Had the matches for the Royal Victoria Gold Cup been set for decision earlier in the season, and the challenger and defender not previously gauged their speed, deeper and wider interest would very naturally have been taken in the contests. As matters stood, the result appeared a foregone conclusion, yet many were warned by the 'Navahoe's' admirers that a little clipping and other alterations would be found to have wrought an improvement both in stability and speed, and that she would make a closer fight than was generally anticipated. The club arrangements for the first match of the series, on Wednesday, Sept. 6, appeared to be as perfect as possible, and excitement ran high on the morning of the day. There was a great crowd on Ryde Pier, and the official steamer which embarked ticket-holders at Southampton, Cowes, Ryde, and Southsea carried a large and critical company. [Illustration: Royal Dart Yacht Club. Kingswear.] Friday was appointed for the final match over the long Victoria course, and it turned out a very coarse time, the wind coming in tearing squalls and the rain in sheets. 'Navahoe's' mainsail gave out at the eyelet lacings, and the second reef was got down, the start meanwhile being delayed. The American, however, eventually brought up, and Mr. Jameson, who was acting for the Prince of Wales on the 'Britannia,' declined, under the circumstances, to take advantage of a 'sail over,' it being mutually agreed subsequently to race on Monday. Monday opened with a rattling breeze from the eastward, but it had toned down at 11 o'clock, and was then a typical time to test the rivals under lower canvas with mainsails single reefed. As usual with the wind out there was a tumble of sea off Spithead. They started to the eastward at 11.5, and had a beat to the Nab, 'Britannia' having the best of it, as she was broad to windward at the flash of the gun. The west tide was going, and a long stretch was made across Spithead, 'Britannia' giving her rival a blistering for a time. She was too far ahead off the Warner to be spilling 'Navahoe's' head-sail, and, smashing through the short sea in peerless style, beat the American 9 mins. 5 secs.--or a minute a mile--turning to the Nab. Spinnakers Irish-reefed and hoisted to masthead were set after they had reached on to the Spit mark, and a gybe was made off Lee, the western flag being tacked round, and here 'Britannia' led by 9 mins. 7 secs. 'Navahoe' after rounding appeared to be starved for wind, while 'Britannia' was getting rammed along. Soon the jibsheets of the American ran out, and the sail had to be secured, sheets rove, and the sail reset, 'Britannia' meanwhile having hopped a long distance away; and she weathered the home flagboat and finished the first round with a lead of 17 mins. 7 secs. The Nab was turned to in a lighter breeze and smoother water, and 'Navahoe,' getting a northerly slant when off the Elbow buoy of the Dean, made a long leg out, while 'Britannia' had