MALAGA, Nov. 17.

HIS ROYAL HIGHNESS THE PRINCE OF WALES.

PLYMOUTH, MONDAY AFTERNOON.

Vice-Admiral Sir Charles Fremantle's Channel squadron, consisting of the flagship Royal Albert, 121, Captain Henry J. Lacon; the Donegal, 101, Captain Henry Broadhead; the Aboukir, 90, Captain Douglas Curry; the Greyhound, 17, Commander Francis W. Sullivan; the Conqueror, 101, Captain Edward S. Sotheby, C.B.; the Trafalgar, 90, Captain Edward G. Fanshawe ; the Centurion, 8 0, Captain Henry G. Rogers, C.B.; the Edgar, 91, Captain James E. Katon; the Algiers, 91, Captain George W.D. O'Callaghan; the Mersey, 40, Captain Henry Caldwell, C.B.; and the Diadem, 32, Captain James H. Cockburn, under canvas only, with a smart breeze a little to the southward of east, hove in sight from Mount Wise at half-past 8 o'clock this morning in two lines. They then formed one line, and stood in for the port. At half-past 10 o'clock the ships wore in succession, and went away to the westward. Shortly after they came in sight more to the southward. Their funnels are up ready for use. The only ship likely to enter the Sound is the Diadem, which is said to be short of fu el. The Earl of Mount-Edgcumbe, in his steam yacht, near the Royal William Victualling-yard, is waiting the approach of the Prince of Wales. The Hero continues inside the Breakwater ready for sea, and arrangements are made for the expected departure of his Royal Highness to-morrow (Tuesday) morning. Her escort, the Ariadne, will probably take the Osborne in tow. The Flying Fish has gone on to Newfoundland.

(BY ELECTRIC AND INTERNATIONAL TELEGRAPH.)

PLYMOUTH, MONDAY EVENING.

Sir Charles Fremantle's squadron, which arrived off the port this morning, formed two lines, ranging about north and south, in the afternoon to receive the Royal yacht, which hove in sight at 7 o'clock, and was saluted by the Impregnable and other ships in Hamoaze. On rounding the west-end of the Breakwater the yardarms of the Hero, St. George, Emerald, and Ariadne, in the Sound, were manned, and the three last-named and the Plymouth Citadel saluted. At half-past 8, when the Prince left the yacht to join the Hero, the Emerald and the Citadel repeated the compliment. The weather is extremely fine, and thousands of the inhabitants were assembled on the heights.

REVIEW OF THE CHANNEL FLEET.

The fleet, having all got under way by about 8 a.m., stood out to sea from Milford Haven, and, having made an offing of about seven miles, the Osborne, which had previously joined, with the Lords of the Admiralty on board, made the signal for the fleet to form a double line. They accordingly broke into two divisions; the starboard one, consisting of the Royal Albert, 121; the Donegal, 101; the Conqueror, 101; the Mars, 80, and the Trafalgar, 91, was led by Vice-Admiral Sir Charles Fremantle, K.C.B., in the Royal Albert. The port division, under Rear-Admiral Erskine, in the Edgar, 91, which was leading, comprised also the Algiers, 91; the Aboukir, 91; the Centurion, 80; the Mersey, 40; and the Diadem, 32. This manoeuvre having been executed with great precision, the Osborne signalled for the fleet to make sail under easy canvass, followed by an order from the Admiral to bank up the fires. Having stood on thus for some time, the two divisions tacked in succession to the starboard, after which the order was given to form a single line of battle. This was effected by the starboard division standing on its course, and the port one tacking until they came into line, when they followed in the wake of their predecessors, an interval of two cables' length separating each ship. The concluding and most exciting manoeuvre of the day was then made by the whole getting orders to make all sail that could be done with safety, and running before the wind. Studdingsail booms were then run out, and every inch of canvass both alow and aloft that would draw was set. The order was then given to make for the nearest port, on which the fleet bore up for Milford Haven. The Osborne then steamed up to the Admiral's ship, and Rear-Admiral Pelham, C.B., hailed Vice-Admiral Sir Charles Fremantle, K.C.B., and expressed, on the part of his Grace the Duke of Somerset and the rest of the Lords, the extreme satisfaction they all felt, not only in the appearance of the fleet, but also in the admirable precision with which all the manoeuvres had that day been performed, and we believe Capt. Ramsay, C.B., the superintendent of Pembroke Dockyard, was commissioned to convey the above opinion in writing to the Admiral of the fleet. The Osborne then parted company, - the Royal Albert giving the Lords of the Admiralty a salute of 19 guns, which the Osborne acknowledged by dipping her ensign, after which she stood to the southward, it being their Lordships' intention to inspect some important works in progress at the Scilly Isles, and afterwards proceed to Devonport to inspect the dockyard at that place. Nothing could be more favourable than the weather; it was slightly hazy up to 8 o'clock a.m., when it cleared up, and a fine fresh breeze came from the north-east, which lasted up to 3 o'clock p.m., when it died away. The whole of the signalling was done by bunting, and not by Ward's new system, as was generally supposed that it would be, and the brilliant flags had a very pretty effect as rapidly repeated by every third ship. As the fleet entered the harbour the Admiral made the signal for all the ships to take up their old berths, and by 6 o'clock p.m., all were in their original positions.

The Lords of the Admiralty previous to leaving Pembroke-dock granted the employés the usual half-holyday for Saturday.