Nah, it's definitely backwards. Your compass has reversed polarity because someone had either stored it next to iron or someone had been making the needle move around by playing a strong magnet over the compass - both are bad for accuracy.
Bad news is that it's all backwards. The good news is that since it's just a magnet inside a plastic capsule, it's reversible. You have two choices -
1. You can send the compass off to Silva USA and get them to fix the polarity issue, or
2. You can fix it yourself (keeping Silva USA's service dept. as a Plan B). To fix it, first of all you need an idea of the direction of magnetic north. Then you need to get a strong magnet such as you might find on the back of a junked car audio speaker. Point the compass body to north and then using the magnet, run it along the underside of the compass body from south to north. Do this until the red bit of the pointer points north as confirmed by another verified compass or a compass app on your phone or whatever.
Reversed polarity is a far lesser problem than something like a massive air bubble in the capsule so I'd recommend giving it a go yourself, then if it doesn't work contact Silva USA to see if they'll do an RMA and fix it for you. You'll probably have to pay shipping, but the service/repair should be covered under their Zippo-style "we'll fix it free" guarantee.
Awesome old compass and it'd be great to bring it back into service

I fix old prismatic compasses for fun (see
http://thejungleisneutral.wordpress.com/2013/12/19/a-look-at-some-wwi-compasses/ for an example) so I have an inkling about how to make these things work as they should.