The Wallachia was a 1077nt iron steamship, built by Oswald Morduant & Co of Southampton, and launched in March 1883. The single screw steamer was originally owned by Taylor & Cameron of Liverpool and was used on the Black Sea run. She was bought by William Burrel & Son of Glasgow in 1893 and employed on regular trips between Glasgow and the West Indies.
She left Queen's Dock, Glasgow for her final voyage to Trinidad at 10am on 29th September 1895 with a crew of 22 under Captain R. Walton. On board was one passenger and general cargo including beer, whisky, gin, acids, glassware, earthenware, coal, building materials, footwear and chemicals. The weather was foggy leading to the Wallachia being delayed around noon off the Tail of the Bank. The fog liften slighting in the early afternoon, allowing Captain Walton to set off, keeping to the channel on the Cowal side of the river. As the afternoon went on the fog thickened once more, and just before 4pm the Wallachian grounded off Innellan Pier but quickly refloated on the rising tide. Shortly afterwards, Captain Walton was startled by the appearance of the large Norwegian steamer Flos, off his starboard bow. It was obvious that the Wallachia was going to collide with the 1406 ton steamer and there was only time to order everybody clear off the foc'sle before the bow of the Flos crashed into the starboard side of the Wallachia 10 feet from the stern.
The two ships stayed together while the Wallachia's lifeboats were lowered. The first lifeboat capsized but the crew and single passenger were able to escape on the other two lifeboats. The Flos attempted to tow the Wallachia to shallow water but this was abandoned as the Wallachia began to settle at the bow as soon as the other ship backed away. 25 minutes after the intial collision the Wallachia sank by the bow, with a massive explosion as she sank beneath the surface. The crew rowed to Toward Lighthouse and got on to land safely.
In October 1895, divers from salvage ship Torch dived the Wallachia to remove her masts, which rose to just one metre below the surface. The last official trace of her was as a wreck symbol on an Admiralty chart of 1905, and from then on she was forgotten. The wreck was then forgotten about for 80 years until rediscovered by divers in 1977 who were diving on an unknown obstruction which had entangled a fisherman's nets.