By Cornelius Lysaght BBC Sport racing correspondent

Since it was first run in the 19th century, the Melbourne Cup has been about hope overcoming all kinds of adversity.

The first winner - so the legend goes - triumphed after overcoming the exertions of being walked across rough terrain all the way from New South Wales to Melbourne.

The British have yet to get their hands on the Melbourne Cup

And now the British must keep on hoping for that elusive first success in the race that stops Australia after their four runners could finish no closer than a creditable third this year.

The Irish, twice successful, were also well beaten.

However, 40-1 shot Jardine's Lookout, who travelled from trainer Alan Jarvis' stable near Didcot, Oxfordshire to be third, ran with enormous credit.

Ridden by Darryll Holland, the six-year-old, required to shoulder top weight having been seventh behind Media Puzzle in 2002, finished from behind like a train to grab the �117,958 third prize.

In a few more strides he might have caught the winner Makybe Diva and second She's Archie, and afterwards Holland said that he relished the propect of returning in 12 months' time.

"It is the most amazing experience having 110,000 people shouting at you," said Holland, the runner-up in this season's Flat jockey championship in Britain.

"It makes you want to come back again, and my horse has run like a hero. Coming from the other side of the world is incredibly hard, but everyone has done incredibly well."

Hugs Dancer lunged towards the front in the closing stages, and looked sure to play a big part, but faded to finish ninth.

MELBOURNE CUP RESULT 1. Makybe Diva 7-1 2. She's Archie 40-1 3. Jardines Lookout 40-1 4. Pentastic 10-1 Full race report

The Irish challenger Holy Orders never really featured in 17th, while the favourite Mamool (last of 23) and Millstreet (21st), both representing Sheikh Mohammed's Godolphin stable, were prominent for a long way but soon lost their places.

Mamool, the mount of Frankie Dettori, appeared to have injured himself during the race.

Taking horses all those thousands of miles and having them 100% for the first Tuesday in November is clearly a tough assignment.

However, as internationally accomplished Irish trainer Dermot Weld has demonstrated, it is possible.

Two years ago, Media Puzzle emulated his stablemate Vintage Crop who nine years earlier when bringing the winner's trophy back to Weld's Co Kildare stables.

And while the prize money for winning translates into sterling at only just under �1m, hope springs eternal.