The only Iolanthe listed in the 1894 Lloyds Register was 255' and homeported in Liverpool. That same vessel is still listed in 1896, so it's not that one.
The term 'Schooner' evokes images or large coastal ships, and yachts, but the term refers to the rigging, the foremast being shorter than the main. There are plenty of small (under 30') schooner rigged boats.
Iolanthe must have been a popular name, because there are three listed in the 1938 Lloyds.
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