I would have tossed the 1930s lifeboat story into the "circular file" had not part of the lifeboat been preserved. There was another story, dating to 1907, about a cave in the cliff face visible only at extreme low tide in which a lifeboat with Valencia skeletons reposed. I don't think a metal lifeboat could have floated for 30 or so years, so the only other options are A) it remained for 30 years lodged in some crag far enough from the water to prevent the waves from beating it to pieces before somehow working its way free and floating into Barkley Sound B) It remained for 30 years in the collection of someone who salvaged it in 1906, who then either set it adrift and "found" it again, or simply claimed to have "found" it for the sake of a better story, or C) the whole thing was a prank played by someone who had an old lifeboat on hand, remembered the Valencia wreck, who then doctored the boat and set it afloat. I tend to go B, A, C, in order of likelihood.
The Valencia debacle was 'sanitized' over the years, and until I read Michael Neitzel's excellent book, the version of the story I knew was told from the perspective of those on the cliff top and those on the two rescue ships which departed who, in both cases, made it seem as though they (the rescuers) had battled against overwhelming odds and lost. So, the book- with its direct from 1906 testimony- was an eye opener.
I think the only uplifting (and I use the term with reservations) thing about this whole affair is how well those aboard the ship conducted themselves after the initial panic which destroyed the lifeboats. Chief amongst them was a Greek fireman by the name of Cigalos who attempted, several times, to swim through the surge to shore with a line after it became apparent that no rescue was forthcoming from the land side. He survived those efforts, despite the odds, and eventually survived the disaster too, being one of those who risked putting to sea on the rafts. Was hailed by the public and awarded a medal.
One figure I left out of my account, is that of the 170 on board only 37 survived, with not a single woman or child among them- although at least two of the "ship's boys" did make it through the disaster and are visible in a group shot of survivors which ran in the papers soon after.
The wreck is still where it came to rest in 1906, with its stern in 10 feet of water and the bow at 25'-35' feet. It is now 'protected' and artifact removal has stopped. The cliff top is now part of one of the Canadian National Parks, and I am not sure if there is a sign there to indicate what happened on the rocks below.