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Capt. Penny, the eminent Arctic navigator, has at length succeeded (says the London Literary Gazette) in forming a Company for prosecuting the Whale Fishery, and founding a permanent settlement in the Arctic Regions. He designs to employ propellers in whale fishing in the bays and inlets of Davis Straits. A Colony is to be founded in the inlet known as Northumberland Inlet, or Hogarth Sound, in about the same latitude as Archangel. In this locality there are not only excellent fishing grounds, but great store of mineral wealth especially of plumbago. The Company will send out two screw steamers of 500 tons each, in the spring months, to the seas between Greenland and Nova Zembla, and later in the year the steamers would start for Hogarth Sound, so as to arrive there before August. They would remain there until the ice forms in November,whenthey would return to England with the produce, leaving the settlers to prosecute the inshore fishery, and store up the proceeds until the return of the steamers in the spring.
