HL Deb 10 May 1967 vol 282 cc1424-5
VISCOUNT MASSEREENE AND FERRARD

My Lords, I beg leave to ask the Question which stands in my name on the Order Paper.

[The Question was as follows:

To ask Her Majesty's Government whether they will consider introducing legislation requiring that the police be notified of the movement of gold or silver above a certain value.]

LORD STONHAM

My Lords, the responsibility for security of the movement of a valuable load rests with the firms concerned, and while the police are glad to have an opportunity to advise, Her Majesty's Government would not regard it as desirable to legislate to make it compulsory for the police to be notified about the proposed movement of particular types of load. The Home Secretary has asked the Home Office Standing Committee on Crime Prevention to study urgently the problem of improving the security of valuable loads in transit, and their recommendations will be carefully considered.

VISCOUNT MASSEREENE AND FERRARD

My Lords, I thank the noble Lord for that reply.

LORD DERWENT

My Lords, is not one of the methods by which these robberies can be reduced in the hands of the insurance companies, and are they not already making premiums very heavy for those firms who have repeated losses?

LORD STONHAM

My Lords, the enormous extent of the movement of valuables in the country may not be generally realised. It totals upwards of £30,000 million a year in cash and gold, including some £15 million a day between the Bank of England and the clearing banks. That is exclusive of the movement of precious stones and other valuable loads. It is estimated that the losses of cash, bullion and other valuable loads by theft in transit is put at one ten-thousandth part of 1 per cent. of the total value carried. So it would seem the insurance companies get fair value for money.

LORD DERWENT

My Lords, the noble Lord has not forgotten that it is not every insurance company which carries this type of risk.

LORD STONHAM

My Lords, it is not for Her Majesty's Government to interfere with insurance companies and tell them how to conduct their business. I would add this: again the police are always ready and willing to advise. It might well be that if in certain cases their advice had been sought the crime might have been frustrated.