In 1794, a convoy of 10 British merchant ships wrecked on the reef off the East End. Local residents came to the aid of the convoy, rescuing all but eight of the passengers and crew. Legend has it that a royal prince was among the rescued, and King George was so grateful that he rewarded the islanders' bravery by forever exempting them from paying taxes and from being conscripted. (Good story, but there's no documentary evidence.)
Dedicated by Queen Elizabeth on the bicentennial of the wreck, the memorial overlooking the wreck site remembers the victims and honors the rescuers. North of here (on the opposite side of the street), you can see a couple of cannons that were salvaged from the wreck.