On August 23rd, 1949, S. S. TIME was on voyage from Sydney to Melbourne with a cargo of sugar (3,000 tons), timber, general cargo and coal, when she was wrecked on Corsair Rock, entrance of Port Philip Bay. Read more at wreck site: https://wrecksite.eu/wreck.aspx?57395
Significance
The remnants of the Time remained as a landmark for over 10 years before a storm sent her remains to the bottom. http://home.vicnet.net.au/~maav/diary3.htm