HMS Lutine (1779) - The Lloyd's Act, 1871

The Lloyd's Act, 1871

A brief history of the loss and salvage attempts is given in the preamble to the Lloyd's Act, 1871:

And whereas in or about the year 1799 a vessel of war of the Royal Navy, named the Lutine, was wrecked on the coast of Holland with a considerable amount of specie on board, insured by underwriters at Lloyd's, being members of the Society, and others, and Holland being then at war with this country the vessel and cargo were captured, and some years afterwards the King of the Netherlands authorized certain undertakers to attempt the further salvage of the cargo on the conditions (among others) that they should pay all expenses, and that one half of all that should be recovered should belong to them, and that the other half should go to the Government of the Netherlands, and subsequently the King of the Netherlands ceded to King George the Fourth on behalf of the Society of Lloyd's, the share in the cargo which had been so reserved to the Government of the Netherlands:

And whereas from time to time operations of salving from the wreck of the Lutine have been carried on, and a portion of the sum recovered, amounting to about twenty-five thousand pounds, is by virtue of the cession aforesaid in the custody or under the control of the Committee for managing the affairs of Lloyd's:

And whereas it is expedient that the operations of salving from the wreck of the Lutine be continued, and that provision be made for the application in that behalf, as far as may be requisite, of money that may hereafter be received from those operations, and for the application to public or other purposes of the aforesaid sum of twenty-five thousand pounds, and of the unclaimed residue of money to be hereafter received as aforesaid

The ownership of the remaining, unsalved, gold is vested in half shares between the 'decretal salvors' and the Society of Lloyd's, Lloyd's ownership being governed under the terms of the Lloyd's Act, 1871, §35:

Salvage operations as to wreck of Lutine

The Society may from time to time do or join in doing all such lawful things as they think expedient with a view to further salving from the wreck of the Lutine, and hold, receive, and apply for that purpose so much of the money to be received by means of salving therefrom as they from time to time think fit, and the net money produced thereby, and the said sum of twenty-five thousand pounds, shall be applied for purposes connected with shipping or marine insurance, according to a scheme to be prepared by the Society, and confirmed by Order of Her Majesty in Council, on the recommendation of the Board of Trade, after or subject to such public notice to claimants of any part of the money aforesaid to come in, and such investigation of claims, and any such barring of claims not made or not proved, and such reservation of rights (if any), as the Board of Trade think fit.