SUNKEN WEALTH.

Star (Christchurch), Volume XLIV, Issue 643, 22 December 1932, Page 16

SUNKEN WEALTH.

Big Field for Salvage Work. LOCATING OLD WRECKS. What fabulous wealth lies at the bottom of .the sea? The riddle can never be answered in full, but there has recently been formed in Sydney a salvage company which has high "hopes of solving it in part. “If the sea will not give up her riches unasked we shall see what we can take by force,” is the new company’s line of argument. Towing, repairing ships that are damaged below the water line, constructing piers and jetties and picking up and rescuing disabled vessels will all be branches of the company’s operations, but it is the recovering of wealth from the depths of the sea that smacks most of the romantic and offers the greatest profit. It is common knowledge that in recent years many vessels have taken their final plunge in comparatively shallow waters, and the wealth that is locked up in the wrecks runs into millions. In some instances attempts have been made to compel the sea to give up its riches, but not all have been successful and the present field appears almost unlimited. The last decade has witnessed big improvements in salvage equipment, with the result that divers can now work at great depths, and it would seem that a properly fitted salvage ship would have opportunities for splendidly lucrative “ fishing.” Former Australian Warship.

When thet company was first mooted those behind the project had to look round for a suitable ship, and their choice eventually fell upon the sloop Marguerite, a former unit of His Majesty’s Australian Navy. Now that the company has been formed arrangements for the purchase of the sloop have been completed, and a tender from the Cockatoo Island Dockyard for the conversion of the vessel to the requirements of the company has been accepted. When built in 1916 the Marguerite cost in the vicinity of £175,000, but the actual price to be paid by the salvage company for the vessel is £2500. The cost of conversion will be £B6BO, so that the total figure for the ship will be only £ll,lßO. It is claimed that when the Marguerite is reconstructed she will be the most efficient and modernly equipped salvage vessel in the world. The sloop was specially built for minesweeping, towing and general submarine operations, her engines are much heavier than is usual for a ship of her size, and she is fitted with heavy longitudinal beams which give exceptional strength for towing purposes. The ship has stern lifting gear with strong gallows and exceptionally strong winches to lift a maximum load. Another outstanding feature is that the sloop has three bows, so constructed as to allow the compartments between the bows being used as store space, but yet should she ram any obstruction she could proceed with safety upon her auxiliary bows. She is fitted with two boilers, each of which is capable of developing a speed of 10 knots, and in cases of emergency both boilers can be utilised to develop a speed of 17 knots. Fire-Fighting Equipment.

As the recovery of wealth from the sea will be only one of the sloop’s new operations, it is intended that she shall be fitted with modern marine firefighting appliances. A big factor in the efficiency of the vessel as a salvage craft will be her refrigerating plant and her ability to carry, in cases of extreme emergency, up to 1000 temporary passengers. The Marguerite’s bunkering capacity gives her a cruising radius under economical steaming of 4000 miles, and there is extra room for the storage of additional coal, should such be required. It is intended that the Marguerite shall be manned by an expert crew, and already the directors have received applications from officers and men who have had experience in work similar to that for which the sloop is being reconstructed. The crew will number only 34. The directors have secured the services as chief diving officer of a man who has had world-wide experience in all classes of diving and marine salvage work.

In past years considerable difficult} 7 has been experienced in locating sunken wrecks, but the new company have no misgivings on that score. Such things as electrocised magnetic finders have done much to lessen the task of the salvage experts. The approximate position of many wrecks is well known, and it has been estimated by experts that 75 per cent are in water of convenient depth for successful salvage operations. The value of vessels and cargoes lost annually in normal times on the British coasts alone exceeds £9,000,000. according to official computations. Treasure Lost and Regained. Even up to the present time the sea has been forced to give up many millions of treasure. From the Lusitania alone £5,000,000 has been recovered, and salvage operations are still proceeding The same value of gold was recovered from the Laurenic, and £750.000 was salvaged from the Egypt. Other returns from salvage operations include the following :—Oceana £400,000, Malabar £300,000, Queen Elizabeth £120,000, Darling Downs £IOO,OOO, Lutine £IOO,OOO, Alphonso XII. £90,000 Spanish coin, Empress of the Sea £BO,OOO, Japan £77,000, Sacramento £60,000, Kamilla Mitchell £50,000, and the Indus £3*3,000. The instances quoted above indicate that there is something more definite about reclaiming the stolen wealth of the ocean than seeking the bag of gold that is supposed to repose at the foot of a rainbow’. If no hitch occurs and the ex-Australian sloop Marguerite commences operations, King Neptune, it seems, will need to put extra guards on his sunken riches.