The fair at Ludlow, England would have been a gathering where people from the area could meet to do business, hang out, and drink a ton. Like a lot of other things in this poem, though, it's also a symbol of the fleeting nature of happiness.
- Line 29: Terence brings up Ludlow fair at the start of a drinking story. Basically, he went to Ludlow, got loaded, lost his tie and fell asleep in the mud. In fact, he had fun doing it. But that fun didn't last, and Ludlow fair becomes a symbol of easy fun that disappears all too quickly.