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Treasure ship of czars glints large off Japan

Booty aboard the Admiral Nakhimov, a sunken treasury ship of the Russian Czars, could be worth $38 billion -- bettering by almost 100 times the record for recovering undersure hunter says. Ryoichi Sasakawa said 16 platinum-alloy ingots have been raised from the vessel, which was used as a bank for the czarist fleet during the Russo-Japanese war of 1904-05. Sasakawa has offered to trade the treasure for the return of four small Soviet-held islands off northern Japan. The Soviets have occupied the island since the end of World War II, but Japan has claimed the territory.