A Plan having been formed to bring off or destroy a Magazine of Military Stores which the Enemy had at Shetocket1 on Long-Island, and to destroy some Shipping loaded with Timber at Southold,—on Tuesday Night of last Week part of Two Battalions of Troops embarked from this State, under Convoy of the Sloop Schuyler, and the Spy and Mifflin Schooners:—Unfortunately the next Morning, just before Light, the Faulkland, a British Frigate, in her passage from New-York to Newport, came across the Schuyler and two smaller Vessels, when the latter run a-shore upon the Island, but the former in attempting to get in with the Land run on a Spit of Sand called the Old-Man's, and was taken, with about sixty Troops on Board, among whom were the following Officers, viz. Colonels Ely2 and Webb,3 Capt. Buckland,4 Lieut. Riley,5 Ensin Mumford,6 Adjutant Hopkins,7 and Quarter-Master Starr,8 of Webb's Battalion, and Ensigns Niles9 and Abbott,10 and Adjutant West,11 of Ely's Battalion. On Thursday a Party of Men under Capt. Hart,12 marched to Southold, and were very near making Prisoners of Capt. Ayscough and upwards of 20 Men belonging to the ship Swan, who were at a House in Southold, but they getting Intelligence of Capt. Hart's Approach, hasted to their Boats—they were closely pursued, and as they were getting on Board were fired upon, when most of them were either killed or wounded, Capt. Ayscough it is tho’t was killed. Seven Marines and Seaman were made Prisoners. Our Troops, after tarrying Several Days on the Island, returned to the Main, without having Opportunity to effect any Thing considerable,—the Shipping having left Southold, and we learn the Magazine at Shetocket had been removed.