Lord Newmarket's old home is mortgaged, mortgaged everywhere. His house is mortgaged, his park is mortgaged, his stud is mortgaged, his tie-pin is mortgaged; yet he wants to marry Lady Angela. How can he restore his old home to its earlier glories? There is only one chance.

But werry little racing does for me; Sadler's Wells is well enough of a fine summer evening especially when they plump the clown over head in the New River cut, and the ponies don't misbehave in the Circus, but oh! Newmarket's a dreadful place, the werry name's a sickener. I used to hear a vast about it from poor Will Softly of Friday Street.

Fido is a rank outsider most of the bookmakers thought that he was a fox-terrier, not a horse and he is starting at a thousand to one. When the starting-gate goes up, Fido will carry not only Lord Newmarket's shirt, but Lady Angela's happiness. Was there ever such a race before in the history of racing? Only in the five thousand other racing novels.

Anyway, the downs were black with people, and the stands were black with more people, and the paddock was packed with black people. But of all these people none concealed beneath a mask of impassivity a heart more anxious than Lord Newmarket's. He wandered restlessly into the weighing-room. He weighed himself. He had gone down a pound. He wandered out again.

But Lord Newmarket is reckoning without Rupert Blacknose. Blacknose has not only sworn to wed Lady Angela, but it is he who holds the mortgages on Lord Newmarket's old home. It is at Newmarket Villa that he means to settle down when he is married. If Fido wins, his dreams are shattered. At dead of night he climbs into Fido's stable, and paints him white with a few black splotches.