Herreshoff boat, had a better average than the over-year Nicholson boat, 'Gareth,' and in the 1-rating class the 'Morwena'--another Herreshoff--was the principal winner. It cannot be said that the branch of the sport known as handicap sailing flourished during the season, though there were some keen and interesting battles with the ex-racers. The most successful vessels in this division were the 'Creole,' 'Castanet,' 'Columbine,' 'Mabel' and 'Samoena.' The big-cutter contests were of such exceptional interest that a review of the season would not be complete without a history of all the races sailed, and the opportunity is embraced of embodying many unreported incidents in the subjoined _résumé_ of the first-class racing. [Illustration: 'Samoena' _94 tons._ _Built for John Jameson, Esq., by Inman_, 1880.] There was a thoroughly representative assemblage of yachtsmen afloat the first day the big cutters had racing flags lashed up, and it may be said that never during the half-century the Royal Thames has been an institution has a more critical company, collectively, been present at a river match of the premier metropolitan club. A white haze was hanging about the lower Thames on the morning of Thursday, May 25, and when the 'Valkyrie,' 'Britannia,' 'Calluna' and 'Iverna' were ready to answer the starting gun, a breeze from the west-north-west of balloon topsail strength was blowing. The quartet began the race at 12.5, and went reaching down the Lower Hope, with flowing sheets and carrying a swirl of ebb-tide with them. 'Valkyrie' had made a clever start, and keeping to the Essex side was first to square away in Sea Reach, and get spinnaker set to port. 'Britannia' had been edged off to the heart of the fairway, but about Thames Haven she was drawn in across 'Valkyrie's' wake, and straightened on a down-river course directly she had angled the latter's wind. 'Valkyrie's' first racing burst was satisfactory, inasmuch as she kept pride of place for about 14 miles, albeit she never held more than a clear length's lead of 'Britannia.' About a couple of miles below Southend the wind had a hank off the sands, and, with square canvas gathered and sheets trimmed in a little, 'Britannia' raced up broad on the weather beam of 'Valkyrie,' while wide away 'Calluna' was booming along with a rally of wind aft, and for a few minutes certainly led the fleet. On an easy reach 'Britannia' gave evidence that she had the foot of the sister ship, yet it was a marvellously close race, the Prince of Wales's cutter drawing by the wind round the Mouse at 2.10 with about three lengths lead of 'Valkyrie,' while the 'Calluna' was only 1 min. 11 secs. and 'Iverna' 2 mins. 5 secs. astern of the leader. With a beat back over a lee tide in perspective the lead round the lightship was an immense advantage, and, in order to keep weather gauge, 'Britannia' was kept shooting so long that 'Valkyrie' had no chance of a successful hug,