16 Fathoms Deep [1948] [DVD]

Examines the dangerous business of snaring sponges on the ocean's floor that are sold via an auction exchange. Dimitri, the crooked-head of a Florida sponge-exchange, tries to prevent a boatload of valuable sponges from reaching port in time for the cargo to be sold at auction.

1948's "16 Fathoms Deep" is a remake of a 1933 title of the same name, from the same poverty row Monogram studios, but using the number 16 instead of the original spelling. Plotwise it's virtually identical, with the youthful hero (Eric Feldary) buying his first vessel on loan from the local villain (Lon Chaney), racing against time to make the annual auction to pay off the debt, unaware of the presence of a saboteur (Ian MacDonald) aboard. ~ imdb