The Midas sailed from Maryport on her maiden voyage on the 3rd August 1897, bound for Nagasaki with a cargo of steel rails. She arrived at Nagasaki in December of the same year (see Source 3).

The Midas was lost with all hands on her subsequent voyage, bound from Nagasaki to Portland, Oregon. She left the Japanese port in ballast on the 14th February, and was not seen again. She had only loaded 585 tons of gravel and earth as ballast, and this was considered to be insufficient. The port authorities in Japan had recommended that she should have 800 tons, and the local pilot had judged she needed 1000 tons. In fact Capt.Messenger had ordered a further 200 tons, but this had not been supplied before the Midas sailed. The subsequent inquiry into the loss (see Sources 2 and 5) determined that the vessel must have capsized, and that she had insufficient ballast, which was not securely stowed or secured against shifting. There is no mention in the inquiry report of a cyclone which was present in the area, though this is mentioned in the proceedings to confirm Capt.Messenger's death (see Source 3).

The inquiry report recorded that 22 men had died with the Midas, but the memorial only lists 20 names.

In Source 1, there is a report that a bottle containing a message from Capt.Messenger was subsequently recovered, although there was some doubt whether it was genuine.

Ballasting of large iron and steel sailing ships was a controversial subject, and was discussed by a British parliamentary inquiry in 1903 (see Source 5). The loss of the Midas has similar characteristics to the loss of the Caradoc, which went missing after leaving Hiogo in October 1898.