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New Zealand Illustrated Sporting & Dramatic Review, Volume IV, Issue 202, 7 June 1894, Page 4

The last Grand National in the old country rppears to have cast certain doubts upon Ringmen in consequence of the free manner in which money was laid against Cloister. As we know, Cloister did not run, and the argument or insinuation of course is that the Ring knew he would be a non-starter, and laid against him as though he were dead, secure in the knowledge that so far as the National was concerned he was to all intents and purposes dead. But that does not argue that rascality was practised between the Ring and the stable. At the most the Ringmen can only be said to have known more than the backers, and while the latter were ready to back their opinion we think that with his knowledge, which generally costs him a lot of money, the layer was entitled to receive their money. Providing there is no collusion between bookmakers and the stable, the former are entitled to turn information which costs them money, to profitable account. The same course is open to the backer, and if he does not pursue it that is his look out. He backs his opinion and the layer backs his knowledge, and if the one is better than the other the backer cannot grumble so long as the knowledge is acquired in a fair and square fashion.