SHIPBUILDING INDUSTRY
FIRM'S HEAVY LOSSES CAPITAL WRITTEN DOWN (Elec. Tel. Copyright—Unittd Press Assn.) (Australian and N.Z. Press Association.) LONDON, October 12. The Bank of England and* several joint stock banks interested in. the famous shipbuilding and steel-making firm of Beardmores 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 bank's loans to the firm to the extent of £20,000 a year. Beardmores in war-time was one of the largest armament firms in Britain, and employed 40,000 hands. In recent years its unemployed have been upwards of 3000. Glasgow city circles express the opinion that the present reorganisation will enable the firm to turn tho corner. Lord Invernaira, former head of the firm, lest his entire fortune in attempting to save the firm, and is now penniless and broken by the post-war shipbuilding slump. Beardmores built the Largs Bay and Esperance Bay. ■ .
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Poverty Bay Herald, Volume LV, Issue 17081, 14 October 1929, Page 7
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172SHIPBUILDING INDUSTRY Poverty Bay Herald, Volume LV, Issue 17081, 14 October 1929, Page 7
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