By the most recent accounts from Europe, we learn that both of the two American companies, which had formed contracts to raise the sunken ships at Sevastopol, have given up the project as quite impracticable The hulls of these sunken vessels have been rendered completely useless by the teredo of the Black Sea Some of these vessels were caulked and made seemingly tight for the purpose of pnmping out the water prior to the act of raising them, but the timber was afterwards found so rotten that the water run through it like a seive The anchors and cables raised are sufficient to cover some of the expenses of the companies, but not the whole No less than eightyone vessels were sunk, and some of these were eighty gun shipsall are lost forever