B.A.W.R.A.

Waikato Times, Volume 97, Issue 1600, 31 May 1924, Page 8

B.A.W.R.A.

STATEMENT OF ACCOUNT. 'SURPLUS OF £3,887,5T6, United Press Association. MELBOURNE, May 30. At thf; anual meeting of shareholders in the British and Australasian Wool Realisation Association the statement of accounts showed the net surplus .-on May 24 was £3.887,516. The assets amounted to £6,179.913', and the liabilities to £2,292,402. MELBOURNE, May 30. Sir J. M. Higgins. chairman of the Australian Board, reviewing the history, of B.A.W.R.A.'s operations, said a decision on the issue of taxation could not be much longer delayed, and with a view to reaching a settlement consultations had been opened with the British Inland Revenue authorities. The directors held very strongly that no portion of the proceeds of B'.A.W.R-.A.'s realisation was properly liable to taxation, on the ground that the association was not a trading concern, but a realisation association and nothing more- In view of the threatened legal proceedings and the uncertainty with regard to taxation, the directors' could'not recommend the association going into immediate liquidation. The weight of legal opinion was against such a step until all litigation was out of the way. An extraordinary meeting of directors would be called at the earliest possible date to determine the method of, liquidation.