There is a widely held view in boating these days that silicone should not be allowed anywhere near a boat, and I'd suspect that this holds true for a Morgan too.
The problem is that silicone doesn't really seal well to either wood or Stainless, and then once you've applied it once, nothing will then stick to that surface without heavy sanding.
Either a polyurethane or butyl sealant would be more suitable, or as Jays suggests a dab of grease
