RENEWALS OF THE FLEET.
• Mr. Gibb also referred to the necessity for further renewals of the fleet. Liabilities in respect of past shipbuilding now amount to only 1260,000, but, on the other hand, 1225,800 has been borrowed for new ships under construction and the prospective shipbuilding programme involves some three to four million pounds. To meet this, loan facilities have been provided on a satisfactory basis by agreement with the Government of Northern Ireland and the Company's bankers. Notwithstanding the magnitude of this shipbuilding pro- gramme, however, Mr. Gibb said that it would be indispensable for the Company at no distant date to contemplate still further tonnage to keep fully abreast with the requirements of trade.
(Continued on pace vii.)