Most auspicious was the opening of the Cowes racing week in regard to wind and weather, there being every indication of the morning breeze of Monday freshening when the stream bent westward, and of lasting sunshine and a clear atmosphere. The match was under the Royal London burgee, and the club had adopted a new course of which it may be said that a better could not have been marked off inside the Isle of Wight. The big cutter entry included the 'Valkyrie,' 'Britannia,' 'Satanita,' 'Calluna,' 'Iverna,' and the Gold Cup challenger 'Navahoe,' and there was general rejoicing on the morning of the day that the American would be certain to get a trustworthy test of speed in her first racing essay. Curiosity to see how she would acquit herself under the circumstances ran high. The match commenced with a free reach to the eastward on the back of a fair tide, and the wind followed and gave a run, but it came in streaks and the fleet were all together at the Warner, the 'Valkyrie' being leader, with 'Navahoe' 75 secs. astern. A nice breeze was found to windward, and in turning in to the Noman 'Valkyrie' worked away from the Yankee and then went for 'Britannia,' which, with 'Satanita,' stood away for the north shore. 'Valkyrie' was then left with 'Navahoe,' and the latter along Ryde Sands and on to the Motherbank got more wind and a slacker tide, inside 'Valkyrie,' and forereached so much the faster that on coming off she crossed comfortably ahead of Lord Dunraven's cutter. 'Navahoe' performed this feat 'on her uppers,' while 'Valkyrie' was stiff as a tree, perhaps through having less wind than there was to leeward. The breezes continued to be served out partially in strength and direction, and 'Britannia,' 'Satanita,' and 'Calluna' were having a bad time in working the north shore down. 'Valkyrie' picked up 'Navahoe' in beating on to Calshot, and went round that mark with just a clear lead. The breeze was unsteady and puffy in reaching to Lepe, but for the most part sheets were checked, and 'Navahoe's' big sail-plan dragged her by to windward of 'Valkyrie,' and she was first round Lepe buoy, but she made a wide sweep in the gybe and 'Valkyrie' ran on to the fore. With a leading wind 'Navahoe' slipped through to leeward into first place before getting to Cowes, and thence they squared away. 'Valkyrie' was not raced with the same spirit as 'Britannia' was on the first run eastward, or the 'Navahoe' would have been luffed out into Spithead; the latter was, in fact, allowed to keep the even tenour of her way, and she rounded the Warner with 10 secs. lead of 'Valkyrie,' 'Britannia' having run up on both, while 'Satanita' had taken the American in nearly 3 mins. With a weather tide and truer and fresher breeze, they had a fair test to windward, and a couple of boards sufficed for 'Valkyrie' and 'Britannia' to weather the American. 'Valkyrie' was sailed to bother 'Britannia,' while the 'Navahoe' was fairly let run loose. Had the sister ships been simply