Read it through once

No phrase has been more conspicuous in recent years and none have been more abused in meaning and application than that of "the Prince's set." Properly used, it meant his personal friends or those who, along specific and often very diverse lines of sport, society, work, or travel, were necessarily intimate with His Royal Highness. Improperly applied, it was supposed to designate a rather fast and very "smart" set of wealthy social magnates. In this latter guise it had really no existence. Those who were familiar with the Prince of Wales' career and character knew that mere wealth was the last thing which ever attracted him, and the one thing which was a most certainly uncertain basis upon which to gain his patronage; to say nothing of his friendship. Many disappointed millionaires can speak with accuracy upon this point--if they wished to. On the other hand, honest love of racing, or shooting, or yachting; brilliancy of conversation in man or woman and conspicuous beauty or charm of manner in the latter; knowledge of the world and capacity to do the right thing in the right way at the right time were conspicuous factors in obtaining the friendship of the Prince of Wales. Achievements in art, or distinction in the Army and Navy, or great philanthropic interests and undertakings, were always elements of recognized importance.