Last year Lord Dunraven determined to have a second try to bring off a race for the America Cup, and gave an order to Mr. Watson to build him another cutter. The success of the Clyde designer's last venture was probably the reason for calling the new vessel "Valkyrie." The Royal Yacht Squadron again challenged in Lord Dunraven's behalf, and the challenge was duly accepted. Fortunately, no difficulties arose on this occasion, and the 5th of October is fixed for the first match. [Illustration: CAPTAIN WILLIAM CRANFIELD OF THE "VALKYRIE."] The new ship was built by Messrs. Henderson, of Glasgow, side by side with the "Britannia," the Prince of Wales's yacht. It is a mistake, however, to suppose, as some do, that the two vessels are copies, one of the other. The "Valkyrie" was designed first, and her building begun, before Mr. Watson considered with Mr. Jameson the lines of the "Britannia." "Valkyrie's" registered tonnage is 106.55, and her length on the load water line 86.82 feet, which is 1.82 feet above the length of the load water line given in the challenge, but doubtless she will be altered to meet the conditions governing the race. Her length from the fore part of stem under the bowsprit to the aft side of the head of the stern-post is 97.75 feet, and her length over all 116.25. Her racing rating is 148, and her sail area 10,200 square feet, being 3,500 square feet more than the first "Valkyrie." She carries a crew of thirty hands all told, and her cabins are prettily fitted up in cedar and cretonne. [Illustration: G. T. WATSON, DESIGNER OF THE "VALKYRIE."]