The Wreck of the Hesperus (1948)

John Macready, a seafaring captain who has been beached for losing his ship, goes into the salvage-from-wrecked-vessels business with lovable old George Lockhart, and is leading the fight against the erection of a lighthouse that would tend to do damage to the salvage business. Macready's brother Angus dies in a shipwreck, and Macready begins to suspect that his lovable old partner may be causing the shipwrecks by misdirecting the vessels.