The direct method of doing this would be to introduce displacement or register tonnage in some way as a divisor in the formula, but we foresee so many difficulties in the practical working of this that we are not prepared to advise it. By taxing breadth and draft or, alternatively, girth, and by reducing the tax on sail, we think this result may be arrived at indirectly. As to the precise value that each element should take in such a formula, we, at this stage, are not prepared to venture an opinion. [Illustration: 'Florinda,' yawl, 126 tons. Built by Camper and Nicholson, 1873.] The above on the general principles of the rule. But we also feel that the details of measurement, &c., require revision. _On the hull._--The overhang, at least forward, should be taxed, as it may be carried to such an extent as to be a source of danger, but it need not be taxed excessively or to extinction. The L.W.L. should be marked forward and aft. Should girth or draft be used in the formula in centreboard vessels, some proportion of the drop of board should be added, and a limit should be placed on the weight of the board. In the smaller classes, at least, the crews should be limited. [Illustration: 'Kriemhilda,' 106 tons. Built by Ratsey, 1872.] _On the sails._--The perpendicular of fore triangle should be measured from top of deck to where the line of luff of sail would cut mast. That the question of limiting the relative area of mainsail to total sail in the various classes be considered. Mr. Alexander Richardson, of Liverpool, was unable to be present at this meeting, but this note has been submitted to him, and receives his endorsation:-- The Council of the Yacht Racing Association, however, took the view that what the yacht-owning public want in a racing yacht is speed, and speed at any price, and on the yacht-builders clearly understanding this they withdrew their objections as having been made under a misunderstanding, but asked to be tied down to some extent, in a letter dated November 8, and in the following words:-- 'Our opinions, as expressed in that letter of October 6, practically remain unaltered; but so far as we are able to interpret the wishes of yacht-owners, as stated in the public prints, and more especially as expressed by your chairman and the majority of your committee, we now take it that speed, and speed before other good qualities, is what is to be aimed at. 'We consequently withdraw any suggestions made in that letter, as having been made under a misapprehension as to your requirements.