THE AMERICAN AND ENGLISH YACHTS
... TS THIE EDITOR OF THE TMES. SIR-It is always regarded in history as peculiar to the most distinguished generals that they have best known how to turn disasters to profitable use, and have frequently con- verted the ruins of defeat into foundations of victory. We are now in circumstances which give full scope to the display of such qualities, if we possess them. 'Ve have been beaten- signally ...