We read, under the head of Hamburg, of the 20th of May, that the project of a confederation, armed for the maintenance of the navigation of the neutral powers, appears every day to assume more consistency. The fleet armed in Russia for the protection of her neutrality, and of her commerce, is composed of fifteen ships of the line, four frigates, and a large number of smaller vessels. Their orders are to sweep, not only the Baltic Sea, but the Swedish Sea, and the neighborhood of Archangel, of all the corsairs of the belligerent powers. They assure us at the same time, that orders are given to equip at Revel and at Archangel a second fleet of twenty ships of the line; Sweden arms ten, and six frigates. She will send out at first but four of the former, the six others will remain at Carslscroon, but in a condition to sail at the first signal. They are busy in Denmark in arming a like number. They assure us even that there are orders to augment it. The opinion the most general is, that the powers, which are to enter into the armed neutrality, will confine themselves at first to make their navigation to be respected, and will not appear as mediators, but when they shall see that the fate of arms shall make the balance incline too much to one side, to the disadvantage of the other. It will be then, that they will intervene for a re-establishment of the equilibrium, by moderating the too excessive pretensions of some, and by repairing the losses, which the misfortune, the negligence, or the unskilfulness of others shall have occasioned them. One does not know, which we ought to admire most, the immutability of the English, in the midst of all the movements, which they excite, or the movements themselves, which they are no doubt themselves astonished to have excited. This recalls the saying of an Englishman, who seeing a magnificent chapel built for the accomplishment of a vow, made in the midst of a battle, cried, "When the Emperor made this great vow, he had great fear." Is it not astonishing, that the most formidable maritime powers of Europe should have believed their rights so much in danger, as to make it their duty to confederate against the arbitrary pretensions of England? It would be much more astonishing, if she should be able to realise them, but this is not to be presumed.