BAWRA'S DISBURSEMENTS.

Poverty Bay Herald, Volume XLIX, Issue 16114, 1 May 1923, Page 6

BAWRA'S DISBURSEMENTS.

£6,CC0,000 FOR, WOOLGROWERS

On Saturday, April 14, cheques fotr aq aggregate sum totalling approximately £b,OJU,OOO, were posted to the Australian shareholders of the British-Austra-lian, Wool Realisation Association, Limit-, ed, from the Melbourne office- of thp association. This payment was madet jn, accordance with tho" terms of a resolution agreed! to at' an extraordinary general rneeting of shareholders, held on July kQ last, authorising the reduction of the capital of the association by paying pa thp paid-up share capital (approximately £12,0CQ,000) to tho extent of £6,000,000, and by reducing the 'nominal amount 4 of each paid-up share accordingly. The reduction was sanctioned by the Supreme Court of Victoria on October 19 last. The policy of the association has been to leave the Australian market clear for the sale of current clips, while the wool owned by the association, also) the wool owned by the British Government and controlled' by Bawra under its agency, agreement, has been sold overseas, mostly in tho United tyheu the necessity arosp'foj thf transfer of such a large'suni as £6,000,000 from London tp Australia, careful consideration had to be given to the cost of the operation, and long negotiations were raid to have taken plnce between Bawra and' the authorities of the Commonwealth Bank. Finally, an agreement was arrived l at undbr which the Commonwealth Bank and the associated! banks undertook to arrange the transfer. The British-Australian Wool Realisation Associations Limited, commenced business on January 1, 1921. With the present payment Bawra will have distributed among its shareholders £16,000,000 in iyetual cash as the result of two years and four months' operations.