only by men of powerful mind.  No man should be allowed to qualify as a tipster unless he has taken a degree at one of the Universities.  The ideal tipster would at once be a great historian a great antiquary, a great zoologist, a great mathematician, and a man of profound common-sense.  It is no accident that an ex-Prime Minister was one of the few Englishmen to spot the winner of the Derby of 1920.  Mr Asquith must have gone patiently through all Spion Kop’s relations, weighing up the chances whether it was an accident or owing to the weather that such an one fifteen years ago was beaten by a neck in a six-furlong race, studying incidents in every one of their careers, seeing that none of them had ever had a great-uncle a bus-horse, bringing out a table of logarithms to decide difficult points....  We need not be surprised that there are fewer great tipsters than great poets.  Shakespeare alone has given us a portrait of the perfect tipster—­“looking before and after ... in apprehension how like a god!”

It is perhaps, however, when we leave questions of breeding and come to those of form, that we realise most fully the amazing intellectualism of the betting life.  In the study of form we are faced by problems that can be solved only by the higher algebra.  Thus, if Jehoshaphat, carrying 7 st., ran third to Jezebel, carrying 8 st. 4 lb., in a mile race, and Jezebel, carrying 8 st. 4 lb., was beaten by a neck by Woman and Wine, carrying 7 st. 9 lb., over a mile and a quarter, and Woman and Wine, carrying 8 st. 1 lb., was beaten by Tom Thumb, carrying 9 st. in a mile 120 yds., and Tom Thumb, carrying 9 st. 7 lb., was beaten by Jehoshaphat over seven furlongs, we have to calculate what chance Tom Thumb has of beating Jezebel in a race of a mile and a half on a wet day.  There are men to whom such calculations may come easy.  To Mr Asquith they are probably child’s play.  For myself, I shrink from them and, if I were a betting man, would no doubt in sheer desperation be driven back on the method of pin and pencil.  But it is obvious that the sincere betting man has to make such calculations daily.  Every morning the student of form finds his sporting page full of such lists as the following:—­

     0 0 0 CONCLUSIVE (7-5), Kroonstad-Conclusion. 8th of 9 to
     Poltava (gave 17lb.) Gatwick May (6f) and 7th of 19 to
     Orby’s Pride (rec 4lb) Kempton May (5f).

3 3 3 RAPIERE (7-4), Sunder—­Gourouli.  Lost 3-4 length and 3 lengths to Bantry (gave 2lb) and Marcia (rec 7lb) Newmarket May (1m), GOLDEN GUINEA (gave 20lb) not in first 9.  See BLACK JESS.

     0 0 4 ROYAL BLUE (7-0), Prince Palatine—­China Blue.  See
     NORTHERN LIGHT.

0 2 0 BLACK JESS (6-11), Black Jester—­Diving Bell.  Not in first 4 to St Corentin (gave 121b) Lingfield last week (7f).  Here Ap. (7f) lost 3 lengths to Victory Speech (rec 1lb), RAPIERE (gave 13lb, favourite) ½ length off.

     0 LLAMA (6-11), Isard II.—­Laughing Mirror.  Nowhere to
     Silver Jug (gave 15lb) Newbury Ap. (7f).