AND EAST CUMBERLAND AND WESTMORLAND NEWS. NO. 440 - Ninth Week in Quarter Registered for Transmission ABroad. SATURDAY, FEBRUARY 28, 1874. PRICE 1D. ____________________________________________ PERILOUS POSITION AND NARROW ESCAPE. The captain and crew of the Norwegian ship' Magnet ', of Moss, CAPTAIN NONDRUM, 915 tons, for Liverpool with pitch pine, were rescued on the 15th Feb. from a very perilous position. On the 13th, in lat. 47 29 and long. 30 W., she was caught in a hurricane and thrown upon her beam ends, the deck load was washed adrift, and the poop bulkheads, pumps, and windlass smashed. On the main and mizen masts being cut away, she righted, but began rapidly to fill, and in two hours had 9 ft. of water in her hold. Soon afterwards the decks and beams burst upwards, and the crew took refuge in the foretop, where they remained till 2 p.m. on the 15th, the sea washing completely over the vessel. At this time she was discovered by the ' Saga ' of Picton, from Jamaica for orders. The Saga immediately lowered her lifeboat, from which a line was thrown to the almost exhausted men, who were hauled on board the boat, and afterwards hauled in the same manner on board the Saga, the sea being too rough for the boat to live alongside. The boat was ultimately swamped, but all hands were saved. _________________________________________________