In the early times of schooner racing the yachts were, as a rule, vessels of comparatively large tonnage, with raking masts, standing bowsprits, and jibbooms; and the old salts had then a conviction on their minds that sails with a good belly in them were the right thing. In 1851 the American schooner yacht 'America' appeared in our waters. As compared with our yachts she was remarkable for two things. She had a much longer and finer bow than was usually given by our designers, 'a cod's head and mackerel's tail' being the principle which in those days appears to have been accepted; and, secondly, her sails were made to stand much flatter than ours, so much so that it was remarked that when by the wind close-hauled her sails were barely visible if seen edge on. One peculiarity in the 'America's' sails was that the foot of the mainsail, instead of being fixed to the boom only at the tack and clue, its two ends, was laced to the boom along its whole length, which tended to make the sail stand flatter. This improvement was quickly adopted by our schooners, but it was many a day before it was taken to by the cutters, the impression being that cutters would not sail with laced mainsails, and that a certain amount of curve in the foot was necessary 'to let the wind out.' Now, however, cutters as well as schooners have laced mainsails, with appreciable improvement in their weatherly qualities. The Royal Yacht Squadron arranged a race without time allowances round the Isle of Wight for a 100_l._ cup, the 'America' being one of the competitors, which included both cutters and schooners. The 'America' quickly showed her superiority over our schooners, being more weatherly and going more smoothly through the water, and she won the cup, but would not have done so if the conditions of the race had been enforced, as she did not go round the Nab Light, thus gaining a considerable advantage; but she was treated generously and not disqualified. She would also probably have been beaten by the cutters 'Alarm,' 'Arrow,' and 'Volante' if the two first had not been put out of the race by the 'Arrow' running aground in Sandown Bay, the 'Alarm' going to her assistance, and the 'Volante' by the carrying away of her bowsprit in a collision with the 'Freak.' All these cutters were well known to be much faster than the 'Aurora,' which came in only eight minutes after the 'America.' The cup thus won by the 'America' was presented by her owners to the New York Yacht Club as a perpetual Challenge Cup to be sailed for by yachts of all nations, and is known as the 'America Cup.' It has since been competed for by several English yachts, the 'Cambria' and 'Livonia' schooners, the 'Genesta,' 'Galatea,' and 'Thistle' cutters, and lastly--up to the time of writing--by the cutter 'Valkyrie,' owned by Lord Dunraven. The conditions under which the cup is held, however, appear to unduly favour the holders, and do not commend themselves to yachtsmen on this side of the Atlantic.