The Sun.
London, England, 1870-04-29 00:00:00

THE INTERNATIONAL YACHT RACE.

Now that a4J. arrangements of the details of the long-
talked-of sailing contest between the American schooner
yacht Sappho and the English schooner yacht Cambria
have been transferred from the hands of the owners of the
two craft to two gentlemen representing them, with carte
blanche authority, matters are progressing with perfect
'satisfaction, and in a way that must ensure sailing—a
consummation that would never have been brought
about had Mr, Ashbury and Mr. Douglas retained the
negotiations in their own hands, receiving, as each did,
hourly advice on certain points from friends which made
them feel as ' shifty as the wind.' Mr. Douglas, the
owner of the Sappho, has appointed Commodore John.
Lee, of the New Thames Yacht Club, to Met as his repre-
sentative, and Mr. Ashbury, the owner of the Cambria,
has nominated a gentleman from the staff of the Field to
arrange for the Cambria. These gentlemen met at
Cowes on Tuesday, and it was then agreed be-
tween, as the basis of final arrangements, that
there shall be three matches between the two
vessels to decide which shall be declared the victor. In
the first and second matches they will be started on a
windward course of sixty miles, and run back in each
case. The third match will be over a triangular course.
The first match, providing there is sufficient wind—from
a seven to an eight-knot breeze—will be sailed on the
10th of May. The Sappho, in testing her sailing down
the west Solent on Monday last, got ashore on a hardish
spit, and will have to be placed in dock again at Cowes to
ascertain what, if any, damage she has sustained. This
has necessarily deferred the sailing of the first match from
the earlier date originally proposed to that now named.
—Times. •

LIVERPOOL COTTON MARKET.-(THIS DA F.)

Sales probably 10,000 bales. larket quiet.

A "BEAR" CONTRACT.—The case of "Fairlie v. Fenton"
has been brought .before the Court of Exchequer. The
plaintiff is a cotton broker in London, and the defendants
are manufacturers at Manchester. The defendants em-
ployed their London brokers to buy cotton for them,
and they purchased from the plaintiff one hundred
bales of Oomrawuttee cotton, to arrive at Liverpool in.
the ship Evelyn from Bombay. The " sold note " signed..
Mthe plaintiff as broker specified a Mr. Timmins, of
anchester, as the owner of the cotton. The affair was.
what is known in Manchester as a " bear " contract en-
tered into by Mr. Timmins in the hope that the market
price of cotton would fall, he not having the cotton nor
any bargain in its delivery. When the vessel arrived,
Timmins bought 100 bales of cotton, the price having in
the meantime fallen ; but the defendants refused to take
the cotton, on the ground that it was a " bear " contract,
and that the marks on the cotton were not
the same as tliose specified in the sold note
The case was tried at the sittings at Guildhall, and a ver-
dict for the plaintiff was given, damages £1,748. A rule
was obtained on behalf of the defendants, on the ground.
that the plaintiff being merely a broker, could not suo
the defendants for breachof contract, and Timmins, the
principal, should have brought the action. The Court
held this argument to be valid, and made the rule abso-
lute to enter a nonsult._

IMPERIAL PA RLIAM 1N T

HOUSE OF LORDS.-THURSDAY.

The Lord Chancellor took his seat on the woolsack at
five o'clock.
Lord Wolverton took the oath and his seat as a peer of
the United Kingdom.