Severing a deep sea diver's airline whilst he is on the sea bed does not automatically flood the entire suit with sea water - a valve in the helmet prevents that and had been invented by the 1860's.
When Sidney is walking with the lady, the moving background is moving much too fast.
The shipwreck is obviously a model.
When Capt Ralls explains to Capt Munsey how the Melbourne Queen exploded he says they were shipping dynamite. The story takes place in 1860-61 but the substance was not invented until 1866, and the word "dynamite" was not coined until 1867.