The women on the left are perhaps shown conversing outdoors, given their bonnets. They may have been observed at Cowes; compare those on folio 40 recto (D18066). For more on studies in this sketchbook relating to the regatta events there from late July 1827 onwards, see the sketchbook Introduction. The word or words in the second line beside the standing figure are open to interpretation.
Perhaps less likely, the women may be involved in the scene on folio 7 recto (D18002), where there are similar colour notes; towards the gutter on the present page is the base and lower section of a large column continued from the scene opposite, under which the potential subject is discussed.