Spinnakers were now on both, the wind increasing, and at 2.47 'Valkyrie's' biggest balloon jib-topsail went up. 'Vigilant' had some trouble forward with hers, and a hand was smartly sent down the topmast stay before the sail could be sent up in stops. At 2.50 it broke up and revealed that favourite sail in America a balloon jib-topsail, and a rare good puller it is. Some very smart work was now done on board 'Vigilant' on the run. The reef in the mainsail was shaken out by a hand slung from the masthead in the bight of a gaut-line, and hauled along the boom by an outhaul as he cast off the stops. Next a hand was out on the gaff. This led to hoisting the second club topsail over the jibheader left standing to leeward, and just before the club topsail went up she ran through 'Valkyrie's' lee. 'Valkyrie's' white spinnaker burst. It was most smartly taken in, and the light one set. This split before it was belayed, from head to foot, right down, and 'Valkyrie's' chance had now gone. A large jib-topsail was set on her, but was of no use against the sail area of 'Vigilant.' Some ten minutes more and h. m. s. 'Vigilant' finished and won 3 51 39 'Valkyrie' 3 53 52 losing by 40 secs. corrected time. m. s. To windward 'Valkyrie' led by 1 55 To leeward 'Vigilant' led by 4 5 On this day the course was kept very clear. The wind increased at the finish, but the fact that 'Vigilant' carried full mainsail, second club topsail, balloon jib-topsail, and large spinnaker, shows that it was not blowing the gale described by some journalists. After the finish in the lower bay the wind piped up, the sea got up, and all raced hard for home. It was a splendid race, nobly sailed, and both yachts admirably handled. There always must be some luck, but it was most untimely for 'Valkyrie's' spinnakers to burst. The question at once suggests itself, should they not be sent up in stops? 'Valkyrie's' mast was sprung and worse, and that prevented her getting more canvas put on her. When one yacht gains to windward and the other to leeward they must be well matched; in England we consider that windward work should take precedence of running free. For English waters 'Valkyrie' is a most successful and beautiful craft, and for American waters, with light winds and long reaching, 'Vigilant' has proved a great success. Certainly this last race was the grandest ever sailed for the America Cup, and we may be proud of our representative. The 1,200 feet of sail-area in 'Vigilant,' and extra crew, gave her a decided advantage, and the centreboard was supposed to be a gain to windward; but that good sportsman Lord Dunraven is not disheartened in any way, neither is he won over to centreboard yachts. APPENDIX THE 'GIRALDA'