Lord Dunraven's yachting may be said to date from his college days, since he generally spent the long vacation with his friend Lord Romney, voyaging in a small sloop he purchased from a Cardiff pilot. In this craft, with a man and boy for a crew, he used to cruise in all sorts of weather round the coasts of Scotland and Ireland. Very funny indeed are some of the yarns about the dangers and difficulties which the "Cripple"--as the yacht was named--and those on board met with from time to time. In this way he picked up some knowledge of navigation, learned how to manage a boat, and became well acquainted with the discomforts of seafaring life. From the days of the "Cripple" until 1887 Lord Dunraven took but little interest in yachting or yacht racing. But in August of that year he chanced to be at Cowes, and went for a sail in the "Irex." As usual with Mr. Jameson, the conversation turned on yacht building. In a very short time Lord Dunraven was persuaded to return to his old love, and before a month was over Mr. Richardson, of Liverpool, who designed the "Irex," had received instructions to build him a cutter. The result was the "Petronilla," but, in spite of several alterations, the yacht was a failure, although she was steered by Gomes, who during the last two seasons has had charge of "Meteor" (_nee_ "Thistle") for the German Emperor. Disheartened, but not defeated, he gave a commission to Mr. Watson, of Glasgow, who designed the first "Valkyrie." She was a signal success, and was sailed by Thomas Diaper, better known as Tommy Dutch, and afterwards by William Cranfield, who had been so fortunate with the "Yarana," now the "Maid Marian," for Mr. Ralli. Like the present ship, she was built for the express purpose of racing for the America Cup. The challenge sent by the Royal Yacht Squadron was accepted by the New York Yacht Club. But as conditions, considered distasteful by the Squadron, were imposed as to the future holding of the cup, and the New York Yacht Club declined to yield in any way, the match was reluctantly abandoned. The following year the Watson cutter came out again and did as well as before. In the winter of 1891-92 Lord Dunraven took her to the Mediterranean, where, after winning every race she sailed in, she was sold to the Archduke Carl Stephan, and delivered at Pola. [Illustration: DUNRAVEN CASTLE.] The next order was given to Mr. Alfred Payne, of Southampton, who was bidden to design a yacht which should serve the twofold purpose of a fast cruiser and a reliable, seaworthy fishing boat. "L'Esperance" was built with that object in view, and fully realized the expectations of her owner, though, of course, she was not fast enough to hold her own with the first-class racers. During the two seasons the yacht was afloat she carried off several prizes in handicap matches.