One race deserves special notice, because an American schooner, the 'Dauntless,' 336 tons, the property of Mr. Gordon Bennett, was one of the competitors. The Emperor Napoleon, desirous of encouraging aquatic sports, gave two prizes to be sailed for by yachts of all nations from Cherbourg round the Nab Lightship and back, a distance of 130 miles. A third prize, open to French yachts only, was also given. The entries were: 'Dauntless,' 336, Mr. Gordon Bennett; 'Guinevere,' 308, Mr. Charles Thellusson; 'Shark,' 204, the Duke of Rutland; 'Egeria,' 156, Mr. J. Mulholland; 'Mystère,' 118, Count de Sesmaisons; 'Diane,' 98, Mons. Bescoit Champy. Bar accidents, the race for the first two prizes lay between the 'Dauntless,' 'Guinevere,' and 'Egeria.' The yachts were started at 2 P.M. on August 16. The weather was fine and bright, with a northerly 7-knot breeze, which enabled them to lay their course close hauled for the Nab. Every stitch of canvas that would draw was set, the 'Dauntless' putting up a jib-topsail of a size which made those carried by the other yachts pale into insignificance. The jib-topsail having been long known as the 'topmast breaker,' it was felt that if there came a puff the 'Dauntless' would have a good chance of losing hers, and this soon afterwards happened, topmast, jib-topsail, and gaff-topsail all going over the side. The wreck, however, was very smartly cleared away, and a jury-foretopmast rigged with a small gaff-topsail upon it. A large balloon jib was also set, as well as a larger main-topmast staysail. The 'Dauntless' had edged a good bit up to windward, and she was right in doing so, for when the Isle of Wight was sighted about 7 o'clock it was broad on the weather bows of 'Guinevere' and 'Egeria.' The position of the yachts at this time was, 'Guinevere' leading by about 1-1/2 mile, 'Egeria' second, with 'Dauntless' on her weather quarter and a little astern; the others from two to three miles behind. The 'Egeria,' having to luff, did not go so fast through the water, and the 'Dauntless,' closing up upon her, the two yachts rapidly approached each other, and then occurred one of the most interesting incidents of the race. The 'Dauntless' tried to pass the 'Egeria' to windward, but the latter luffed to prevent her doing so, and it became a neck-and-neck race between them. In a short time it was evident that 'Egeria' was sailing a little closer to the wind, and slowly drawing ahead of her powerful rival; and in the course of an hour she was well clear, and had the 'Dauntless' under her lee, dropping astern fast. The sea was smooth, which was no doubt much in favour of the smaller vessel. The 'Guinevere,' sailing splendidly, considerably increased her lead during this little by-play, and was rapidly nearing the Nab Lightship, which she ultimately rounded without a tack, thus gaining a considerable advantage, especially as she carried the last of the ebb tide until she was clear of the island. The 'Egeria' and 'Dauntless'