POST-WAR SLUMP.
EFFECT ON SHIPBUILDING FIRMS CAPITAL WRITTEN DOWN. (Australian Press Association.) * LONDON, Oct. 12. The Bank of England and several joint stock banks interested in the famous Clydeside Shipbuilding and steel-making firm of Beardmore and Company have appointed Sir James Cooper and Mr Frank Hodges to represent them on the control committee of the firm,, whose capital was drastically written down on Wednesday. The recent increase in the bank rate sent up the interest on the banks’ loans to the firm to the extent of £20,000 a year. The Beardmore Company in war time was one of the largest armament firms in Britain and employed 40,000 hands. In recent years its unemployed has been upwards of 3000. Glasgow city circles express the opinion that the present reorganisation will enable the firm to turn the corner. Lord Invernairn, the former head of the firm, lost his entire fortune in attempting to save the firm. He is now penniless and broken by the post-war shipbuilding slump. The Beardmore Company built' tne Largs Bay and Esperance Bay.
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Manawatu Standard, Volume XLIX, Issue 270, 14 October 1929, Page 7
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175POST-WAR SLUMP. Manawatu Standard, Volume XLIX, Issue 270, 14 October 1929, Page 7
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