ms rather extraordinary that the exact amount of the treasure
lost in the frigate should be a matter of conjecture, and that the
records of Lloyd's throw no light on this point. The explanation is
that only part of the precious cargo was insured by the underwriters
then doing business in the Royal Exchange building, and that a large
amount of gold coin and bullion was hastily forwarded to the _Lutine_
by divers bankers and merchants shortly before sailing. The records of
these consignments were, of course, scattered and have long since been
lost.

The total amount lost has been quite accurately calculated by employing
the system of accounting devised by the "Upper Strand Finder." His
theory was verified by later undertakings at the wreck, and the
sequences of letters and numbers stamped upon the gold and silver bars
were found to run in regular order, so that it has been latterly
assumed that, in all, one thousand of these were in the ship's hold.
The figures accepted by the Dutch partners in the enterprise, and
endorsed by Mr. John Mavor Hill, the agent of Lloyd's at Amsterdam,
were as follows:

Salvage in the years 1800 and 1801 .............. L 55,770
" " " " 1857 and 1858 .............. 39,203
" " " " 1859 to 1861 .............. 4,920
----------
Total salvage ............................ L 99,893

Total treasure estimated to have been lost ...... L1,175,000
----------
Treasure remaining in the wreck ................. L1,076,107

It is plausible to assume, therefore, that more than five million
dollars in gold and silver are still buried in the sands of the island
beach at the entrance of the Zuyder Zee, and that at any time strong
gales and shifting currents may once more uncover the bones of the
ill-fated _Lutine_ frigate. The members of Lloyd's are daily reminded,
by the presence of the massive oaken table and chair and the silent
ship's bell in the Committee Room, of the princely fortune that is
theirs, if they can find it. The story is a romance of maritime
insurance, and the end has not yet been written, for with modern
equipment and ingenuity those gold and silver bars, Spanish pistoles,
and Louis d'or may some day be carried up the staircase of Lloyd's to
enrich a corporation of the twentieth century.

[1] "The particulars concernin