What u call as the North pole of the magnet was originally dubbed North-seeking pole. Actually, unlike that of a conventional Bar magnet, the magnetic field of the Earth starts out of the S-pole and converges into the N-pole. Hence the N-pole of ur magnet is repelled by the field to face north. This is only a controversy of misnomencalture, if u call it so.
the north points north because the earth has a magnetic field by which the hanging bar magnet is affected. it is only true that the magnet will point in the north south direction...if u randomly mark n and s on the magnet...it may not work! n may point south!
Originally, there is no "N" or "S" in the magnet. WHen the magnet stop spinning, it always poit one of it end to the North (of earth) and other other end to the South (of earth).
We then marked the one points to the North (of earth) "N" and the one points to the South (of earth) "S".
It just a marking to Tell us where is Norht and where is South.