On 11th April 1930, James Mudie Archer, 19, and a friend, Hugh Harper, were on the canal towpath walking to their jobs at the Maryhill Iron Works. Two young women who they knew, Annie Leggatt (15) and Jean Muir (16) were on the opposite side of the canal, also going to work. They stopped to talk for a few minutes and then passed on.
They heard shouting and running back found that Jean had fallen in the canal. James was a confident swimmer, as his father was an instructor and had taught him life-saving, and after taking off his jacket and cap he dived in. He was able to help Jean to the bank but then heard another splash as Annie, in her anxiety, had got too close to the bank and had fallen in as well. James swam to her but then saw Jean had lost her grip on the bank and he ended up supporting both of them in the water.
Fortunately help soon arrived from the nearby factories and they all recovered, seemingly without the need for a visit to hospital.

Photos from The People’s Journal, 19th April 1930
The location can be seen on this Google Earth view of the area:

The orange circle on the left shows the Maryhill Iron Works site. The yellow circle shows James’s home. The red circle shows the Bryant and May factory; Jean and Annie were taken their for care by the works’ nurse. It seems reasonable to guess the incident took place at the back of what is now JD Gyms. This is confirmed by a photo from The People’s Journal:

I think the houses on the far bank are in Currie Street, visible in the Google Earh view.
In August 1930 James was awarded the Corporation of Glasgow Gallantry Medal:

The reason this came to my attention was that the medal is up for sale at an auction next month (Noonans Auctioneers (link)).
Here is the account in the Daily Record account of Tuesday 15th April 1930:

James died in Kirkcaldy in 1980.