The Life-boat People's Journal, No. 2, stationed at this place, was launched on the night of the 18th Jan., at 5.20 P.M., and proceeded, through a heavy sea and S.W. gale, to the assistance of the schooner James, of Arbroath, which had missed the entrance of the harbour, and then, while endeavouring to wear and stand out to sea again, run on the rocks to leeward of it. The Life-boat saved 4 persons from the wreck of the James. This service was per- formed promptly and with great credit to the crew and ALEXANDER GILBERT, the coxswain of the Life-boat..