P. & O. LINE
INCREASE OF CAPITAL BOOM EXPECTED. NEW SHIP ORDERED FROM CLYDE FIRM, The decision of the Peninsular and Oriental Steam Navigation Company to raise their working capital by £2,000,000 has given great interest in shipbuilding circles, where it is believed that it portends a shipbuilding programme just at the time when high class liner tonnage is wanted. For the last year or so the shipyards have been moderately employed with cargo ships, but the last big shipbuilding programme in which the principal shipyards competed was when nine ships were ordered for the Blue Star Line, five of which were high class passenger ships. The contracts were distributed fairly well around the country and as the total tonnage involved was above 250,000 tons, they provided employment for a large number of men. COMPETITIVE TENDER. The Royal Mail Steam Packet Company and associated concerns more recently went i n f° r a lot of new tonnage, but. the ships were almost entirely, ordered from Harland and Wolff. While this is providing work at Belfast and on the Clyde, the interest has been confined to one firm only, whereas, nowadays, when the P. and O. order ships they put the work out to keen competitive tender, and on- the last occasion had ships building all over the country. At present they are having a ship built on the Clyde by Alex Stephen and Sons. She is a particularly interesting vessel because she is to be propelled by electric drive through high pressure turbines, the only one of the kind the P. and 0. have ever ordered, and the largest ship of its class to be built, certainly in this country and perhaps, in the world. Presumably part of the new capital will be used to pay for this ship, and another of the same tvpe is said to be contemplated. The P. and 0. have other resources, and substantial reserves from which they can draw for further vessels, and, if they contemplate ordering ships on the same scale as they did five or six years ago. then some of the shinbuilding establishments will he well off for Work just as the oil tanker programmes are coming to an end.
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Hawke's Bay Tribune, Volume XVII, 7 December 1927, Page 7
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368P. & O. LINE Hawke's Bay Tribune, Volume XVII, 7 December 1927, Page 7
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