The second "Valkyrie" has been tried in all weathers and in various waters with the "Britannia," the "Satanita," the "Calluna," and the "Iverna." Therefore her capabilities against British yachts of her own class are pretty well known. Up to the time of writing, namely, the eve of the Royal Yacht Squadron regatta at Cowes--the regatta in which the schooner yacht "America" won the cup which Lord Dunraven hopes to bring back to England--the "Valkyrie" has sailed in twenty matches and won fourteen flags, eleven first and three second, representing a total value of L930. Her first match was in the Thames on May 25, when she had bad luck and only came in third, "Britannia" being first and "Iverna" second. In the middle of the race she broke her bowsprit off short in the stem, and in a few minutes was, for all sailing purposes, practically a wreck. In the second Royal Thames match it was doubtful whether "Britannia" or "Valkyrie" won. The Prince of Wales's yacht was first in, but according to some watches she only won by seven seconds, whereas the official timekeeper made it seventeen seconds, thus covering "Valkyrie's" time allowance. In the Royal Cinque Ports regatta several vessels collided, with the result that the "Britannia" did not race at all, and Lord Dunraven's yacht was detained at the start twelve and a half minutes, and so was not placed. During the Royal Ulster match one of "Valkyrie's" men fell overboard, and the time lost in picking up the man could not be recovered. It is, however, but fair to say that when "Valkyrie" won the second Royal Western match, "Britannia" came to grief, while in the second race on the Clyde the prince's yacht was disqualified. [Illustration: THE "VALKYRIE."] It now remains to see how she acquits herself in contest with the American vessels which have been built to meet her. The long notice required gives a distinct advantage to the other side; although only one boat can sail against the challenger, there is nothing to prevent any number of boats being designed by the party challenged. The Americans have built four cutters to select from, hence the chances against the "Valkyrie" may be roughly calculated at four to one. There is no doubt that Lord Dunraven's ship is a great improvement on anything hitherto built in England, and, given her time allowance, is the fastest vessel afloat on British waters. She has gone much better since she had her top-mast clipped and topsails cut. Her strong point is going to windward, and her best chance is in light weather. She leaves England on or about August 20, in charge of William Cranfield, than whom it would be difficult to find a more experienced skipper on either side of the Atlantic. He has sailed her all through her trial matches and will steer her in the races for the cup.