Starling Chatter and Oakhill have both dropped back in the betting," said Bertie van Tahn, throwing the morning paper across the breakfast table.

"That leaves Nursery Tea practically favourite," said Odo Finsberry.

"Nursery Tea and Pipeclay are at the top of the betting at present," said Bertie, "but that French horse, Le Five O'Clock, seems to be fancied as much as anything. Then there is Whitebait, and the Polish horse with a name like some one trying to stifle a sneeze in church; they both seem to have a lot of support."

"It's the most open Derby there's been for years," said Odo.

"It's simply no good trying to pick the winner on form," said Bertie; "one must just trust to luck and inspiration."

"The question is whether to trust to one's own inspiration, or somebody else's. _Sporting Swank_ gives Count Palatine to win, and Le Five O'Clock for a place."

"Count Palatine--that adds another to our list of perplexities. Good morning, Sir Lulworth; have you a fancy for the Derby by any chance?"

"I don't usually take much interest in turf matters," said Sir Lulworth, who had just made his appearance, "but I always like to have a bet on the Guineas and the Derby. This year, I confess, it's rather difficult to pick out anything that seems markedly better than anything else. What do you think of Snow Bunting?"

"Snow Bunting?" said Odo, with a groan, "there's another of them. Surely, Snow Bunting has no earthly chance?"

"My housekeeper's nephew, who is a shoeing-smith in the mounted section of the Church Lads' Brigade, and an authority on horseflesh, expects him to be among the first three."

"The nephews of housekeepers are invariably optimists," said Bertie; "it's a kind of natural reaction against the professional pessimism of their aunts."

"We don't seem to get much further in our search for the probable winner," said Mrs. de Claux; "the more I listen to you experts the more hopelessly befogged I get."

"It's all very well to blame us," said Bertie to his hostess; "you haven't produced anything in the way of an inspiration."

"My inspiration consisted in asking you down for Derby week," retorted Mrs. de Claux; "I thought you and Odo between you might throw some light on the question of the moment."