THE EGYPT’S GOLD

Hokitika Guardian, 30 June 1932, Page 8

THE EGYPT’S GOLD

TREASURE TROVE LAW. Though the .subject of a claim against the Artiglio is not mentioned i'xl the caules, English newspapers some weeks ago suggested that som e doubt existed as to bhe legal position a- to ownership of the Egypt's gold. The Egypt was sunk nine years ago in collision with a French steamer, and now Ties off Brest in French territorial utters. French law governing treasure '■'trove at sea dates from the year 1513,' when Francis 1. decreed that the owners of shipwrecked vessels held their rights of proprietorship for one year .after the sinking of any ship. in the year 1681 Richelieu issued a decree confirming this, but added tin t after one year anything recovered from the wreck was to be divided into til'd parts. One part belonged to the adtnjral commanding the district, another one to the King of France, and th e remaining third to' the salvage worKer who had recovered the wreck or tlm treasure which it contained. THE LATEST DIVISION.

The law on the subject was changed through the Revolution, for in the year & of :he Revolutionary Calendar it was rail'd that the senior naval officer of the district should have complete charge of all property recovered from ally wreck. The shares of the admiral and of the King were after the. Revolution made over to the Inva.lides (then a home for wounded soldiers), leaving one-third of the treasure to the sa.vage workers. A point of some importance is whether the owners of the Egypt, after tu e miss of their vessel, abandoned their claims upon it. If they did so, then it would appear that the Italian salvage company would be entitled to claim in addition to its expenses, onethird of the. treasure recovered, the other two-thirds going to the Invalides. There will certainly be claims upon the gold' by 'the underwriters and the Ita.ian salvage company. But the great question seems to be to what extent the insurance of the vessel provided .against these old French laws. ENGLISH LAW. The marin e insurance eorresponde :t -.1 the "Daily Telegraph” wrote ; T’h.. possibility that the French Government may lay claim to any portion if the salvage from the Egypt is, I believe. one which has not hitherto been contemplated .'by ©ither the underwriters or the salvors.

\Even in the case of the frigate Lu’tine, sunk off th 6 Dutch coast in 1739 with a. vast treasure insured at Lloyd’s on board, the claim of the Dutch Government to the salvage was then based -largely on the fact that Holland was at war with England, h 18.23 William I. of Holland voluntarily surrendered his claim to one-half of th

selvage, the right to any treasure -salved from the Lutine being now vested in the Corporation of Lloyd’s by Act of Parliament.

As for the question of the on worship of the Egypt's treasure in English law, there can be no question that it

vested in the underwriters who paid few tne loss when the ves'-'el sunk in 1922, The share to which- the underwriters will Be entitled is subject to a contract with the salvors in which the remuneration of the latter is fixed at a substantial! percentage, leaving the balance to go to the underwriters.