STATEMENT DENIED

Otago Daily Times, Issue 26630, 28 November 1947, Page 6

STATEMENT DENIED

OFFER OF CASH PAYMENT INSURANCE ON BALLANTYNE’S STOCK P.A CHRISTCHURCH, Nov. 27. The statement that an immediate cash payment of £250,000 representing 75 per cent, of the insurance cover on the stock and contents, had been made to J. Ballantyne and Co. by the fire underwriters was totally incorrect, said a director of the firm this morning. He was denying what purported to be a director’s statement which claimed that the underwriters had taken this step. “No statement concerning the amount now to be paid was issued by the directors,” he said. “The directors at this stage can only state that the total insurance cover is very considerably in excess of £250,000. At present it is impossible to state what the total fire insurance loss is or will be.” The chairman of the Canterbury Fire Underwriters’ Association Special Loss Settling Committee, Mr M. J. Russell, said this morning that any statement attributed to him was incorrect. He made no statement regarding Ballantyne’s insurances. Mr Russell heads the committee, representing 35 underwriters, who carry Ballantyne’s insurances. It will be some time before their investigations are completed.