Henry Melling - The 'Ocean Monarch' on fire in Liverpool Bay

The Ocean Monarch on fire in Liverpool Bay. The yacht Queen of the South (sic) is in the foreground. Painting by Henry Melling.
The Ocean Monarch on fire in Liverpool Bay. The yacht Queen of the Ocean is in the foreground. Signed and dated lower left "Henry Melling 1848". Two old labels verso, the oldest one marked "From Richard Jeffreys Carver Gilder & ... 8 ct ...", and the more recent "William D. Jones Phone Royal 520[?]