About five o’clock on Tuesday afternoon a schooner-rigged ship was observed to be making for the shore off Mablethorpe, with very little canvas set, and evidently in distress.
A signal was hoisted on board, and from the beach men could be seen working hard at her pumps, the vessel no doubt having sprung a leak. The wind at the time was blowing very strong from the land, and a sudden gust sent her on her broadside, and she rapidly filled and went down about a mile from the sea bank.
As it happened, none of the lifeboats were at hand, they being then engaged in the races at Skegness, The crew, consisting of five men, at once took to their boat, which had for some time been dragging at the ship’s stern; and another schooner, which had seen their distress, bore down and took them on board, proceeding with them on her course northward.
The name of the foundered vessel had not been ascertained when our parcel left, and at low water she lay with part of her topmasts above the waves. She came from the south, and it is believed not much cargo on board.
Source: The Leeds Mercury (Leeds, England), Friday, August 10, 1866
Note: the grammatical error “none of the lifeboats were at hand” is transcribed directly from the article.