Among the men were two photographer brothers, who happened to have their camera and cloth at the ready.
The cloth was red, and therefore the perfect flag to attract the attention of other ships and communicate the need to stop.
The Tainui successfully intercepted Sydney-bound SS Zealandia just in time to have her turn around and take part in the rescue of survivors.
It's thought that its 152 survivors would have carried on to Auckland, the ship's intended destination from Sydney.
Sheryl Bainbridge, of the Te Ahu Museum Trust, describes the event as nationally relevant history, although it's not widely known about.
"It's been forgotten over time I guess, but I'm surprised more people don't know about it," Bainbridge said.
"It's a momentous anniversary."
Te Ahu Museum is working to curate an exhibition to recognise the event in November and is therefore inviting people to get in touch if they have any memorabilia they are willing to lend.
Anyone with local family history dating back to 1902 is invited to consider whether they may unknowingly possess a piece of history relating to the Elingamite.
This could include artefacts of any kind, photos, diaries or stories.
For all submissions or for more information, contact: Sheryl Bainbridge on sakia@xtra.co.nz or call: (09) 406 2188.
To read more about the rescue, click here.