ROMANCE OF A WAR CONTRACT

Dominion, Volume 21, Issue 84, 7 January 1928, Page 7

ROMANCE OF A WAR CONTRACT

"BAWRA’S" BALANCE SHEET. Behind the announcement that the British-Australian Wool Realisation Association has distributed another .£8,000,CO3 lies a romance of acute business finance and a windfall of many millions for the British Government (states the “Daily Mail”). The association, Bawra, as it is called, came into existence after the war to dispose of the huge stocks of, wool in the possession of the British Government. This stock was accumulated as the result of a contract made by the Government with the wool growers of the Empire that they would take all wool produced within the Empire during the war and one year after at a flat rate of Is. 3jd. per lb., and share with the growers any profit made on the resale of wool for any but military purposes in Britain or any of the Allied countries. At one time it appeared as if realisation, would result in heavy losses, but there came the “orgy of expenditure when the public with money to spend demanded everything of the best. Under the skilful guidance of Sir James Cooper and Sir Arthur Goldfinch, “Bawra” began to sell-Jfs wool at great profit. . ' Sir James Cooper said yesterday: Nothing but the best was good enough for the public in those days. As we had great stocks of Australian wool, the finest in the world, we were able to do well.” We have been able to give the Australian growers a present of .£37.058,026, over and above the Is. 3Jd. per lb. New Zealand growers have had ,£1,63fi,069 and South Africa <£461,257, while tlie British Government’s share of the profit lias been L 33,98-1,923.