Lord Dunraven's commission, given in the fall of 1892, for a new 'Valkyrie' of about double the rating of his first cutter of that name, heralded a revival of big-cutter racing, and later on yachting enthusiasts were almost delirious with joy when authentic announcements were made that the Prince of Wales had given orders for a sister ship to the 'Valkyrie,' and that a big cutter was to be built at Southampton for Mr. A. D. Clarke, and one on the Clyde for a syndicate of Scotch yachtsmen. Mr. G. L. Watson had a free hand in designing the 'Valkyrie' and 'Britannia,' which were built side by side at Partick by Messrs. Henderson, and parenthetically it may be said they fitted out, moored together, and kept singularly close company in all their matches. The 'Satanita,' which was designed by Mr. J. Soper to sail on a 94-feet water-line, was built by Fay & Co., while Mr. W. Fife, junr. was responsible for the 'Calluna's' model, and the vessel was built by Messrs. J. & A. Inglis of Pointhouse, Glasgow, in an incredibly short space of time. Although very certain that the 'Iverna' would be quite outbuilt by the new ships, Mr. John Jameson determined to bring her out, and 'Iverna's' well-tried antagonist, the 'Meteor,' was under orders to join the fleet later on. Just before the advent of the new year, Lord Dunraven's challenge for the new 'Valkyrie' to sail a series of races for the America Cup was accepted by the New York Yacht Club, and about the same time came a notification from Mr. Carroll, a prominent American yachtsman, that he was having a sloop (the 'Navahoe') built by Messrs. Herreshoff, with which he intended to challenge for the Royal Victoria Gold Cup, and also make an attempt to win back the Cape May and Brenton Reef Cups.