Velsheda leading Endeavour, 1936. She has set a double-clewed jib and the Endeavor appears to be just setting hers. Both are sailing much faster than this smooth-water photograph suggests - probably at about 11 knots - but the hulls make little fuss and there is an absence of hollow in the wave formation on the windward side.
Velsheda's crew are concentrated to windward amidships. Captain Mountifield is at the wheel and the mate forward keeps a lookout for small craft eager to get a close view of the racers.