An exceedingly brilliant wind-up of an eventful regatta was made at Cowes on Friday, August 4, when the Royal Yacht Squadron prize was sailed round the Warner-Lepe course. The competitors were 'Satanita,' 'Valkyrie,' 'Calluna,' and 'Navahoe,' and they started on a short beat down the west channel in a rising breeze from the west-south-west, jibheaded topsails being set over whole mainsails. In the first board 'Navahoe' was weathered by each of her rivals, the Yankee being kept hovering in the wind, instead of being made to feel the weight of it, the previous day's experience perhaps being the cause. A heavy squall with sheets of rain passed over before the Western mark-boat was weathered, and they drove back to Cowes with spinnakers, all but the Yankee being run on the wrong gybe. From a run they came to a free reach off Osborne, and went streaking out at a great pace to the Warner, all except 'Satanita' cracking on jackyarders, but 'Valkyrie' shifted back to jibheader off the Sandhead buoy. The latter kept pride of place going east, but in coming back clean full the wind came off the Island in savage puffs and 'Satanita' was racing up. A regular flame of wind struck off above the Peel, and 'Satanita' went by the windward into first place, leaving 'Valkyrie' fairly stuck up. 'Navahoe' and 'Calluna' hung on to big topsails too long, the Yankee continuing whipper-in and falling down flat on her side in the hardest of the gushes. 'Satanita,' too, crabbed up badly, but did not heel to such an angle as 'Navahoe,' and was always lively and manageable in the puffs; she also got up a higher head of speed the fresher the wind piped. On the second round it was harder driving between 'Satanita' and 'Valkyrie' than with 'Calluna' and 'Navahoe,' and after the free reach to the Warner the first named was 2 mins. 2 secs. ahead or 3 secs. short of her allowance. It was just a clean reach from the Noman to Cowes, and some of the puffs came off the Island with the rush of a white squall. 'Satanita' was knocked down flatter than 'Valkyrie,' but she did not steady her speed, and finished a splendidly fought and most exciting race with 2 mins. 9 secs. lead of 'Valkyrie,' 'Satanita' winning with 4 secs. to spare. 'Calluna' was 5 mins. 22 secs. astern of the winner, and 'Navahoe' 7 mins. 36 secs.