The Schooner "Lady Bagot", of St. Catharines, was upset in a squall, on Thursday afternoon, the 14th inst., when off Oak Orchard, distance about ten miles. Four of the crew were at the mast head, at the time when the accident occurred, taking in the top-sails. The whole crew clung to the wreck until about ten minutes after the vessel, filled, when they were rescued by a small schooner and conveyed on board the Ellen Park, which vessel immediately repaired to the wreck, and was soon followed, in obedience to a signal of distress, by the Canada. These vessels and the united crews laboured all night before the Lady Bagot was raised erect between them; she was then bailed, until the entire deck was above water, and at mid-day on Friday, proceeded under sail and in tow of the other two schooners, and made Port Dalhousie in safety, on Saturday afternoon. The credit of such praiseworthy must and activity is due to the Captains - Symes, of the Ellen Park, Gilmour, of the Canada, and also to Captain King, of the Lady Bagot, for saving the wreck, and we are authorized by the owners thus gracefully to express it. The owners, at the same time, express their regret that they cannot thank the commander of the steamer St. George for exercising the ordinary humanity of attending to a signal of distress when hoisted within 4 or 5 miles of him on a clear day. - Niagara Chronicle.