The society provides financial support to members and their families in times of need; and also actively advises on maritime navigational safety such as the placement of lighthouses and buoys, and selection of Boston Harbor pilots.
According to maritime historian Samuel Eliot Morison, the society's meetings "were common ground where all Bostonians interested in seaborne commerce met.
The secretary describes it in 1811 as 'composed of upwards of 100 former shipmasters who have retired from sea with adequate fortunes, many of whom are largely interested in the insurance offices and as underwriters, and about 50 of the most respectable merchants and shipowners and gentlemen of the highest stations in the commonwealth.
[11] In addition to maritime safety, the society has devoted itself to collection and distribution of funds to aid members and their families in times of financial need.
[5] As a focal point for seafaring in general the society has stewarded donations of model ships, telescopes, paintings, scrimshaw, and travel souvenirs.
[16] In the heyday of the clipper ship "many were captained or owned by such society members as Bacon, Eldridge, Emmons, Forbes, Glidden, Howes, Lodge, Ropes, Upton, Wales, Watkins and Weld.