Ethereal, a daughter of American champion and Breeders' Cup Juvenile (G1) winner Rhythm, won the 141st running of the $1,865,794 Melbourne Cup (Aus-G1) on Tuesday at Flemington racecourse in one of the most remarkable "fairy tales" in the history the race.Ethereal became only the third female to win the Caulfield Cup (Aus-G1) and Melbourne Cup double, following Rivette in 1939 and Let's Elope in '91. Ethereal, a New Zealand-bred who is out of the *Sir Tristram mare Romanee Conti, also won the Queensland Oaks (Aus-G1) earlier this year.

English-born Sheila Laxon, who as a jockey in 1991 was involved in a horrific spill in New Zealand, also became the first woman to train a Melbourne Cup winner. Laxon was in a coma for eight days after the spill and was told she might never speak or walk again, but she proved the doctors wrong.

Greeting Etheral on her return to scale Laxon said: "You are a magic horse and I love you dearly."

Owner Peter Vela paid his tribute to "two wonderful ladies.

"They both showed great courage, competitivness and are very classy—Sheila Laxon and Ethereal, I am very proud of you," Vela said.

Melbourne Cup day started off in dramatic fashion when Universal Prince, the long-time race favorite, failed to pass a fitness test and was scratched by veterinary stewards. The field was reduced to 22 when Kaapstad Way was withdrawn an hour before the race.

Godolphin Racing's Give The Slip and jockey Richard Hills left the gate quickly and set a smart pace in a daring bid for a wire-to-wire victory that almost succeeded.

Race favorite Sky Heights was always well back, along with a number of other main contenders. At the 600-meter mark, there was a scrimmage and Hill of Grace fell and lost her rider. Hills of Grace reportedly suffered no significant injuries in the incident.

Hills was able to give Give the Slip a breather once or twice during the two-mile race and they were five lengths clear with less than a quarter-mile to run.

Ethereal unleashed a blistering sprint down the middle of the track inside the final furlong to catch Give the Slip a stride from the finish and win by three-quarters of a length.

Winning jockey Scott Seamer said he walked the course on Monday night "and realized the best going was eight to ten horses off the rail."

"I also studied videos of previous Melbourne Cups as I had never ridden in one before," Seamer said. "My plan was to make my move at the 300 meters (mark) and I never changed that."

Persian Punch, who was caught four wide the entire trip, finished six lengths back in third. Final time over the track labeled "dead" was 3.21.08.

Karasi, imported to Australia two years ago, finished fourth, while Godolphin's other entry, Marienbard and jockey Frankie Dettori, finished seventh. Germany's Caitano (GB) checked in 13th.

Rain and cold conditions hampered on-track attendance, which was reported by the Victoria Racing Club to be 92,477, down significantly from last year's 121,000. A total of $53,582,150 was wagered in Australia on the race with all state's reporting increases in handle from last year with the exception of Tasmania and the Northern Territory.

Former U. S. President George Bush, the father of current President George W. Bush, attended the biggest official party outside Melbourne, a Children's Charity Fundraiser in Sydney.—Delamere Usher