The yachts belonging to the Squadron (doubtless because of the wealth of the members) have always been distinguished for size. And even in the early days of the Club (as can be seen in the picture by W. Huggins, painted in 1835) there were some large and powerful vessels flying the Club burgee. The Earl of Yarborough’s (then Commodore) _Falcon_, a full-rigged ship of 351 tons carrying twenty-two guns!; the _Pearl_, of 130 tons; _Dolphin_, 217 tons; and the _Pantaloon_, the Duke of Portland’s brig, being amongst the largest craft. This was one of the most prosperous and interesting periods of the Club’s history. Then into its racing arena came the famous _Arrow_ of Mr T. Chamberlayne, which was so successful from year to year in all the races for which she was entered that at last she was requested not to compete! A distinction which has been conferred, we believe, upon no other yacht. In the year 1851 the Royal Yacht Squadron gave a cup to be raced for, which the _America_, schooner, belonging to Mr J. C. Stevens, Commodore of the New York Yacht Club, won. It is this cup, erroneously known to Americans as the “Queen’s Cup,” and to English people generally as the “_America_ Cup,” which has been the cause of such frequent contests off Sandy Hook in the endeavour of various keen and patriotic English yachtsmen to regain possession of the coveted trophy. Very recently[C] the squadron consisted of 230 members, the fleet of 108 vessels, comprising 45 steam yachts, 10 steam (auxiliary) schooners, 28 schooners, 13 cutters, and 12 yawls, with a total tonnage of upwards of 20,400 tons. [C] These figures must be taken as approximate. They vary considerably from time to time. Including in the past and present His Majesty’s yachts _Formosa_, _Aline_, and _Britannia_, and such well-known boats as _Emerald_, _Alarm_, _Egeria_, _Sunbeam_, _Czarina_, _Mirage_, and _Wanderer_, to mention only a few. The election of the German Emperor as a member, and his interest in yacht racing, has on several occasions, when his boat has been over here, added considerable interest to the Regatta week and races. The history of the premier Yacht Club, in which His Majesty King Edward VII has taken so great an interest, and of which in the past more particularly he has been so active a member, may properly fill a volume by itself. There is plenty of romance in the story; just as the record of the Club may be said to be a history of English yachting in miniature. It is the ambition of every wealthy yachtsman to belong to the Squadron (comparatively few realize it) and beyond the _éclat_ which attaches to membership there are certain privileges which are valuable from a monetary point of view. One is that of entering foreign ports free of dues. A more sentimental privilege, shared by no other Club, is that of flying the white, or St George’s ensign, which is carried by vessels of the Royal Navy.