Hu'xtër's QüAY, Firth of Clyde, July4. - Tho challenger for the America' s cup, Valfcyríe III, startPd in the race (or the Mujr phállenge cup, her coiupetitors beingAilstt and Britannia. To the dismay of those who had built great hopeé ón Lord Dunraven's new yacht Valfcyrie wassquarely beaten in a good breeze by both Ailsa and Britannia Britannia beat the new yacht by 7 minutes 10 seconds corrected time and Ailsa defeated hor by 2 minutes 59 seconds, including her time allowam-o. Valkyrio heeled over a great deal in a fairly stiff breeze. and with her working topsail set had her loe rail under water, when Britannia and Ailsa were earrying thpir club topsails and going long much stiffer. This was on the reach back to Kilcreggan on the second round and consequently it is not astonishing that tho ynchtnien of Great Brioain are not so sanguino as they were of bringing tho America's cup back to these shorus. Vulfeyrie II!. in the raco allowed Ailsa two minutes and flfty-nine seconds and she allowed Britnnnia four minutes and two s 'ooncls. London, July 4. - Cambridge won flve out ot ihe nine events in the athldticcontest, anti therefore the prospects of her meeting Yale are brighter than they were before. Cambridge won on putting the shot, the one-mile run, the 440-yard dash, the running broad jump and the threemile run Oxford won the 100-yard dash, the runnina; hih jump, the 130 yard hurdie race and in throwinsr the hammer. The quüstion of meeting Yüle is now wlth the Cambridge men.