The Egypt’s Bullion.

Hokitika Guardian, 27 July 1922, Page 4

The Egypt’s Bullion.

QUESTION OF SALVAGE,

The P. and 0. steamer Egypt, which sank off the coast of France oil May 20th as the result of a collision with the French steamer Seine, carried a large amount of gold and silver. The value of this consignment wa,s first placed at £1,089,000, £839,000 being in gold and £250,000 in silver, but since then the known amount has been swollen bv lurther declarations. The whole was insured at the rate of Is 9d per cent, to port or 2s 3d per cent, to cover also inland transit.

With a view to ascertaining the prospects of salving the Egypt or the bullion or specie aboard the vessel, a representative of Lloyd’s list interviewed Commodore Sir Frederick Young, H.X.R., who has to his credit so many notable salvage feats, among them the raising of the Vindictive. In reply to a question whether it. was possible to raise the vessel, assuming that she lies in fit) fathoms, which is approximately the depth of water to bo found for jnanv miles to the north and west'of Ushant, Sir Frederick replied that, it would impossible to lift the Egypt from that depth, while the salvage of specie might be possible, but the chances of success were extremely doubtful.

Sir Frederick recalled the fact that lie had superintended the salvage of gold from the Oceana, which was sunk by collision off Beachy Head on March loth., 1922, ami which carried about three-quarters of a million in bullion, all of which was recovered, but from a depth of 15 iathonis only. The Laurentic, he pointed out, was another vessel from which specie was being salved, but, bore again, the depth was only 20 fathoms. The Egypt was not only at a greater depth, but the conditions prevailing round the coast where she sank were very much against salvage. He regarded 20 fathoms as the maximum depth from which it was possible to raise a vessel at present. To this statement it may be added that when the Spanish liner Alfonso XII, sank, in February, 1885, oil Point Gando, Grand Canary, in nearly 30 fathoms of water, about a mile from the shore, she was carrying from Cadiz, to Havana, Spanish gold coin valued at £IOO,OOO, and Mr A. Lambert, a diver, recovered from the wreck £70.000 of the treasure at a depth of IGO ft.