The times of arrival were: 'Gwendolin,' 12 hrs. 38 mins. 30 secs.; 'Livonia,' 12 hrs. 40 mins.; 'Aline,' 12 hrs. 42 mins.; 'Egeria,' 12 hrs. 50 mins.; and 'Dauntless,' 1 hr. 20 mins. In the morning it was reported that 'Gwendolin' had run down the mark-boat, and was thereby disqualified, and that as 'Egeria' had saved her time from 'Livonia' and 'Aline,' she was again the winner of the cup. Major Ewing, however, represented that, as the lesser of two evils, he had run down the mark-boat in order to avoid a gig which was bringing ladies and others out from the Squadron Ball to the American yacht 'Sappho.' The Squadron considered that under the circumstances the 'Gwendolin' ought not to be disqualified, and Major Ewing accordingly became the third holder of the cup. The race was sailed in even a shorter time than that of the previous year; but this was to be expected, as the conditions were quite as favourable as to tide and strength of wind, with less turning to windward, so that the yachts had not to sail over so long a distance. The 'Egeria' won the Queen's Cup at Cowes, but in the races of the Royal Victoria Yacht Club the schooners found a strong opponent in the 'Corisande,' yawl, 140 tons, built by Michael Ratsey of Cowes, for Mr. John Richardson, which beat them in the races both for the Commodore's and the Vice-Commodore's Cups. In those days it was the practice to class schooners and yawls together simply from the fact that both had two masts, and without reference to their relative sailing powers. In order to give the yawl as large a mainsail as possible, the mizen was placed at the extreme end of the counter, the yawl became in fact a cutter with a short boom, and like the cutter was superior to the schooner in going to windward and running, though not in reaching with the wind abeam. In 1873 another yawl appeared which was also destined to prove a thorn in the side of the schooners, namely the 'Florinda,' 140 tons, built by Camper and Nicholson for Mr. Lessop. She was a very successful vessel, and a worthy rival of the 'Corisande,' and subsequently of Mr. Rowley's 'Latona,' 160 tons, and other fast yawls. These yawls took many prizes from the schooners in the schooner and yawl races, as well as in the mixed matches. The 'Kriemhilda' cutter, 105 tons, built by Michael Ratsey and brought out by Count Batthyany in the latter part of last season, also made her mark this year, beating the old 'Arrow.' She was the first material advance both in size and speed in the cutter class, and with the improved yawls made it hot work for the schooners in the mixed races. [Illustration: 'EGERIA' _153 tons. (F. Mulholland, Esq.) Built by Wanhill, 1865_. 'OIMARA' _163 tons. 1867_.] In the schooner racing the contests were very keen, but the most successful vessels were the 'Egeria,' 152, and 'Pantomime,' 140. The latter had passed into the hands of Mr. F. Starkey, and with Captain John Herbert at the helm was hard to beat.