DECLINE OF SHIPBUILDERS
BANKS HELP REORGANISATION. HEAD OF BEARDMORE’S PENNILESS By Telegraph—Press Assn.—Copyright. Received Oct. 13, 5.5 p.m. Argus London, Oct. 12. The Bank of England and several joint stock banks interested in the famous Clydeside shipbuilding and steep-making firm of Beardmorc’s have appointed Sir James Cooper and Mr. Frank Hodges, a Fellow of the Economic Society, 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 £20,00'0 yearly. Beardmorc’s in the 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 Invcrnairn, former head of the firm, lost his entire fortune in attempting to save the firm, and is now penniless and broken by the post-war shipbuilding slump.
Beardmorc’s built the Largs Bay and tho Esperance Bay.
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Taranaki Daily News, 14 October 1929, Page 9
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181DECLINE OF SHIPBUILDERS Taranaki Daily News, 14 October 1929, Page 9
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