Another two minutes, and the signal was given.  There were ten horses in the race.  It was a fair start, and the excitement in the watching crowd became at once intense.

Baring remained at Mrs. Latimer’s side.  She was on her feet, and scarcely breathing.  The black horse stretched himself out like a greyhound, galloping splendidly over the shining green of the course.  His rider, crouched low in the saddle, looked as if at any instant he might be hurled to the earth.

Baring watched him critically, his jaw set and grim.  Obviously, the boy was not himself, and he fancied he knew the reason.

“If he pulls it off, it’ll be the biggest fluke of his life,” he muttered.

“Isn’t it queer?” whispered Mrs. Latimer.  “I never saw young Carteret ride like that before.”

Baring was silent.  He began to think he understood Hope’s failure to put in an appearance.

Gradually the black Waler drew away from all but two others, who hotly contested the leadership.  He was running superbly, though he apparently received but small encouragement from his rider.

As they drew round the curve at the further end of the course, he was galloping next to the rails.  As they finally turned into the straight run home, he was leading.

But the horse next to him, urged by his rider, who was also his owner, made so strenuous an effort that it became obvious to all that he was gaining upon the Waler.

A great yell went up of “Carteret!  Carteret!  Wake up, Carteret!  Don’t give it away!” And the Waler’s rider, as if startled by the cry, suddenly and convulsively slashed the animal’s withers.

Through a great tumult of shouting the two horses dashed past the winning-post.  It seemed a dead heat; but, immediately after, the news spread that Hyde’s horse was the winner.  The Waler had gained his victory by a neck.

Hyde was leading his horse round to the Rajah’s stand.  His jockey, looking white and exhausted, sat so loosely in the saddle that he seemed to sway with the animal’s movements.  He did not appear to hear the cheering around him.

Baring took up his stand near the weighing-tent, and, a few minutes later, Hyde and his jockey came up together.  The boy’s cap was dragged down over his eyes, and he looked neither to right nor left.

Hyde, perceiving Baring, pushed forward abruptly.

“I want a word with you,” he said.  “I’ve been trying to catch you for some days past.  But first, what did you think of the race?” He coolly fastened on to Baring’s elbow, and the latter had to pause.  Hyde’s companion passed swiftly on; and Hyde, seeing the look on Baring’s face, began to laugh.

“It’s all right; you needn’t look so starched.  The little beggar’s been starving himself for the occasion, and overdone it.  He’ll pull round with a little feeding up.  Tell me what you thought of the race!  Splendid chap, that animal of mine, eh?”