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 Union Jack was flying 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 distinguished member of the Royal Thames Yacht Club, so famous throughout the United Kingdom.