Naval Coutit Mauttat..—On Thursday a Court Martial was held at Portsmouth, on board his Majesty's ship Albion, of which Captain J. B. Hay was President, fo? the purpose of trying Mr. Thomas Elgar, the senior surviving Officer of Ins Majesty’s . late ship Drake, and the chip’s company, for the loss of that sloop, on the 23d of June last, on the passage from Halifax to Newfoundland. The Court agreed that the loss of the Drake was caused by her striking on a rock on the eastern head of St. Shotts, oil the Island of Newfoundland; that there was too much confidence put in the reckoning on board her; that soundings ought to have been resorted to in approaching the land, but that no orders were issued for that purpose; and that having run nearly her distance, shc.r was not hauled up in sufficient time to clear the Jand;^ tp which circumstances, and to the currents and in-* draughts into the Bay of St. Mary’s, the loss of the said ship is to be attributed; but that no blame attached to the surviving officers and company of the said sloop for their conduct upon that occasion, but that they appear to have conducted themselves wiih zeal, energy, and discipline; that the conduct of YYr. Len-nnrd, the Captain of the forecastle, was highly meritorious; and by the extraordinary exertions of Mr. James Turner, the boatswain, the lives of the surviving officers and company were preserved ; and the Court did adjudge the said surviving officers and company to be acquitted.