it must be admitted that owing to the manner in which money poured in upon them, and one or two subsequent bits of luck in the way of unbacked horses' victories, men who went to

Glasgow and Edinburgh as adventurers, if not as actual thieves, remained to become not only solvent, but strictly virtuous. It was not, however, until affairs had somewhat settled down in the North, until Scotland began to be regarded as the permanent abode of the layer of odds, that advertisements which on the face of them were gigantic swindles appeared. Hitherto the attempts of impostors had been confined to a semblance of really fair and legitimate business, the firm being existent as long as there was nothing to pay, and non est immediately the blow came. And people who imagine that a bookmaker has nothing to do but take money, would respect him rather more than they do now if after one or two big races they could see his account, and note the scrupulous manner in which every debt is paid, if he bids for respectability in his vocation. A delay of a day in his settlement would lead to unpleasant results, for the very contiguity of the thieves makes the honest men more exact in their transactions. So it is usual, when a man has money to receive by post from a commission agent, for him to get it at once, or most likely not at all. The tipstering and touting fraternities had, while the headquarters of advertising turfites remained in London, been satisfied with short paragraphs intimating their absolute knowledge of the future, and their willingness to communicate such knowledge to the British public for a consideration in the way of stamps, or a percentage on winnings. But when once ready money had been tasted, it seemed to act on these people as blood is said to on tigers, and they determined to have more at all risks. It was useless to try for it a year or so after the migration by applications couched in the ordinary style, for the run of business was by that time divided among certain firms, and the old slow way of giving advice for shillings and sixpences was abhorrent to minds that soared after bank-notes and post-office orders; besides, it had very nearly worn itself out. Fresh moves were therefore necessary, and they were made in various ways, each of

which was more or less successful. The most important of them all, and the one with which we have to do now, was the discretionary-investment dodge, which was for a time a complete success, and which would have lasted much longer than it did, had it not been for the faculty of imitation possessed by thieves other than those who inaugurated the venture. Imitation may be the sincerest form of flattery, but even flattery must be painful when it is destructive, and Messrs Balliee & Walter could doubtless have dispensed with the crowds who followed in their wake, and almost made the fortunes of all papers who would take their advertisements. We are not aware whether the system was invented by Balliee & Walter, either or both; but, anyhow, they were its first promoters to any extent, and became thoroughly identified with it. Rumour states that Balliee was a kind of Mrs Harris, and that Walter was the firm. This is nothing to us, though, however much it may be to those who were despoiled of their cash by the discretionary swindle. The advertisements put forth for the benefit of those willing to trust their money blindly into the hands of men of whom they knew nothing must have been very successful, for it is admitted that the letters received in Glasgow for Balliee & Walter were so enormous in quantity that special arrangements had often to be made for their delivery. It is noticeable that swindlers of this description always assume that their firm is not only long established but well known, and the following, taken from the first page of the Sporting Life of the Derby-day 1871, will show that the particular people in question had no scruple about inventing facts for the purpose of substantiating their arguments :

THE

'HE KINGSCLERE LONDON AND GLASGOW TURF COMMISSION AGENCY.

Messrs. BALLIEE and WALTER beg to inform their subscribers and the sporting public that, in consequence of increase of business, they have opened a Commission Agency in Glasgow, where in future all commissions will be executed.

Gentlemen may rely on liberal treatment and prompt settlement of all claims. All letters answered same day as received.

ESSRS. BALLIEE

AND

WALTER

M (Members of the principal West-End Clubs),

62, JAMAICA STREET, GLASGOW.

As heretofore, Commissions of every description, and to any amount, will be undertaken, the following being the leading features:

INVESTMENTS ON FORTHCOMING EVENTS effected at the best Market Prices.

FIRST FAVOURITES backed at the post, and the rate of odds guaranteed as quoted by the sporting paper the investor chooses to adopt. JOCKEYS' MOUNTS invested upon in accordance with any scale or principle.

POST COMMISSIONS for EPSOM MEETING will meet with prompt attention.

THE OAKS A CERTAINTY.

"So if to be a millionaire at present is your aim,

Don't hesitate, but join at once our systematic gains.”
Shakspeare, revised and improved.

A SAFE INVESTMENT.-WINNING A CERTAINTY.

KINGSCLERE

DISCRETIONARY INVESTMENTS.

Messrs. BALLIFE and WALTER, Proprietors

(Members of the principal West-End Clubs).

The only recognised method by which backers of horses can win large sums at all the principal meetings.

PROSPECTUSES FREE ON RECEIPT OF ADDRESS.

MESSRS. BALLIEE and WALTER draw the attention of inves

tors to the all-important fact that they alone of all firms who undertake Discretionary Investments are to be seen personally in the Ring, and are represented at the lists outside, at every meeting throughout the racing season. Some firms, although they state they are present, are never to be seen.

SELECTED MORTEMER TO WIN AND A PLACE

FOR CHESTER CUP;