I move that the Bill be now read a Second Time. The Exported Live Stock (Insurance) Act of 1940 came into operation on the 2nd September, 1940. It applies to cattle, sheep and pigs. There is a compulsory insurance scheme for these animals when exported through any of our own ports, but it does not apply to cattle shipped through the Six Counties. Before that Act was passed, exporters had to seek insurance from various companies and, as far as we could gather, at that time the premiums charged ranged from 40/- to 67/6 per cent. per £100 value of the animals being exported.
A board was set up under that Act, consisting of eight members, seven of whom represented the cattle and sheep trade, with one representative of the pig trade. That board has been extremely successful in its operations. It commenced business by imposing a levy of £2 per cent. on the value of the animals exported. It reduced this to 30/- on the 30th January, 1941. There was a further reduction to 25/- on the 1st November, 1941. It was reduced again to 20/- per cent. on the 25th January, 1942; to 15/- on 1st May, 1942, and to 10/- per cent., which is the present figure, on the 2nd November. At the present time they have £187,000 in the funds of the company, if you can call it so, or the committee, and they have paid out claims during their tenure of office to the extent of £85,000. They collected during that time something approaching £300,000.
We may assume that if this arrangement had not been brought in, and if they were insuring with private companies, the premiums would not have been reduced to the extent that they have been, and I would not be exaggerating if I say that, as a result of this scheme, the cattle trade has been saved about £250,000.
The Act applies only to exports through our own ports, but there are some exporters who live along the Border, particularly those who live in the north-west, who find it inconvenient to export through any of our ports and who would prefer to export through Derry and Belfast, as they always did. This Bill seeks to apply the scheme to cattle, sheep and pigs exported through these ports or through any ports in the Six Counties. As I have said, the number of persons on the board is eight. That will be enlarged to nine so as to give a representative to those who will be coming in under the proposed scheme.
I have taken the opportunity in bringing in this to bring forward certain amendments to the Principal Act, which have been found from experience to be necessary. For instance, under the Principal Act, the valuation of the animals was left entirely to the exporter. Some exporters have been more or less evading the spirit of the Act by putting ridiculously low values on the animals going out. Under this Bill it is proposed to give the board power to fix minimum values on various classes of animals. Another point that requires amendment is this. The decision of the board of assessors who are set up to investigate a claim is final the moment it is given. I believe it is feared—if it has not already happened—that it may happen that some valuable piece of evidence would not be available at the time they were giving their decision and the Principal Act is being amended so as to give the board of assessors power to re-investigate a claim for compensation within three months, and their decision then will be the same as if it were a decision in the first instance.
Arrangements will be made when this Bill is enacted to have the necessary stamps for export issued at convenient centres. There is also an amendment to Section 18 of the Principal Act, which makes clear the point at which the insurance begins to operate. There appears to have been some doubt in this matter; in fact, there was a court case. There was, however, some doubt, and it is made clearer under this Bill that the insurance will operate from the time the animal is put on board ship. Finally, the Bill, as drafted, has the approval of those interested in the live-stock trade.