Looking at the download,
'schooner.zip' the problem is:
In the 'aircraft.cfg' file the [Smoke] effect (the 'I' key) calls the file 'fx_smoke_ship.fx'. This is not a default effect and must be installed. Unfortunetly the author did not include the file or list any source for the file.
To this point the only source I have found for the file is in Holger Sandmann's
FS2004 Glacier Bay V2 scenery (glbayv2a.zip). At 58Mb, it's a large download for just the .fx file. On the other hand, it's a GREAT scenery add-on (scenery also requires 'glbayv2b', 87Mb).
Another option might be to get Holger's ai ship fx download,
'ai_shipx.zip' and substitute one of the 'wake' effects.
Dave
At that time [1909] the chief engineer was almost always the chief test pilot as well. That had the fortunate result of eliminating poor engineering early in aviation.