Even apart from unforeseen political possibilities in the future, prize law remains a part of international law of continuing interest because more than have various other sections it has developed an abundance of acute legal distinctions and juridical thinking as well as a sense for realities. A valuable examplo may be found in the judgment delivered by the Judicial Committee of the British Privy Council (12th January 1953), confirming in appeal Lord Merri-man's decision (in Prize) in the case of Schiffahrt Treuhand G.m.b.H. The case presents several points of fundamental importance.