POST-WAR SLUMP.
FIRM IN DIFFICULTIES. CAPITAL WRITTEN DOWN. LONDON, Saturday. The Bank of England and several joint stock banks interested in the famous Clydeside shipbuilding and steelmaking firm of Beardmore and 'Company have appointed Sir James Cooper and Mr Frank Hodges to represent them on the control committee of the firm, whoso 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. Beardmore’s 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, and is now penniless and broken by the post-war shipbuilding slump. Beardmore’s built the Largs Bay and Esperanee Bay.—A. and N.Z. P.A.
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Wairarapa Daily Times, 14 October 1929, Page 5
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169POST-WAR SLUMP. Wairarapa Daily Times, 14 October 1929, Page 5
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