Wrench explains that at his stud farm they have 15 Connemara pony mares (nine of which are in foal to an Arab and two to a Connemara stallion) and two Erris ponies (in foal to a thoroughbred). This season they plan to mix the pairings and the results of the couplings will be carefully monitored. He believes that the Arab is an exceptional horse, bettered only by the winner at the Paris Exhibition. He adds that Wilfred Blunt's pony that competed against it looked quite plain in comparison.

Blunt reveals that he has 10 foals this year at his stud farm from pure Arab mares, by the same chestnut horse. He gives a physical description of each foal, and analyses their colour and markings. He also suggests a seven year old mare that might be suitable for Ewart's experimental breeding.

Cockerell states that he wishes he could conduct experiments on horses in New Mexico as the conditions are very favourable. He mentions that Wilfred Blunt is also of the opinion that the native American horse may have lived to Columbian times. At present he is looking for mixed blood in the skulls of American horses. He points out that the old horses of Europe also had large heads. He also adds that he has found a copy of an aboriginal pictograph representing a man on a horse.