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 distinguish