Prizes: Owner, 25_l._; helmsman, 5_l._; crew, tankards. Course No. 3 (24 miles), no paid hands allowed. Though the number of competitors was smaller than usual, the quality was extremely good, all four being well known as about the best of their class. A nice southerly breeze was blowing, making it an easy reach to the South Bar buoy, and the tide was just beginning to flow to the northward. The 'Hinda' was the first away, steered by her owner, followed close astern by the 'Sunshine,' which had won so many prizes in 1874, with Mr. Henry Dudgeon at her helm. 'Sheilah' was third, with the late Mr. Pascoe French as pilot, and last, though only some 45 seconds behind the leader, came the 'Challenge,' with a crew who had come over from Liverpool in her or by steamer, and comprised the cream of the Mersey and Cheshire yacht clubs, among them Mr. Richardson, her designer, who now handled the lines. The 'Hinda' and 'Sunshine' each carried a crew of eight hands all told, while the 'Sheilah' and 'Challenge' had a complement each of ten hands, including the helmsman. All the yachts had whole lower canvas and jibheaded topsails set, except the 'Sheilah,' who had a small square header aloft, and 'Sunshine,' who had prudently reefed her mainsail and foresail, although they still looked big enough for a 30 even thus reduced. The 'Sheilah' soon showed her speed off the wind, as, going through 'Sunshine's' lee like a dart, she led the fleet and placed herself some 50 seconds ahead of any other by the time she had made the first turning point, where it was 'gybe ho,' and she increased this lead to 2-1/4 minutes at the Rosebeg, the others having played at luffing and thus impeded each other.