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sure, whose name was Cadwallader Perkin, and who, for his riding in some race or other, had been awarded a whole year's holiday by the stewards who had observed the paramountcy of his horsemanship.

No sooner had Perkin inspected Milky Way than he was quite in love with his stable companion, and assured his employer that, with more regular out-of-door exercise, she would be easily competent to win the Derby on her head, whereupon Mr Bhosh consented that she should be galloped after dark round the inner circle of Regent's Park, which is chiefly populated at such a time by male and female bicyclists.

But in order to pay Perkin's charges, and also provide a silken jockey tunic and cap of his own racing colours (which were cream and sky-blue), Mr Bhosh was compelled to borrow more money from Mr MᶜAlpine, who, as a Jewish Scotch, exacted the rather exorbitant interest of sixty per centum. It leaked out in some manner that Milky