Beyond the immediate traumatic circumstances and bereavement, for the families of the engineers there was an immediate financial impact from the sinking of the Titanic. Families had lost a husband, a father, a son, a brother.  Widows were left with children to raise and homes to run, in the midst of their own personal loss and grief, deprived of the only income the family received.  Recognising the plight of the bereaved families of the engineers a fund was established by the Daily Chronicle newspaper. The Institute of Marine Engineers, the professional body of marine engineers, was appointed to administer the fund.

The fund, the Guild of Benevolence, shared the monies amongst the families and descendants of the engineers. The Titanic Engineers were amongst the Institute's members and their loss was keenly felt amongst their fellow engineers. Seeking to recognise the bravery and heroism of their colleagues lost aboard the Titanic, the Institute of Marine Engineers commissioned a memorial recording the names of the engineers lost aboard the Titanic. Today, the Guild's remit has widened to provide relief and support to the widows and descendants of marine engineers who would otherwise have no other means of financial support. It is the only charity in existence today with direct connections to the charitable response to the Titanic disaster.

The Institute of Marine Engineers memorial is in the form a large, decorative bronze plaque. The memorial carries the following inscription:

This tablet is dedicated to the memory of the engine room staff of the S.S. "Titanic" who gave their lives at the post of duty when the vessel sank after striking an iceberg on April 15th, 1912.

Joseph Bell, Chief Engineer. Alfred S. Allsop, George A. Chisnall, Francis E. G. Coy, Henry P. Creese, Edward C. Dodd, Renney W. Dodd, William L. Duffy, Henry R. Dyer, Alfred G. Ervine, W. E. Farquharson, Hugh Fitzpatrick, James Fraser, Norman Harrison, Herbert G. Harvey, J. H. Hesketh, Charles Hodge, Leonard Hodgkinson, George. F. Hosking, Herbert Jupe, William Kelly, Thomas H. Kemp, W. D. Mackie, William Mc. Reynolds, William Y. Moyes, Alfred P. Middleton, Robert Miller, Thomas Miller, Frank Parsons, Arthur J. Rous, Jonathan Shepherd, Peter Sloan, James M. Smith, Arthur Ward, Bertie Wilson.

The base of the memorial is inscribed by the name of the sculptor, Scottish artist George Alexander (1881-1942). The memorial dates from 1916. It was originally on permanent display in the foyer of the Institute of Marine Engineers Memorial Building at 76 Mark Lane in the City of London. The Institute moved from the building to 80 Coleman Street in 1999, whereupon the Memorial Building was demolished to make way for 78 Fenchurch Street, a 16-floor office block building.

The memorial was subsequently loaned to the National Maritime Museum and it was put on display during the summer of 2013. The memorial can be found on the south-west stairwell between the first floor 'Traders' gallery and second floor 'Ships of War' gallery.

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