THE WOOL MARKET

Hawera & Normanby Star, Volume XLII, Issue XLII, 24 March 1922, Page 7

THE WOOL MARKET

MELBOURNE, March 24. "In consequence of the depression in 'jfcae wool textile trade'the financial re-•-lources of many of the Bradford con- j cerns have seriously diminished. The ! 8.A.W.R..A. has been approached and ilnvited to subscribe to a new company ■for wool textiles and to finance the with a capital of £10,000,000, Ifche object being to finance suitable eon•eerns to enable them to resume normal j -fcr to extend trading. The B.A.W.R.A. 'decided to invest £52,000. Mr Higgins, In explaining the position, stated that ibhe directors of the British, and Australian boards considered that it is in "i£he best interests of wool owners to assist such firms. It showed that the Owners were ready to co-operate with manufacturers and distributing houses "In overcoming the difficulties common jbo the industry. It also provided an - jDpportlunity for advancing the claims -tof crossbred wool, as the B.A.W.R.A. was participating on the understanding Jbhat manufactures from crossbred wool .Would be encouraged.1 Arrangements -were also made to insure not less than 175 per cent of ths B.A.WJEt.A.'s subscription with Lloyds on moderate ifcerms.