BAWRA'S WIND-UP

Evening Post, Volume CXIII, Issue 72, 26 March 1932, Page 14

BAWRA'S WIND-UP

A GREAT TRANSACTION

The final distribution of assets by the liquidators of Bawra (British. Australian Wool Realisation, Ltd./in liquidation) has been made, and amounted to over £750,000. ■-...; ■;' ■ ' The company was formed to take over the assets of the Commonwealth of Australia Central Wool Committee under the direction of the : Coninionwoalth Government and with the approval of the Imperial Government. The transfer- was effected on Ist January, 1921, when Imperial purchase of wool had ■ terminated and the wool-market was in as. bad a condition, if not worse, than, it is to-day. Assets held T)y the committee at Ist January, 1921, were represented by wool, specie, and cash, which were exchanged for £10,000,000 in priority woolcertificates, and £12,000,000 share' certificates of £1 each. Distributions were made from time to time to woolgrowers, but their certificates were "marketable on the; Stock Exchange, H?he first capital reduction was made in April, 1924, and the final liquidation, distributed last week, was of Is 4d per share, amounting to £753,533. A total o| £28,775,635 has been distributed, j .. It was suggested that when Bawra was formed New Zealand should participate, and' Mr." A. E. Mabiri, of Wellington, was commissioned by the Dominion Govern-1 nient to visit ■ Melbourne for the purpose and to prepare a report on the subject. He did, so,. but recommended that New Zealand should .deal with the matter-in its own way, its circumstances not being wholly identical with those of Australia. The New Zealand Wool Committee, representing '.' growers, buyers, brokers, and other interests in. the wool trade, was set up, and for some time it fixed reserves on I wool to be offered and allocated-thequan-l'- tities of wool to be offered at -i each Dominion sale. It does-not mow fix reserves, but it continues' to allot quantities to be offered ; at the New Zealand eales.