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| Sunday, 14 November 2004 |
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CBA celebrates centenary by Elmo Leonard The Colombo Brokers' Association (CBA) will celebrate its centenary on Thursday 18 November with a `Grand Charity Auction' at BMICH Colombo. The eight brokers, will auction five sterling silver gravets each, intended for charity as the Tea Trade Charity Trust and other approved charities CBA Chairman, Brian Baptist told the media. The minimum price per gravet is Rs 100,000 (Rs 103 to a U S dollar) while foreign bids have been received for over $1000. A minimum of Rs 5 million is expected to be raised, the media was told. Generous contributions from donors and sponsors would substantially enhance value to the beneficiaries, the CBA membership, appealed. CBA now handles such commodities as, tea, rubber, coconut and spices and allied products. In 1904 the leading firms in the share and commodity broking industries came together to form an association with the aim of developing professionalism and at the same time ensuring an organised and effective management of the respective trading systems. It was in 1893 that the first tea auction was held. Eleven years later it was decided that tea and stockbrokers should form a union named, the Colombo Brokers' Association. Today, Colombo's tea auctions is the best organised tea auction system in the world, while other tea auction centres had fallen by the wayside, including the London tea auctions, CBA's immediate past president, Anil Cooke said. The Colombo tea auctions is also the most reliable trading system in the globe which offers tea to the world. The Colombo auctions is accepted by the country's financial system, for it had always guaranteed a sale price for the producer. The centenary auction will be is held with the goodwill of the Colombo Tea Traders' Association, the Colombo Rubber Traders Association, Spices and Allied Producer Traders' Association, the Coconut Traders' Association, Tea Exporters' Association and other allied associations's, Convenor for rubber and spices, Dhamika Perera said. The Colombo brokers comprise: Somerville and Co, John Keells Ltd, Forbes and Walker, Bartleet and Co, De Silva Abeywardene and Peiris, Eastern Brokers, Mercantile Brokers and Asia Siyaka Ltd. |
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