The British Australian Wool Realisation Association (BAWRA) was formed 27 January 1921 and was registered as a public company under the Victorian Companies Act of 1915. (1) The company had a registered capital of 25 million pounds with a paid up capital of 22 million, divided into 12 million one pound shares and 10 million Priority Wool Certificates with a face value of one pound each. The shareholders were suppliers of wool and the number of shares alloted to
shareholders was in proportion to the appraised value of the wool submitted by each individual. (2)
 
In 1916 the Imperial Wool Purchase Scheme had been established. The purpose was to protect wool supplies for the duration of the war and keep supplies out of enemy hands. The British Government instituted a bulk purchase scheme under which it agreed to buy the Australian wool clips for the rest of the war and for one year after. The Central Wool Committee (CA 1923), was formed to be responsible for appraising Australia's war time wool under the Scheme. (3)
 
At the conclusion of the Imperial Purchase Scheme in June 1920 the British Government held in excess of one million bales of Australian wool (also quantities from New Zealand and Falkland Islands) as a result of economic recession following World War One. The principle purpose of the BAWRA was the simultaneous selling of the current clip and the timely disposal of the Australian component of the stock pile. The stated policy of BAWRA was to co-ordinate with Australian wool growers and brokers to achieve sales in the best interest of all the parties. Another major goal of the BAWRA was the restoration of confidence in and the stabilisation of the Australian Wool Industry. (4)
 
The operations of BAWRA were directed by an Australian and British board. The Australian board composed of six members: Sir John Higgins (Chairman) William Fraser, William Gibson, John Mackay, Charles Murphy and William Riggall and was based in Melbourne. The British board based in London had Sir Arthur Goldfinch as Chairman and another four representatives: Sir John Ferguson, James Cooper, Francis Willey, Henry Davison.(5)
 
The marketing of BAWRA wools was conducted at various centres in England and on the Continent. The final auction sale took place in Liverpool 2 May 1924 when the last bale of wool carried over from the Imperial Purchase Scheme was disposed of. All of the wool controlled by BAWRA which was 2,691,756 bales was sold in three and a half years together with around 6 million bales from current clips. (6) The aggregate sum received for sale of BAWRA's wool was slightly in excess of 28 million pounds. (7)
 
BAWRA was an innovative structure, it met its stated aims and was the model for the later Australian Wool Realisation Commission (CA 256).  
The official relationship between the Central Wool Committee (CWC) and BAWRA is unclear but they were closely connected. Sir John Higgins was Chairman of the Central Wool Committee and Chairman of the BAWRA Australian board, William Fraser was a CWC member and BAWRA board member. James Balfour was Secretary of CWC and BAWRA. The CWC and BAWRA both gave their registered address as 113 William Street Melbourne. However BAWRA, as a joint British/Australian organisation with shareholders, was an independent agency.
 
At an extraordinary general meeting of BAWRA May 7 1925, the decision was taken to liquidate the company at the conclusion of all
outstanding legal action. (8) The first liquidation payment was made 15 November 1927 and final liquidation payment was made 15 March 1932.(9)
 
Shortly after, the CWC also ceased its operation.
 
REFERENCES:
1. Official Year Book of the Commonwealth of Australia No.22 1929
   p.666 
2. Ibid
3. Australian Encyclopedia Vol.9 p.354
4. Official Year Book of the Commonwealth of Australia No.20 1927
   p.635 
5. CRS B----, Bound correspondence (Nov 1916-Jun 1924) p.1178
   (unregistered volume)
6. Official Year Book of the Commonwealth of Australia No.20 1927
   p.635 
7. AA: MP 136/23 (1916-1920) "A message from BAWRA" p.25
8. Ibid p.19
9. Official Year Book of the Commonwealth of Australia No.25 1932
   p.620  
Historical agency address
113 William Street, Melbourne
Legislation administered
Victorian Companies Act 1915