During the severe gale of Tuesday 1st inst., two lives were lost on their passage from P.E.I. to Cape Tormentine. It appears that a party of young people had crossed from Cape Tormentine to Cape Traverse in a sailing boat under the care of Richard TRENHOLM son of a respectable inhabitant of the latter place. Amoung the party was the daughter of George DOBSON who crossed merely for the benefit of the sea air. After having landed his passengers, R. Trenholm attempted to return with Miss DOBSON without any other person to assist in the management of the boat. When a few miles from shore, the wind commenced blowing from the N.W. with great violence and the anxious spectators observed a heavy sea strike the boat, after which they could not again discover her. Until lately, hopes were entertained that she might have weathered the storm and reached some place of refuge; but the length of time that has elapsed has rendered the fate of these persons but too probable. Mr. Trenholm, about a year since, returned from California and was noted for his bold and daring spirit. He was engaged, we hear, to a young lady in his own neighbor hood and the wedding was to have taken place in a few days.