§ 54. Mr. Lathanasked the President of the Board of Trade whether steps have been taken to cover by insurance the risks associated with the storage of the essential commodities acquired by the Government, whether those risks have been accepted by the Treasury or with what British insurance companies they have been covered?
Mr. StanleyThe stocks of essential commodities are at present legally the property of the firms who purchased them for the Government and they are insuring them just as if purchased for their own use. When the Essential Commodities Reserves Bill becomes operative, the Board of Trade will be able to pay for the stocks and the question of insuring them when they are Government property is under consideration.
§ Mr. LathanDo I understand that the responsibility for insurance rests upon the private companies, and not upon the Government?
Mr. StanleyYes, at the moment, because the stocks are still the property of the private companies. Until the Bill has gone through we cannot pay for them, and until we pay for them they remain the property of the people who purchased them.
§ Mr. LathanAre not the insurance arrangements made under the direction of the Government?
Mr. StanleyNo, while the stocks are their property it is left to them to insure them in the way in which they are accustomed to insure their property.
§ Colonel NathanDo the risks include war risks?