party, and to be named within a week of the start. These ships to be modelled, commanded, and officered entirely by citizens of the United States and Great Britain, respectively. To be entitled to rank A1 either at the American offices or at Lloyd's. The stakes to be £10,000 a side, satisfactorily secured by both parties, to be paid without regard to accidents, or to any exceptions, the whole amount forfeited by either party not appearing. Judges to be mutually chosen. Reasonable time to be given after notice of acceptance to build the ships if required, and also for discharging and loading cargo in China. The challenged party may name the size of the ships, not under 800 nor over 1200 American registered tons; the weight and measurement which shall be carried each way; the allowance for short weight or over-size. Reference may be made to Messrs. Baring Bros. & Co. for further particulars.
"Daniel C. Bacon, President."
A few weeks later, on October 10, 1852, the following comment appeared in Bell's Life:
"It will be remembered early in the past month there was wafted across the broad Atlantic, from the American Navigation Club, a challenge to the ship-builders of Great Britain, which created no little interest, and which after the defeat, then just accomplished, of the magic yacht America by one of our own little island craft, gave rise to no inconsiderable speculation as to what might be the result of an acceptance of Brother Jonathan's pro-
