In a close race on 15th June 1901, Sydney won by half a length. Adelaide did not compete. The course used was the downstream 3 mile course on the Lower Yarra from Prices Bridge.
Time: 16 mins 48.4 secs
Margin: 1/2 length
1st Sydney University - Bow: Valentine McDowall, 2: Humphrey B Oxenham, 3: Wilfred J White, 4: Robert A L Farran,
5: Lancelot R Woodcock, 6: Joseph Coen, 7: Stanley A Malin, Str: Harold O Lethbridge, Cox: Rupert W Mowbray, Emerg: Bernard T Stiles, Cchs: Allan C Purves and Sid Edwards
2nd Melbourne University - Bow: Wilfred Russell Grimwade, 2: Joshua Thomas Anderson, 3: James Marshall, 4: Howard Cecil Fulford, 5: Reginald J Lewis, 6: S Dutton Green, 7: Marcus Bell, Str: Henry Joseph Whiting, Cox: Kenneth Stuart Cross, Cchs: Steve Fairbairn & Thomas Crosthwaite