Salvage for life may be paid out of wreck and casualty fund

(1) Salvage in respect of the preservation of the life or lives of any person or persons belonging to any such ship or boat as aforesaid shall be payable by the owners of the ship or boat in priority to all other claims for salvage. (2) Where such ship or boat is destroyed, or where the value thereof is insufficient after payment of the actual 15 expenses incurred to pay the amount of salvage due in respect of any life or lives, the Harbour Master may, in his discretion, award to the salvagers of such life or lives out of the wreck and casualty fund, such sum or sums as he deems fit, in whole or part satisfaction of any amount of salvage so left unpaid in respect of such life or lives.