WOOL TEXTILE INDUSTRY
FINANCIAL ASSISTANCE, A NEW COMPANY FORMED. “BAWRA” INVESTMENT. Press Association—By Telegraph—Copyright MELBOURNE, March 24. In consequnce of the depression in the wool textile trade, the tinajicial resources of many Bradford concerns have seriously diminished. “Bawra”was approached and invited to subscribe to a new company, the Wool Textile Finance Company, with a capital of £1,000,000, the object being to finance suitable concerns to enable them to resume normal trading or to extend their operations. “Bawra” decided to invest £52,000 in the company. Sir John Higgins, in explaining the position, stated that the directors of the British and Australian Boards considered it in the best interests of the wool owners to assist such firms. It showed that the owners were ready to co-operate with the manufacturers and distributing houses in overcoming the difficulties common to the industry. It also provided an . opportunity for advancing the claims of crossbred wool, as “Bawra” was participating on the understanding that manufactures from crossbred wool would be encouraged. An agreement had also, been made to insure not less than 75 per cent, of “Bawra’s” subscription with Lloyd’s on moderate terms.
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Bibliographic details
Otago Daily Times, Issue 18513, 25 March 1922, Page 9
Word Count
187WOOL TEXTILE INDUSTRY Otago Daily Times, Issue 18513, 25 March 1922, Page 9
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