Anish said:^ Yeah, there's nothing like exposure compensation for manual mode, its basically for programme mode where you can vary the exposure in stops of 1/3 over what the camera is metering.
As for your initial inquiry, 1.4sec at f2.8 might not be a slow enough shutter, you might have to try 3-4 sec.
Also on the S3IS, upto ISO 400 is very usable and even ISO 800 when exposed correctly.
If your getting into macros heavily, I would adivse you build a ring flash, can be a DIY project and not very expensive, but spectacular results!
Try this for starters
Build your own macro ring-light