Hi,

I looked at a 1963 Chris Craft Constellation this weekend and I saw
something interesting. Where the rudders and shaft logs are through
bolted, there was a dry foamy substance around the bolt heads. Upon
closer examination, I saw that it was white with rust colored streaks.
I assumed that this was the result of salt water and the corrosion of
the bolts.

I am new to wooden and power boats and I was looking for comments on
this. Since the boat is for sale, is this a serious condition that any
surveyer would instantly cite and conclude its fix was more than the
boat's value, or is this a relatively common and reparable occurance?
Thanks.