FIRE DAMAGE

Evening Post, Volume CVII, Issue 103, 2 May 1924, Page 11

FIRE DAMAGE

AT THE WOOLSTON TANNERIES

THREE TIMES IN FOUR YEARS.

(UY TELEGRAPH PRESS ASSOCIATION.)

CHBISTCHUKCH, Ist May. Mr. Wyvern Wilson (Coroner) held an inquiry to-day into the fire which occurred at the Woolston Tanneries on 10th April, when heavy damage was done.

Rupert George Whiteman, who left the building at 8.30 p.m., said that everything then was safe. He had net been smoking. John Hopping, nightwatchman; said he was smoking on the night of the fire, but not in the upstairs portion of the building.

M. j. Russell, manager of the London and Lancashire Insurance Company, said that although his company had had a very disastrous run with the Wool--ston Tanneries, they recognised that this was just a risk incidental to the business of felhnougering, and they were quite prepared to continue to cover the company's premises. Although his company held the policies, part of them wore "covered -by reinsurance. Some of the reinsuring companies had refused to accept further risk in connection with tlie tanneries.

C. M. Ollivier. managing director of Woolston Tanneries, Ltd.. said that the company had had three fires within the past four years. He thought that the Hereford street fire was caused fay a cigarette but being thrown amongst some loose leather. He had no idea how either fire at the tanneries occurred. Witness put in a return showing that the value of stock held by the company on 30th September, 1920, was £512.000, whilst on 30th September, 1925.. the value was £116,000. The Coroner: '-Has the business of the company- decreased, then?" Witness: "We have brought our stocks into line with the demand." ,The Coroner: "That is not exactly an answer to my question. Has the business done by the company, decreased?"' Witness: -"Yes:-" •

Chief-Detective Gibson: "Are the insurances adjusted to meet decreases in stock?" / ' '

Witness: "Yes- they are revised at the end ot each financial year." The Chief-Detective: "What is the financial position of the company?" Witness : "During our period in business we have lost money." The Coroner: "The corollary from that is that'ready cash is of great value." Witness: "It does not follow that ready cash is a necessity, though" it, js welcome to everyone." Witness'also said that one reason why they had not made money was because', for political reasons, the company had been subjected to persecution. He did not want anything about that in the newspapers at present. He -would make .a public statement later. ■ .

. Die Coroner: "Then you had better hot say anything about it here." The Chief-Detective: "To put it shortly, you have a claim against the (-Tovernment?"

"Witness: "Yes." The Chief-Detective: "And that explains your loss?" j Witness: "Yes." The Coroner: "Does that explain.-the falling-off in business!"' '

' Witness: "The explanation lies in the general condition of the world's trade, plus the. positiou .we were landed in by the Government." The Chief-Detective: "At the last fire at the tanneries, do you consider- you were under-insured?"

Witness:. "Undoubtedly." _ The Chief-Detective: "And at the firs in January?" "Witness: "Yes; we must have been under-insured or else the insurance company.would have replaced the buildings. They are not doing that." When the inquiry, was resumed after lunch, Mr. Ollivier put in a statement showing that the stock' in the buildhi" destroyed by fire on 10th April was valued at £31,171.. It was insured for £30,000. The company's policy was to be as well insured as possible. Witness put in a^ book containing a copy of the company's last baTance^slieet, presented to the directors, and a copy of one presented to shareholders.

Chief-Detective Gibson: "Is the bal ance-sheet audited?"

Witness: "Yes.'

An open verdict was. returned.