BAWRA ACCOUNTS

Dominion, Volume 21, Issue 16, 13 October 1927, Page 14

BAWRA ACCOUNTS

In a statement made by Sir John Higgins on behalf of the liquidators, resnooting the affairs of the British Australian Wool Realisation Association, Ltd (Bawra), the accounts arc brought up 'to September 29. The position of the company is that the shares issued by it total 11,848,041 of Is. each. Of that number 542.470 have reverted to Bawra because of favourable decisions in connection with the skin wool litigation. Any proceeds on this block of shares will go to 1/ie holders of the balance of the original issue. A second block of 149.933 shares is held in trust in connection with the wool selling brokers’ commission account, but the shares are not to be distributed to tho brokers unless the Court so authorises. The Bawra cash items on September 20 totalled £6.541,210, and to repay Is. a share on the total shares issued will take £592.402, thereby reducing the amount to £5,948,808. Adding to that sum skin wool securities of £1,661,348, .the surplus is £7,010,156. Anything which mav come out of the allowance of £327,939 for contingencies and taxation also will be so much more to the good. The Federal Commissioner of Taxation demands £202.080, and £99.785 is on account of State income tax. Legal expenses in resisting the Commissioners will have to be provided, and as important issues may have to be argued, costs are not likely to be light. The fact that between April 30 last and September 29 a sum of £134,623 has been earned through the handling of the funds not only shows the skill with which they have been dealt, but illustrates the rate of interest loan moneys have been commanding. At the moment £4.689.856 is on deposit, or at short call, £1.556,955 is invested in Government bonds or stock, and £492.436 on loans at call, etc. Nearly all the money therefore Is earning inteiest. HUME PIPE COMPANY At the annual meeting of the Hume Pipe Company (Australia). Ltd., the chairman stated that the balance-sheet for the year ended June 30 was one of the soundest presented by the company. Business had shown a progressive increase over a period of years. The sales return for the past year had been almost three times as great as in 1920-21. Since then there had been a steady increase in sales of the company’s products. The company’s efforts in America would result in substantial gain to its reserves. A sum of £27.839 had been written off the patent rights. NEW SHARE ISSUE

The board of Barnet Glass Rubber Cc., Ltd., has decided to issue to shareholders at par 125,000 shares, to be sailed orcinary shares, ui the proportion of oneshare for every five shares held, CHICAGO WHEAT PRICES. Chicago, October 10. Wheat.—Futures: December, 1 dollar 30$ cents per bushel; March 1 dollar 33J cents; May, 1 dollar 35} cents. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £5819. . ABERDEEN ANGUS CATTLE BREEDERS MEET. Dominion Special Service. Dannevirke, October 11. The annual meeting of Aberdeen Angus Cattle Breeders’ Association was held in Dannevirke this year instead of, as has been the case formerly, at Hastings. The report presented by the president. Mr. W. Kinross-White congratulated members on the excellent financial position which, after nine years’ working as an independent association, showed an accumulated fund of £695 Bs. 10d., all in liquid assets. Regret was expressed that more interest was not taken by members. Regret was expressed at the deaths of Air. A. S. G. C’arlyon, of “'Gwavas,” aud Mr. Burling, of Masteiton, both , prominent breeders, and members of the association. and the report stated that the membership now stood at 91, of whom five are life members. 74 breeding, 11 non-breeding, and one a life honorary member. Among matters dealt with during the year- was the adoption of the Scottish Society’s ruling, “that the breeder of a calf lie the owner of the dam at date of calving.” Confidence in the outlook for the comin" season was expressed bv the president, as the cattle market was hardening in tho northern district, and the im proved prices for wool would enable breeders to purchase a better class of stock, and he mentioned that 37 years ago. butchers paid a penny per lb. more for poly beef than for any other, and he was convinced that the breed was still the most popular beef carcass at Smithfield, and was rapidlv taking the premier place in New Zealand—a position he was confident it would maintain against all opposition. The election of officers resulted in the re-election of Mr. W. Kinross-White, president, and Mr. M. Greenwood, vicepresident. Tho president was appointed delegate to the Royal Agricultural Society, and Mr. F. Armstrong was asked to represent the breed at the Royal Show at Christchurch this year. A resolution standing in the name of Mr. J. W. Ellingham: "That the amount of a life member's fee be increased to 20 guineas,’’ was carried. It was decided to recommend a request from tho Fiji Live Stock Records Association of Suva for recognition by the society, to the favourable consideration of the incoming council. The conditions and restrictions governing the granting of transfers was discussed. and it was decided that the'council take the earliest opportunity of simplifying them, and it was also resolved that the whole nf advertising be reviewed by the incoming cilAt a subsequent meeting of the council the president, vice-president, and Mr. W. A. Macfarlane. were appointed an executive to (Teal with matters outside the ordinary routine or in cases of emergency.