A year ago in the final of the Bermuda Gold Cup, Peter Gilmour was two races up against rival Russell Coutts and had a pre-start penalty call against the New Zealander. From that seemingly unassailable position, he contrived to lose the match.

Yesterday, two flights into the second successive final pitting the top two match racers in the world, he found himself in the same situation. This time, there was to be no let-off for Coutts.

The Australian bamboozled his opponent during pre-start manoeuvres before the third race, leaving him nowhere to go and with no option but to turn away and complete a full circle. By the time the reigning champion had re-oriented himself, Gilmour was away, catching the breeze and heading into a two-boat-length advantage.

From then on there was no way back for Coutts as Gilmour played it safe, covering when he needed to and although it was an anti-climax for the flotilla of following spectator boats and those land-locked on Albouy's Point, there could be no denying Gilmour deserved it and perhaps even wanted it more.

So Gilmour hoisted the impressive King Edward VII trophy for the second time -- he first won in 1995 -- and pocketed the $17,000 winner's cheque. This affable, laid back native of Perth showed a singularity of purpose when it came to winning sailing races: of 12 flights he had against four different opponents in this tournament he lost only one.

He also picked up a $15,000 bonus after the win here and that at the World Match Race championships in Sweden in July ensured he will end the year at the top of the Omega rankings.

Gilmour was naturally delighted, but gave equal billing to his Japanese crew of three who are working with him towards that nation's challenge for the next America's Cup in the year 2000.

"The key to winning in match-racing is teamwork and it really is great to be part of their team,'' he said.

"We set out two years ago with the challenge of getting on to this match-racing circuit and trying to beat Russell and his team, who set the standard. These three gentlemen, together with me, have really applied themselves to that task.

"It's a marvellous sense of achievement.'' Defeated he may have been, but Coutts was generous in his praise for the victorious team. "These guys have come a long way,'' he said. "They've had a great year, won the world championships and I think they proved today that they're the best team in the world right now.'' Third place in the 49th Gold Cup went to Peter Holmberg of the US Virgin Islands who defeated the unseeded New Zealander Murray Jones two-nil in the best-of-three petit finals.

Jones had had a fantastic tournament, taking the only flight of the week off Gilmour in Saturday's semi-final to tie that match up at one-all before Gilmour's experience told. Holmberg, meanwhile, was whitewashed by Coutts at the same stage.

Bermuda's best performer, Peter Bromby, ended Saturday's play-offs in eighth position, winning $3,000.

Andreas Lewin skippered the Royal Bermuda Yacht Club to a narrow victory over the Royal Hamilton Amateur Dinghy Club in a fitted dinghy race which served as a thrilling opener to yesterday's final. The RHADC boat, skippered by Willie White, jettisoned a couple of their crew of six on the final downwind leg in the hope that the reduced weight would help them make up ground but were unable to catch their opponents.

Final placings 1 Peter Gilmour (Aus) $17,000 2 Russell Coutts (NZ) $10,200 3 Peter Holmberg (USVI) $6,500 4 Murray Jones (NZ) $4,800 5 Magnus Holmberg (Swe) $4,000 6 Ed Baird (US) $3,700 7 Gavin Brady (HK) $3,400 8 Peter Bromby (Ber) $3,000