THE YACHT RACE.

The Queen's Cup is not to be taken back to England by the Cambria. She made a gallant effort yesterday to reclaim it, but it is not to be re-won with the ease and dash with which it was taken in the memorable contest of nineteen years ago, when the result was announced in the open confession, which seemed to do the British soul good: "First, "the America; second? nothing." Into the race of yesterday the best yachts of the New-York Club entered with a spirit which was complimentary to their English contestant; and the winner herself, though broken with long service in the war and with age, came forward to do her best to retain the trophy of her former victory. The Cambria had just triumphed in a long and closely contested race over one of the swiftest schooners of the New-York Squadron and one of the most daring sailors of the Club. There was reason, therefore, for distrusting the issue, and to put forth every effort on the part of American yachtsmen to win the race and maintain their right to the cup.

Propitious weather and winds combined with this strong spirit of rivalry to produce one of the quickest races on record. The winning yacht, the Magic, made the run to and around the light -ship and thence to the stake-boat in the Narrows in 3 hours, 33 minutes, and 54 seconds. The America, which came in fourth, was fifteen minutes behind, while the Cambria, marked eighth in the contest, was 27 minutes, 13 seconds behind the winner. Her late contestant, the Dauntless, was only 1 minute and 23 seconds behind the Magic, and beat the Cambria's time by 24 minutes, 40 seconds. The contest was spirited throughout, and the scene in the bay picturesque beyond description. No race of the kind in New-York Harbor has ever been witnessed by such numbers as on steamers at sea and from the adjacent shores watched this international contest.