ON the 26th of July, 1864, a magnificent ya­cht was steaming along the North Channel at full speed, with a strong breeze blowing from the N. E. The Un-ion Jack was f lying at the miz­zen-mast, and a blue standard bearing the initi­als E. G., embroidered in gold, and surmounted by a ducal coronet, floated from the topgallant head of the main-mast. The name of the yacht was the DUNCAN, and the owner was Lord Gle­narvan, one of the sixteen Scotch peers who sit in the Upper House, and the most dis-tinguis­hed member of the Royal Thames Yacht Club, so famous throughout the United Kingdom.