It is a card wad to keep the sticks of cordite in place during the balance of the loading process. The .303 cartridges were loaded in a very unique way because the strands of cordite can't be poured into the case like conventional powder. The cases are primed and loaded with a bundle of cordite sticks and the small card wad on top while the case is still a straight tube. The case then goes through a forming die to get the correct shape before the bullet is seated and crimped. The card wad is held in place by the newly formed shoulder, which in turn holds the cordite firmly against the base of the case to give consistent ignition as cordite is harder to ignite than regular smokeless powder.
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