A handicap yacht race took place on Saturday under the auspices of the Shang-' hai Sailing Club. The course was down the river, and round the first foreign-built vessel at Woosung, finishing on the start ing line, which was between the Police Hulk and the Pootung Church spiro. The prize was a plated biscuit box of the value of $8. Hight yachts started, and in the handicapping the Undine was placed at scratch, and allowed the Fairy and Pinafore {ve minutes; the Maid of Kent had ten minutes, the Ariadne twelve minutes, the Marion twenty minutes, and the Snipe and Rambler thirty minutes. All the boats crossed the starting line between five and seven minutes past two o'clock, and with an ebb tide and light S.W. breeze they carried all sail. At the start the Undine, the crack boat of the season, took the lead, but she soon gave way to the Ariadne and Rambler, and these two boats Jed down to Silverthorne's Point. At the Middleground the Comet, chinkiang yacht, we believe, which was not in the race, was upset by a sudden squall, and her crew was rescued by the Rambler, who returned with them to Shanghai, the inverted yacht being left to the mercy of the tide for the time being. In the run down to Woosung the Undine had first place, with the Maid of Kent second, the Ariadne third, and the Marion fourth. The Fairy stopped to render assistance to the Comet, but seeing that her services were not required she again joined in the race, bringing up the rear with the Snipe
Text read from the printed page and cleaned; old type leaves the occasional error.