The regatta that was sailed on Saturday was a handicap race up river, round a stakeboat moored half-way up the mile reach, and back to Shanghai is gon the Yuenfuh and th station at Pootung. The handicap was follows Undine allows Louise 8 minutes, At 2 p.m., the tite appointed for the atart, a drizzling rain was falling, with every appearance of its continuance, and the wind which bad been fresh from South East, soamed to be gradually dying away. All the yachts entered for the race were Ready to go, the Ariadne appearing in the fleet for the firat time this season; but just before the start, the Undine's racing flag was hauled down, signifying her withdrawal, and she remained at her moorings. When the -gun was fired for the start, the Louise, Thistle, and Fairy were leading down river close together off Pootung Point, the Fairy's position preventing the other yachts from luting round until she gave way. As soon as the Fairy waa headed up river, the others followed, but with the light breeze all three were ate in crossing the line, the Fairy being 85 seconds, the Thistle two minutes, and
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