§ 49. Sir William Davisonasked the Chancellor of the Exchequer whether, in view of the unfairness to individuals, societies, and companies who happen to hold property in vulnerable areas as compared to others whose property is situated in areas not likely to be subject to air attack in the event of war, the Government will consider the desirability of some form of compulsory insurance by all property-owners throughout the country against war risks, with a view to forming the nucleus of a national fund from which claims would be payable to persons whose property has been damaged or destroyed during hostilities, provision being made that the Government should have a first charge over all property thus reinstated in order to secure the Exchequer against having incurred liabilities which were not compatible with the circumstances of the country when the total losses have been ascertained at the end of a war?
§ Sir J. SimonI would refer my hon. Friend to the statement which was made by my right hon. Friend the President of the Board of Trade yesterday during-the Debate on the War Risks Insurance Bill.
§ Sir W. DavisonWill it be borne in mind that a premium of only £ percent, on £10,000,000,000, the estimated value of property in this country stated by the President of the Board of Trade yesterday, would produce an income of £50,000,000 a year, and that on a working 183 man's house of £500, there would have to be paid only £2 10s. a year, or less than is a week? Would not that be a very valuable thing in forming a nucleus fund, the Government helping it out?
§ Sir J. SimonI am sure that consideration will be borne in mind.
§ Sir Frank SandersonIs it not also a fact that ½ percent, would be equivalent to at least twice the amount of ordinary fire insurance rates?