Thursday morning opened with a fine singing breeze from the west-south-west, and the match for the Cowes Town Cup gave promise of stirring sport. 'Britannia's' absence, owing to her mast being sprung, was generally regretted; but 'Navahoe,' 'Valkyrie,' 'Satanita,' and 'Calluna' appeared under fighting flags. All had a single reef in mainsails, and 'Valkyrie's' topmast was struck, the rest keeping theirs on end. They were sent first to the westward, and had a clean reach to the first mark, a capitally judged start being made. 'Satanita,' nearest the Hampshire shore, was first on the line, with 'Valkyrie' overlapping the western quarter, and 'Calluna' and 'Navahoe' broad to windward. Laying down to the hard breeze, 'Satanita' was given the weight of it, and went smoking away, while 'Navahoe' in weather berth was getting comparatively very lightly sailed. A hard breeze, however, caught the Yankee, making her curl up to an ugly angle, and as she went off her helm, 'Calluna's' crew were getting scared that she would either drop down flat on them or make a wild shoot into their ship. A heavier slam than the first put the 'Navahoe' fairly out of control, and she went down on her side and wallowed helplessly in a smother of foam, until a gripe up to the wind relieved her and she came upright, when particular care was taken not to fill on her again. The weight of the wind had burst the mainsail at the clew, and, after getting the sail off the vessel ran away up Southampton Water, International rivalry thus coming to a summary end for the day. Owing to the strong wind and flood tide, the mark-boat had driven about a mile eastward, so it was soon reached down to, and 'Satanita' was first round, then 'Valkyrie' and 'Calluna.' It was a broad reach to the Warner, and cracking on a jibheaded topsail 'Satanita' was ploughing along at an astounding speed; in fact, she was doing 14-1/2 knots when crossing the Admiralty mile. With a jibheader on, the leader was leaving 'Valkyrie,' which had lost 'Calluna's' close company through the latter, when careening to a squall, fouling the jibboom of the steam yacht 'Cleopatra,' the cutter getting mainsail split and gaff broken. 'Satanita' stayed round the Warner at 10.52, 1 min. 18 secs. before 'Valkyrie,' and the former had the benefit of a reach back as far as Cowes. Heavy squalls came off the Island, and 'Satanita' had lee decks full, 'Valkyrie' by comparison standing up manfully. Owing to the flagboat drifting, they went round Lepe buoy, and having to nip to fetch, 'Valkyrie' gained a trifle. Coming back free, 'Satanita' was driven along with jibheader, and she held a lead of 7-1/2 mins. at the Warner. The homeward track could be laid clean full, and the wind coming off with canvas-splitting force, 'Satanita's' lee decks were washing like a porpoise's back, but she was travelling at a tremendous speed and would have gone much faster and on a more even keel had the topmast been struck.