§ 11. Mr. ALBERYasked the President of the Board of Trade if the construction risk of the new Cunarder is still uninsured in the market; and whether the Treasury is now responsible for the whole or what portion of the risk?
§ Mr. W. GRAHAMThe position is still the same as stated in the reply given to the hon. Member on Tuesday last by my hon. Friend the Parliamentary Secretary to the Board of Trade.
§ Mr. ALBERYSeeing that this keel was laid down some weeks ago, why are these risks of construction still uncovered?
§ Mr. GRAHAMThat, of course, is really a matter for the Cunard Company and the builders. The Government only come into the picture when the market has been exhausted as regards the amount of insurance taken up. No application has yet been made to the Government.
Sir F. HALLMay we take it that at present the Government have not accepted any risk in the event of any accident happening?
§ Mr. GRAHAMNo, it is too early in the day for that. After all, the initial steps must be taken by the Cunard Company and the builders.
§ Mr. ALBERYWill this unusual delay in covering the risk affect the position of the Government eventually?
§ Mr. GRAHAMThat would be very difficult to tell. To-day it seems very far off. It is still my hope that a very large part of this insurance will be effected in the ordinary way in the market.