The Princess Elizabeth was a well-loved paddle steamer of the 1960s and is one of the few paddle steamers that has escaped the scrapyard. The Society during the 1960s provided a strong but often ineffective voice to try to keep famous old paddle steamers in operation. Despite several attempts to operate the Princess Elizabeth during this period, the Princess Elizabeth has survived in a static role initially in London and now in a similar role again at Dunkirk. The PSPS has the wheel of the Princess Elizabeth in its heritage collection.

The Princess Elizabeth undertook this PSPS charter from Weymouth to Torquay on 26th June 1965 and it marked the first steamer cruise form Weymouth to Torquay since 1949. A profit of £34.45 was made on this charter of Princess Elizabeth to Torquay and this was added to PSPS funds.