Is there still such a thing as PRIZE money?  When I was a young sailor, I used to hear about SALVAGE money.  Is that  still extant and how much does each member of the crew get?

Both questions can be answered by the following document.

"ORDER IN COUNCIL REGULATING THE DISTRIBUTION OF PRIZE MONEY AND SALVAGE AWARDS"

{1}  The distribution of prize money [other than salvage awards] is regulated by Order in Council of the 27th April, 1918.

{2}  The distribution of salvage awards is regulated by Order in Council of the 18th December, 1936 as follows:-

At the Court of Buckingham Palace,
The 18th day of December, 1936

Present:

The King's Most Excellent Majesty in Council.
Whereas there was this day read at the Board a Memorial from the Right Honourable the Lords Commissioners of the Admiralty, dated the 19th day of November, 1936 [N.L.1344/36] in the words following, viz:-

"Whereas by the Naval Agency and Distribution Act 1864 it is provided that money distributable among Officers and Crews of any of Your Majesty's Ships of War in respect of Awards made in the several cases therein mentioned, so far as full provision respecting the distribution thereof is not made by or under any Act of Parliament other than that Act, shall be distributed under our direction in the shares in that behalf specified in any Royal Proclamation or Order in Council; and further that Your Majesty in Council may from time to time make such Orders as seem meet for the better execution of the Act: and whereas His late Majesty King George the Fifth was pleased, by Order in Council dated the 27th April, 1918, to authorise the distribution under our direction of all Prize Bounty, and also of the net proceeds of Captures and Seizures under the several Acts of Parliament passed relating to the Revenue of Customs, to Trade and Navigation, for the Abolition of the Slave Trade, and for the Capture and Destruction of Pirates and Piratical Vessels, and of the Rewards conferred for the same, and also [when not otherwise specially apportioned by the Terms of the respective Awards and Allowances] of all Awards for salvage granted to the Crews of His Majesty's Ships and Vessels of War and all other Moneys whatsoever granted to be shared among the Officers and Crews of His Majesty's Ships and Vessels in the manner of Prize Money, except those arising from Prize of War, in the shares and under the Regulations set forth in the said Order: and whereas it is considered expedient to cancel and repeal the Scale of Distribution contained in the said Order in Council dated the 27th April, 1918, in so far as it relates to awards for salvage: we now therefore beg leave humbly to submit that Your Majesty may be graciously pleased, by Your Order in Council to cancel and repeal the above mentioned Order in Council of the 27th April, 1918, in so far as it relates to awards for salvage, and to authorise the distribution under our direction of all Awards for salvage granted to the Officers and Crews of any of Your Majesty's Ships and Vessels of War, when not otherwise specially apportioned by the Terms of the respective Awards, in the shares and under the Regulations set forth below:-

1.  The net amount distributable shall be distributed by Classes, so that every person present and assisting shall receive shares according to his Class, or according to equivalent Ranks and Ratings as set forth in the following scale, the equivalent Ranks and Ratings being those laid down in Your Majesty's Regulations and Admiralty Instructions for the Government of Your Majesty's Naval Service, and in the Regulations for the Government of the various classes of the Reserves, or, if not so laid down, as may be determined by us:-

2.   Subject to Paragraph 1, all Officer and Men of the Royal Marines and of the various classes of the Reserve, all Officers and Men of the Fleet Air Arm forming part of the complement of any of Your Majesty's Ships or Vessels of War and all Officers and Men of the Mercantile Marine who are temporarily employed in Your Majesty's Naval Forces shall receive shares according to their equivalent Ranks and Ratings in the Royal Navy or if there are no such equivalent Ranks and Ratings then according to the Ranks and Ratings to which their appointments may be deemed to be equivalent.

3.  All other persons present and assisting shall share as supernumeraries.

4.  Any Officer entitled to share in an award who shall have more Commissions than one shall be entitled to participate only according to the share allotted to him by the above mentioned distribution in respect of his superior Commission.

5.  Officers serving as Chief of Staff or Captain of the Fleet shall share as in Command of a Squadron or Ship.

6.  Officers and others holding Acting Appointments superior to their Substantive Ranks or Ratings, and who are in receipt of the pay of such Acting Appointments, shall share according to such Acting Rank.

7.  In the event of any difficulty arising with respect to any of these Rules, or if any case should occur not herein provided for, or not sufficiently provided for, or if the assistance rendered by any person shall be considered to merit a larger or smaller share than he would be entitled to receive under the foregoing Rules, we shall be competent to issue such directions thereon as may appear just and expedient.

8.  The scale of distribution herein contained shall apply to all Awards for Salvage distributed after the date of this order."

[Note. Changes in nomenclature of ranks and ratings since the above Order in Council was issued do not affect the allocation of shares in the scale laid down].

Now, to make it more exciting, I have consulted the 2003/2004 SHIPPING FINANCE ANNUAL, which deals with the cost and insurance of ships per se. It is a large document and from it I have selected four tables as shown below.

  I have chosen 4 different types of vessels and each to show their second hand values. In two cases the tables show their cost/age price. The types are CHEMICAL CARRIER, LIQUID PROPANE GAS CARRIER, BULK [DRY] CARRIER and the proverbial CRUDE OIL CARRIER.       

I leave it up to you to work out just what a small frigate acting as a salvor to a huge VLCC [very large crude carrier] might get.  Remember that price above is for an empty ship. The cargo alone could double the quoted figures in these tables. The rules for salvage are shown in the Merchant Shipping Act 1993 and I have given you here, a link to just one of many web sites showing that Act  - http://www.irishstatutebook.ie/1993_34.html . Nice to dream about.  Keep you eyes open for trouble!!