Part 4, Chapter 1 Summary

The chapter begins at the race track on the first day of the races. The track is packed with spectators, including Ida and Phil Corkery. Black Boy is looking like a long shot. Spicer and Pinkie arrive at the track, without Dallow and Cubitt. Spicer speaks wistfully of the pub to which he is heading. Pinkie - though he detests his companion's weakness - acts conciliatory. He offers Spicer a drink and invites him to place a bet on the next race.

The race is run, and Black Boy comes in first. Spicer wins on a place bet and goes to collect from the bookie Tate. When he returns, ten pound note in hand, Pinkie tells him that they don't need to go do anything at the track after all and says his goodbyes. As they part ways, Colleoni's men ambush...