sailing boat against boat, they could not have carried on a keener duel. 'Britannia' beat 'Valkyrie,' but instead of having a substantial lead at Calshot Lightship, she was only just to windward of 'Valkyrie,' and but 1 min. 33 secs. ahead of 'Navahoe.' In reaching to Lepe, 'Britannia' and 'Valkyrie' gained in distance on the American, but nothing in time, owing to the rushing lee-tide. There was a smart breeze to blow them home against the boiling stream, and the 'Navahoe's' big sail-plan helped her. Both 'Britannia' and 'Valkyrie,' however, kept to the fore, and 'Britannia' finished winner of a hard race, 63 secs. ahead of 'Valkyrie,' 1 min. 23 secs. of 'Navahoe,' 3 mins. 50 secs. of 'Satanita,' and 7 mins. 36 secs. of 'Calluna.' It may be said that 'Satanita' gained 4 mins. 34 secs. and 'Calluna' 6 mins. 18 secs. on the 'Navahoe' in sailing the second round; the pair picked up on 'Britannia' and 'Valkyrie' simply owing to the suicidal tactics adopted in racing the sister ships. A breeze was wanting on the opening morning of the Royal Yacht Squadron Regatta to put animation in the scene afloat, still in the flood of sunshine it was a brilliant spectacle. There was a galaxy of private yachts, and quite a fleet of fighting ships of various nationalities riding on the Solent dressed in bunting, the German Emperor's new 'Hohenzollern' looming up a very Triton amongst the host, through which the racing fleet had presently to thread their way eastward. The starters for Her Majesty's Cup were the 'Meteor,' 'Britannia,' 'Valkyrie,' 'Viking,' _née_ 'Wendur,' and 'Mohawk.' An alteration in the course had been made by substituting the Bullock patch buoy for the Nab, and with thoughtful consideration for the length of leg of the modern craft, the three-fathom North Bramble Channel was left out. A dreadfully slow run was made eastward, the 16-1/2 miles from Cowes to the eastern limit of the course taking about 2-1/2 hours to cover. The breezes came in puffs out of every cloud, but mostly from the north or north-west, and in this sort of weather it was absolutely humiliating that the aspirant for America Cup honours should be led round the lee mark by the seven-season-old 'Meteor.' With a better and fairly true breeze westerly 'Valkyrie' and 'Britannia' on a close reach in to the Noman passed the Emperor's cutter, and, from mark to mark eight miles, 'Valkyrie' beat 'Meteor' exactly 4 mins. After fetching well up to Cowes, they turned through the roads, and then got a northerly slant in the west channel; a flying weather-tide settled them bodily to windward, and at Lymington mark 'Valkyrie,' which had gone in grand form to windward, was 3 mins. ahead of 'Britannia' and 15 mins. 40 secs. of 'Meteor,' the time allowance of the last named having thus run out by 68 secs. The wind was breezing up, and they ran through a roaring ebb tide at a fair speed, the modern boats pushing out a tremendous bow wave. The