FOOTBALL CUP FOR JAPAN

Poverty Bay Herald, Volume LV, Issue 17436, 7 April 1931, Page 4

FOOTBALL CUP FOR JAPAN

MONTREAL, Feb. 23. A large silver cup is being made in Montreal for presentation to the Japanese Rugby Football Union for competition by" Japanese University clubs plaving under the British code. .This evidence of the amity displayed, bei.ween Japanese and Canadian sporting circles )':•- the outcome of (be recent visit of the Canadian Chamber of Commerce delegation to the East.

The British Board of Trade and the Cunard Steam Sitip Co. have agreed lipon terms bv which the British Government 'will : insure such-proportion of the risk on two newgiaut liners • .which the company proposes to build as cannot be, placed in the open market. The whole amount of insurance required for each- of the vessels will be about |W .. .■ . Doubt whether the normal insurance -market would be able to absorb the whole amount of the insurance required is the reason ior the agreement, says the Daily Telegraph. The Government—if Parliament approves a financial resolution to be moved—would provide insurance against both the risk of construction and the full marine risk, ,but the Cunard Co. would be required to exhaust the open market before calling upon the Board of Trade to make up any deficiency. A white paper issued by the Board of Trade recently explains the agreement, which has been reached after consultation with representatives of the insurance market. So far as.thofull marine, risk is concerned, the Board of Trade is to provide insurance at, reasonable rates of premium; that is, rates similar to those iked with reference to market rates for similar'risks, but subject to an addi tfonnl 2i per cent, on the rate fixed. For the building risk the rate is fixed at. M per cent, for three years, plus an additional 2i per cent., ' with a provision for extending the risk beyond three .ve'ars at an additional premium 'of 6d Tier cent, per month. |tii'e Board of Trade .expresses the hope that the market will he able to lake a lpfge part, of, if not ail, the rttks. Tiie liability of the iState-'-.will 'depend on the extent to which the market is 'unable to take up the full insurance.

'For tins 'purpose of carrying out the 'agreement, it is proposed to establish a (Hmard insurance ftpid. So far as the fund may be unable to meet any claims, they will be paid to the, extent of the deficiency from the Consolidated Fund. Arrangements for 'building the first 6f'the new liners on the Clyde have been made. The extension of the Government insurance agreement to the second vessel is made conditional on tlio board being satisfied that her keel will 'be laid within six years of the execution of the agreement.