BAWRA’S WIND-UP

Hawke's Bay Tribune, Volume XXII, Issue 89, 30 March 1932, Page 4

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 Commonwelath of Australia Central Wool Committee under tho direction of tho Commonwealth Government and with the approval of the Imperial Government. The transfer was effected on Ist January, 1021, 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 by the committee nt Ist January, 1921, were represented by wool, spc.io, and cash, which were exchanged for £10,000,1)00 in priority wool certificates 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. The first capital reduction was made in April, 1924, and the final liquidation, distributed last week, was ot is 4d per share, amounting to £753,533. A total of £28,775,035 has been distributed.

It was suggested that when Bawra was formed i\ew Zealand should participate, and Mr A. E. Mabin, of Wellington, was commissioned by the Dominion Government to visit Melbourne lor tho 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 wliplly 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 wool to bo offereu and allocated the quantities of wool to be offered at each Dominion sale. It does not. now fix reserves, but it continues to allot quantities to be offered at the New Zealand sales.