FROM 1931 to 1934, the mammoth shape of Hull Number 534, the unnamed Cunard ocean-liner that was to have been the salvation of the River Clyde, loomed unfinished in the stocks over the John Brown Engineering Works in Clydebank. Construction was suspended on 10 December 1931, plunging thousands into unemployment and poverty in the weeks before Christmas. Looking over Dumbarton Road from the tenements opposite, the rust-red hull of the unfinished ship must have resembled the skeleton of some extinct behemoth, and workers – from the riveters and caulkers of the black squads to the engineers, fitters and foremen – must have feared that extinction too would be the ultimate fate of their industry.
An architectural frieze is the icing on the cake, for a building apollo-magazine.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apollo-magazine.com Daily Mail and Mail on Sunday newspapers.
“An institution which is willing to offer loans as a last resort.
Such institution is usually a country’s central bank. In this case, we talk of a wholesale lender of last resort.”
“A central bank offers extension of credit to financial institutions experiencing financial difficulties which are unable to obtain necessary funds elsewhere.”
This definition comes from the OECD (Organisation for Economic Co-operation and Development): “A lender of last resort is a lender, typically a central bank, which provides financial institutions with funds when they cannot borrow from the market. The availability of such lending is intended to prevent systemic problems due to liquidity shortage in individual institutions.”
The Cecil Hotel: The deaths and dark history cosmopolitan.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cosmopolitan.com Daily Mail and Mail on Sunday newspapers.