Flao-shif Bbni'on, ) Ai'.dvk Kout Pjllow, Muy 10. $ T.i Hou. Gi leoD Wi ]]y.s, 5ecr-:l:uv if Uiu NftVj : Tlic naval on. for which the rebels Lave been preparing, took place this inorning. The rebel fleet of eight irou ciad gunboats, fuur uf tliem rams, canil) up hmdsomcly. Tlje tíglit lasted an hou:'. Two rebel gunboats were blowu up, and odq Bun-k, when the enemj retreatod precipítate1 undcr tho gUDS of the fort. Onlj' two of our vessels were eneacred. The ('incinuati sustained sonie injurv i'rom the rama, but will bo in fighting condition to-morrow. Captain S tembló distiuguished bimself, aud is scriously wounded. The ]5cnton is uninjured. The rebol squadron waa Bupposed to bo eouimaiidcd by llullins. (Signed) C. II. DA.VIS, Cuui'g Miesissippi Flotilla, pro tem. Cuno, May 11. The desporation of tho rebel cause in the MissïsBippi culininatod yesterday in an attaok on tlie flotilla early Saturday nneruing Eight of tlieir gunboats camc arouod the poiut aboye the fort, and boldiy advanced tovrnrds the fleet. The Cineinuati, wbiob was stationed at tho poiut where the robels carne up on Fridaj, did not attract their attentiou uutil the fleel had passed above her. As soon as sim wns ftAon a imiiltiinpniiH afc. tack from the wholo of the gunboats was uiade upon lier witli -but littlo effect, as the guns were poorly limcd. The Cincinnati in the nisa:;time had baulcd into the stream, where an irom ciad rara, suppesed to bc tlio Mallory, advunced in the face ot' the ooutinued broadsides of the formar, until within forty yarda. - Bjing a fíistcr sailer, sbe suceeeded in moving between the Cincinnati and riglit hand when men appoared upon hor deoks preparing to board witli grapncls thrown out, which desiga was frustrated by throwiug hot water from tho steaui batteries of' the Cincinnati. In the meantiuie the rest of our gunboatg had arrived at tlie scène of aclion and engaged the rebel fleet. The Jlallory, undaunted by the failure of her attemp't to board, crowded on a full head of steam and canic towards the Cincinnati, evidently intending to run lier duwn. Captain Stembel in eominand of the latter, waited until I lm rebel monster was within tweuty yards, when he sjnt a broadside it-i her from his Parrot guns which did fearful cxeeution. The two boats were so close together by this time that it v:is impossib!e for tho gunners of the Cincinnati to Kvvub out thoír inn?, and it was only by bringing their steam batteries to bcar apon her agüiii that the Mallory was compeiled to baul off. Captiin Stembel shot her pilot with his revolver, and was If wounded bv ■■. pistol shot fired by the pilot's trnte of tlie Mallory. Wbile the engagement between tho Mallory air.1 the Cü.cinnati was in pro gress, our shots had exploded the bollera of one of the rebel gun boats and set fire to anothcr, burning her to ths water's edge. The air va vory henw atd iin der cover of the dense smoke y, ii'e'i biing Óver the river, tlie rebel fleel rotreated and wns pniKiied until tHey gaincd shelter ander the guns of Fort Wnght. ie of our b mis were injurcd except the Cincinnati The dnmage to her is so RÜght that it ean be repaired in twenty ñiur hours. Four men on her were woiinded, includiiig tho moster's mate. - ■ No other casualtics are montioned. When the smoke clearcd away, a broad sido from lbo ilag-ship Ben ton was sent aftcr the Mallcry. Shortly after, she was séèn to careen, and went dowu with all on board. CatRÖ, May 13. In the naval ongagonieut on Satufday the guubout Ciiiciuuati was more ecriously damaged by tho Frequent buttings s!ie reccivtd from rebel rams than was at first repoited. She was compeiled to run nto slioal water on tho Tchneaseo shore, where she grounded, and had at the l.st arrival feonu the ileet four leet of '■ ' 1 on tho gun dack. Tiio Government wreeking derrick bas gone down to rainr hor, a;d it is supposed sho would be afloat again by t day. The Federal gunboat Mound City did excellent service duriog tho ongagemeiit. Sb i was struck ín a similar mi.mor to the Cincinnati, but nbt so badly damageJ. .She v;is run into shoal water, when ghe b tcled to t!ie bottom, She has been pumpéd out, and arrived hcro to da}' in tow for repairs. Daring the hat of the engagement one of the rebel gunboats got hold of one of tbc Federal bomb ketehers, and was towing it away, when the Benton bote down upon her, and after a brief skirmibh comjjüllcd tho rtbel gunboat to release the piizo. The eaaualiics on board tlie Cincinnati were : Capt. Stembel, shot through the neck, the wound not espected to prove serious ; Fourth Master Reynolds, shot through tho abdomen, and since died ; two searaen, names uuknown, sligblly wounded in the h:inds.