SUNKEN BULLION.
, SCHEME OF SALVAGE. According to plans published in New York- in April, the Inter-Ocean Submariie Engineering Company will shortly commence the work of salving cargoes of bullion and other valuables from vessels sunk as the result of tho European war. Amongst the nuiiierous vessels to receive tho attentions of this elll-erprising concern will be the Lusitania, and altogether it is estimated that a total of £60,000.000 worth of goodii can he recovered from vessels which are not mere than <looft below the surface. Tho president of the corporation is Rear-Admiral Chester, U.S.N, (retired), and many prominent American bankers, including Mr George F. Baker, are providing the financial backing. The moving spirit in the enterprise is ChiefGunner Stillson, N.S.N, (retired)', who devised plans for raising tho American submarine F4 from Honolulu waters, and is credited with several .inventions to facilitate deep-sea salvage and diving operations. _ The company plans to work ill conjunction with the marine underwriters who have paid losses on the sunken vessels, to whom it i? proposed to pay S or 10 per cent of the values recovered.
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Bibliographic details
Star (Christchurch), Issue 11731, 22 June 1916, Page 4
Word Count
181SUNKEN BULLION. Star (Christchurch), Issue 11731, 22 June 1916, Page 4
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