Shipwreck on Lake Ontario. - On Tuesday last, about 11 o'clock A.M., the schooner Henry Clay, Capt. Campbell, of Oswego, when within 10 or 12 miles of the mouth of the Niagara river, was struck with a heavy squall, which capsized her instantly, and she sunk in a very few minutes. Capt. Campbell and one of the crew were lost, together with four passengers - two men and one female and her child - whose names we have not learned. The steamboat Canada was a short distance ahead of the Henry Clay when she went down, and was immediately put about by her commander, Capt. Richardson, who succeeded, after much exertion, in picking up three of the crew - one of whom saved himself by swimming, and another by seizing a plank. The helmsman cut loose the small boat, which was capsized, but he kept himself afloat by clinging to it. Capt. Richardson kept his about and about an hour near the spot where the schooner went down, but nothing was scene of her, or the remainder of the unfortunate individuals who were aboard of her.
The Henry Clay was bound for Cleaveland [sic], Ohio, by way of the Welland canal; and was freighted with 7 to 800 barrels of salt, three tier of which were on deck, which will account for the suddenness with which she sunk after capsizing. The approach of the squall was perceived, and preparations were making on board the schooner, by taking in sail, to meet it, but too late to prevent the disaster. - [N. Cour.