WOOL WAS INSURED WITH MANY COMPANIES

Chronicle (Levin), 27 September 1946, Page 5

WOOL WAS INSURED WITH MANY COMPANIES

-Press Association

By Telegraph-

.WELLINGTON, Sept. 26. Great diffieully was experienced 0\ Ihe Government in obtaining an 111 surance cover for more than 90,00o bales of wool stored at Rongotai, 111 surance companies being approliensive concerning the flre risk in buildings 1101 intended for wool storage. Finally, :lu State flre oflice took 50 per cent,, tlie remainder being distributed among n early ,30 other iiisurance companies. The wool destroyed came mostly, from Hawke 's Bay. Some of it had been stored for up to three years. Warthm shipping difliculties prevented its export and it was intended to offer it fo; sale ip small quantities at the annuai wool saies which have just recom menced. It is estimated that it will take about 12 years to dispose of the wool in this manner but later estimate,indicated this period might be sub stantially decreased. Today the wool is still smoulileriag though dozens of leads of liose have been kept on the flre. Smoke was dense early this morning but decreased during the day. It is estimated that it will be probably a week before rn exaxnination will disclose whether any quantity is suitable for salvage. H xvould have to be processed to elimfnate the effects of smoke aiul water and the expense mav not warrant the attenipt.