The Court of Marine Inquiry found that the steering gear had failed as the SS Time entered Port Phillip Heads. It was established that the fault lay with the Lloyd's surveyor for not detecting the fault when the Time had been classified Al. No blame was attached to the master. Two Queenscliff fishermen purchased weck for 950 pounds (insured value 30,000 pounds)and its timber cargo - handsome profit. Cargo and most fittings of value recovered. Wreck visible until early 1960s, until during a storm it slid off northern side of Nepean reef and broke up in 20 feet of water. The most noteworthy shipwreck to date at the heads.Two Queenscliff fishermen purchased the weck for 950 pounds (insured value 30,000 pounds) and its timber cargo - handsome profit. The cargo and most of the fittings of value were recovered. The wreck was visible until the early 1960s, until during a storm, it slid off the northern side of Nepean Reef and broke up in 20 feet of water. The most noteworthy shipwreck to date at the heads.A Commonwealth of Australia Navigation Act, Boat Station List form, showing the names of crew assigned to each of 4 lifeboats on the Port [P] and Starboard [S] sides of the SS Time dated 1 August 1949.Form C.B.D.F 3 for 4 lifeboats; Boat Station List navigation act, ss time, port phillip, shipwrecks, lifeboat rules