Gloom on Clydebank

Three thousand British shipwrights, fitters, engineers and electricians laid by their tools and materials last week and sadly filed out of the shipyard of John Brown & Co., Ltd. Behind them they left the largest ship's hull that man has ever riveted together -- Britannia's unfinished bid to rule the Atlantic mercantile wave again. As a handful of watchmen took up their duties under the deserted hulk, deepest gloom settled over Clydebank. Less than 30% of all Clyde shipworkers remained at work.

In announcing to Cunard shareholders the cessation of operations on "No. 534," which had already cost a million par pounds, long-jawed Board Chairman Sir Percy Elly Bates said: "To enable the company with financial responsibility to build ships it must at least earn the depreciation on the old ships [fixed by Cunard at -L-675,000 a year]. This the company has not been able to do in this year for the first time in many years. The decline in passenger and freight traffic seems to have no limit. . . ."

Clyde workers, Cunard officials and shareholders were not the only ones who mourned No. 534's plight. In the House of Commons, Clydebank Laborites raged because the Government did not help keep their constituents at work. President Walter Runciman of the Board of Trade was as sorry as anyone, admitted that he had been informed that building would have to be stopped but that in discussions Cunard officials the question of direct Government assistance had never raised. "I fear if it had been," sadly he. "there would have been no hop this case.'' He did consider, however, lending the Board's good offices to Cunard raise the money in the City. summer the positions were reversed, resenting Royal Mail investors, Runciman asked Sir Percy to tak the White Star Line, was thrice refused.

To many an Englishman No. 5; become a sort of hopeful national symbol. When the bad news got out, in many English mind arose the suspicion that no small part of the more than -L-55,000,000 now frozen in German loans had bet to build German superships, su them, run them at a loss to sweep shipping off the Atlantic Ocean.

Sir Percy, having gone the rounds of the counting houses and found available only at exorbitant interest, grumbled at the "sand in the wh financial London." Said he: "What the true facts of the German trouble are I don't know, and inquiry on the is not encouraged. I can only assume that the facts are grave. It is the only explanation I can give of the bank's unwillingness to open the ordinary facilities ty these ships are built. . . . The whole of this German business is being ham hind the scenes. . . ."

Meanwhile, as Cunard shares from $2 to $1.25, experts ponder would happen to No. 534 if left ur on the ways. Already she is in constant shoring up to prevent sa the fabric. It was suggested that at least the stern might be hurried to coi so that the vessel might be floated. Tied up at dock, she has better chance standing the unkind elements and the unkinder financial weather.

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